Team Leader – Due Diligence, Compliance
Dubai Multi Commodities Centre Authority (DMCCA),
Total years of experience :18 years, 9 Months
• Overseeing the due diligence and monitoring processes on new company, member or other business stakeholder applications, amendments and other submissions to ensure company operations are compliant and to maintain DMCCA’s reputation as a free zone authority that upholds the highest standards of regulation.
• Responsible for identifying any circumstances requiring further investigation and escalating these to Head of Compliance Operations.
• Supervising and monitoring Due Diligence Officers in completion of the screening processes for new and existing members to ensure compliance with due diligence policies, procedures and ensuring Due Diligence team meets due diligence KPIs.
• Overseeing analysis, evaluation and assessments of risk rating and approving or rejecting recommended ratings in accordance with Function Authority Matrix.
• Formation of standard operating procedure for Compliance due diligence process.
• Setting up integrated risk based compliance framework across DMCC departments of Kimberly process certification, Dubai Diamond Exchange, Commodities and Trade flow.
• Reporting any suspicious activity pertaining to applicants and/or existing members and escalates accordingly.
• Perform enhanced due diligence for high risk clients under the supervision of the Head of Compliance Operations as well as the Registration and Licensing Manager, placing them on a Watch list and conducting recurrent searches and revisions of their financials based on an ongoing concern.
• Oversees the process of evaluating the reliability of the clients provided information by performing extensive research supported by due diligence officer.
• Ensures KYC documentation are in order and comply with DMCC’s rules and regulations.
• Ensure financial statements are submitted by members in compliance with the Free zone policy.
• Reviews financial statements of Members Company to identified operating and non-operating companies and validated the consistency of business activities with those authority.
• Perform all AML functions across the bank, including detection/reporting of suspicious transactions and activities, monitors units to ensure compliance to AML guidelines.
• Advise Business units on AML/KYC requirements and perform AML risk assessment when required.
• Respond to notices/requests from Police, Central Bank and other statutory authorities, correspondent Banks.
• Ensure all functions are in compliance with AML regulations plus any relevant regulatory and statutory requirements.
• Identify and initiate improvements to work, customer service, quality, work processes and organizational matters in order to contribute to business efficiency goals.
• Undertake a wide range of data gathering, evidence and analysis, identifying any AML risks, deviations or deficiencies in the KYC or customer information/ suspicious transaction and report to senior management / Director Compliance to carry further investigation and necessary action.
• Develop and maintain new and existing relationships with other Operational / Business units to support the achievement of business objectives.
• Provide advice, guideline and support to new or less experienced team members to speed induction or generally raise team effectiveness.
• Maintain awareness of the department’s Business Continuity Plan and undertake appropriate training to ensure correction action is taken in the event of an incident or disruption.
• Perform any ad hoc task or assignment under takes as required or instruction by the line manager to support the smooth operation of the department.
• Vetting bank policy and procedures, product, external agreement on Compliance and Operational Risk perspective and approved for senior management sign off.
• Setting up policies covering the Operational Risk Framework, Risk & Control Self Assessment (RCSA), Key Risk Indicators (KRI), and Loss Data Management.
• Updation and enhancement of Risk library based on current financial scenarios.
• Conducting awareness training and workshops for Compliance & Operational risk activities.
• Conducting Risk Assessments, Setting up KRIs across business Units, Rollout of KRI and RCSA.
• Operational Risk software rollout for Loss data management, Key Risk Indicator, Risk & Control Assessment.
• Formation of standard operating procedure for Loss data management, Identifying Operational loss events & monitoring KRI breaches and conducting root cause analysis, assess existing control procedures and endorsing action plan to avoiding reoccurrence of such events.
• Conducting Compliance & Operational Risk Review (Internal Control audit) on selectively high residual risk business Units and monitoring & enhancing control process.
• Reviewing internal suspense account & reconciliation reports and following for regularize.
• Managing Branch surprise spot check activities through external team and following review findings for closure.
• Liaison with internal audit and preparing various reports and presentation for senior management / committees and regulatory purpose.
• Assisting to prepare bank wide business continuity plan and business impact analysis in accordance with ISO standards.
• Development & Implementation anti money laundering & counter terrorism finance (AML/CTF) policy and procedures, process approved by senior management.
• Implemented automated SDN screen and rules based transaction monitoring in regular basis
• Implemented risked based enhanced due diligence for customer, occupation/ business, geographical and product and service
• Appropriate training program designed and rolled out for employees in the organization
• Liaison with central bank regulatory authority and Internal & External auditor
• Liaison with International correspondence bank and money service provider (e.g. Western union)
• Implemented Industry best practice of record keeping procedure for KYC, CIP, EDD, Training and STR
• Attended many AML training & conference - conducted by central bank and various international organizations.