The Compliance officer supports the entity and its management in managing the compliance risk and the improving of the compliance arrangements
1. Basic Functions
The Compliance officer supports the entity and its management in managing the compliance risk and the improving of the compliance arrangements in all structures of the company. The compliance functions therefore have the following objectives.
• To identify, asses, monitor and report on the compliance risk faced
• To assist support and advise top senior management in fulfilling its responsibilities to manage compliance risk.
• To advise the staff of with respect to their responsibility to manage compliance risk.
2. Position Objectives
1. To provide all manner of enforcement and investigation services in all areas of responsibility of the Authority.
2. Fully participate in the investigations and or offer assistance to the Ministry of Interior, Central Bank of Bahrain Officers in preparing cases initiated by raising Suspicious Transactions (STR).
4. To liaise with the internal and external parties or individuals
Responsible for the oversight and monitoring of compliance risk management . The scope of Compliance risk and thus the scope of the compliance functions.
• Staff integrity personal conflict of interest in handling the use and sharing of
information for the purpose it was provided or processed.
• Customer integrity by Know Your Customer (KYC) including Politically Exposed Persons (PEP) in Anti- Money Laundering , Anti –Terrorist financing.
• Services integrity know the products by giving right information to the customer and handling customer complaints.
1. To implement the ”Prevention against Money laundering and Terrorist Financing“
2. To monitor transaction carried out by the customers
3. To investigate result of unusual transactions, as well as those detected in the centralized monitoring process. (CCDS)
4. To submit to the committee those transactions considered suspicious to confirm that the status and decide if these will be reported.
5. To keep record of the unusual transactions reported by staff, as well as those detected in centralized monitoring process.
6. To keep record of the STR’s as well as statistics of the STR’s issuance
7. To verify and make sure records are properly kept and safely.
8. To keep informed and updates all about legal matters and regulations that affect company in their management of the prevention against money laundering.
9. To liaise independent bodies who might be investigating or monitoring compliance to regulations.
10. To inform the management about the request by Regulatory Bodies and Auditors
11. To implement the necessary remedial measures as a result of observations made by Internal Auditor or External Auditors or Regulatory Body.
12. To liaise CBB/ MOI to provide all the information they request when a suspicious transaction has been reported
13. To inform the Board when an STR has been issued.
Documents the results of anti –money laundering and anti fraud monitoring ,including the filling of any suspicious activity reports to the Central Bank of Bahrain
14. To enforce standards and procedures for the prevention of Money Laundering and Terrorist Financing.
15. Act as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated and resolved.
16. Monitor, and as necessary, coordinates compliance activities of other
departments to remain abreast of the status of all compliance activities and to
17. Works with Human Resources Department and others as appropriate to develop an effective compliance training program, including appropriate introductory training for new employees as well as ongoing training for all employees
18. Monitor transactions for potentially suspicious or unusual activities, such as the potential structuring of the transactions to evade legal and / or regulatory
reporting requirements ,the practice of sharing identifications documents ,and
any unusual behavior such as one person sending to many individuals in many
19. Provide written policies and procedures for employees to follow to detect and prevent fraud-induced ,structured or otherwise illicit money transfers or
20. Monitor large amount transactions, if requires Customer Due Diligence
21. Monitor and check of branch wise Foreign Currency if it is tally with branch
22. Monitor and check cancelled transactions
23. Release hold transaction under sanctioned list by OFAC, EU ,CBB , World Checker and others.
24. To carry out other duty as may reasonably be directed by the Chairman ,
Managing Director and designated personnel.
25. Prepare Compliance Report