Manager - Compliance - Remittance/Money Exchange/Forex Firm

- A Leading Kuwait based Remittance/Money Exchange/Forex Firm is urgently looking out for a Compliance Manager to be based at Kuwait.

- The individual would be reporting to the General Manager and Business Head.

- The person should have relevant compliance experience from the Remittance/Money Exchange/Forex sector in the GCC region.

Responsibilities:

Monitoring

- Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.

- Key responsibility for day to day monitoring and reporting of compliance risks.

- Conduct or direct the internal investigation of compliance issues.

- Create a design to maintain records of compliance activities, including any complaints or investigations.

- Establish a compliance testing plan, and conduct compliance checking through random samples to ensure that the company is in compliance with internal policy and produces and CBK rules and regulation.

- Responsible to ensure the all staff are fully aware (the related instructions) of the policy and procedures, KYC(Know your Customer) and SAR (Suspicious Activity Report) related instructions and to implement them accurately.

- Liaise with internal departments on Compliance, AML CFT related matters.

- Identifying suspicious transaction and raise an STR.

Policies and Procedures : 

- Develop all policies and procedures related to compliance activities, AML and CFT, and make sure that all policies and procedure are followed.

- Review compliance policies and procedures on a regular basis to ensure they comply with CBK requirements.

- Laying down a compliance Framework

Risk Assessment : 

- Assess product, compliance, or operational risks and develop risk management strategies.

- Assist with the compliance risk assessment process ensuring that the compliance risks are appropriately identified and assessed.

Reporting :

- Provide reports to the Management, highlighting any areas of potential risk to the company.

- Coordinate with CBK representatives during any inquiry, investigation or auditsand acts as the main focal point.

- Coordinate / engage will regulators as and when required.

AML Due Diligence : 

- Communicate any major change in AML policies/procedure among the branches based on instructions received by the CBK from time to time.

- Respond to correspondent bank queries on AML.

Compliance system : 

- Monitor compliance systems to ensure their effectiveness.

- Working closely with IT department to ensure that Compliance system working properly and as per company requirements.

- Working closely with IT / Vendors on development on AML system for sanction screening and transaction monitoring.

Training

- Liaise with training department for training of employees on AML & CFT.

Team Development : 

- Effectively lead and develop the compliance team, in line with department goals, objectives and systems, monitor and evaluate their performance.

- Provide a proper motivation and coaching for compliance team

- Ensure team receives necessary training and development as per job level to reflect on their capabilities and customer service.