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Head of Quality Assurance – Compliance

Division: Compliance Division
Job Title: Head of Quality Assurance

Job Summary:
Responsible for reviewing the AML/CFT framework and its implementation to identify any
potential weaknesses and/or deficiencies in existing AML policies, processes, data and controls in order to initiate remedial actions to improve AML/CFT overall framework and meet regulatory expectations.

Job Responsibilities:
-Develop annual Quality Assurance Plan.
-Review policies, procedures and controls in relation to AML/CFT to assess their content and ensure consistency with regulatory requirements
-Review the risk assessment/rating methodology and link it with the risk assessment of customers, products & services and country risk ratings to ensure that the risk methodology is up to date and captures the underlying risks accurately
-Develop and periodically review baseline standards for documentation, data collection and procedures with regard to conducting of KYC, CDD and EDD
-Identify, customize and ensure adopting the latest AML/CFT regulatory and global requirements, market best practices etc., keeping in view of changes in business such as new products, services & technologies and expansion to new geographical locations
-Provide recommendations for improvements and changes in current policies on AML/CFT to remain compliant with the regulatory instruc tions/guidance and evolving changes globally.
-Recommend appropriate training programs based on the results of AML/CFT internal controls assessment
-Conduct ongoing due diligence reviews/verification of the quality of business processes through detailed quality reviews of customer files from an AML/CFT perspective for all risk categories (High, Medium & Low)
-Review all high-risk customers (including those customers, whose inherent risk is high) and cases warranting EDD procedures in order to ensure that an acceptable quality/standard is maintained with regard to documentation , decision making and management oversight
-Review on-boarding information of new customers against the approved AML/CFT internal procedures, including customer risk rating, KYC/CDD/EDD etc., Sanction Screening and CBO requirements
-Review effectiveness of transaction monitoring and escalation procedures for STRs, backlog alerts, closed alerts, red flags unique to business units wire transfers to/from high-risk countries, foreign currency transfers, non -resident account activities , customers from sanctioned countries or dealing with people from high-risk or sanctioned countries, PEPs, sanction screening, information sharing/requests etc.
-Review the quality of PEP screening system and PEPs list/portfolio and ensure that all PEPs/PEPs family members and close associates are identified and monitored properly
-Comprehensive review of true/positive matches/alerts resulting from sanction screening and all customer names in the white/black lists to ensure their validity/ appropriateness
-Review and assess the process of approving/rejecting exceptions to policy/procedures/risk methodology and categorization of high-risk cases to avoid regulatory/reputation risk
-Ensure effective use data analysis to pre-emptively identify trends and possible lapses and establish an interactive platform to exchange findings and obtain feedback with/from the respective business/control units
-Ensure that the compliance testing is completed on a timely basis and within quality expectations, including writing clear and concise summaries and reports with the appropriate supporting documentation
-Share periodic updates with senior management on identified issues, and provision of timely feedback on quality of business process and controls
-Assist in identifying and escalating problem areas and risks associated with processes and make recommendations to improve quality of work
-Engage with business owners to undertake root cause analysis for recurring lapses and to initiate corrective actions

Minimum Qualification & Experience Required:
-Bachelor’s degree in Banking/Finance or relevant fields
-Minimum 6 years in relevant field

Skills Required:
-Analytical and Reasoning skills
-Risk Assessment
-Understanding of AML/CFT risks
-Strong understanding of the Banking Operations, products/services
-Effective communication skills (verbal and written)
-Prioritization, planning and time management skills
-Objective and fact-based decision making
-Accuracy and attention to details
-People Management Skills
-Ability to coach and develop teams
-Professional certifications for specific roles as per the CBO mandate

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