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Compliance Officer & MLRO - Riyadh
Team Description: (Overview of the team)
The Compliance Officer & MLRO reports into the Head of Compliance, Middle East & Africa, who reports into the EMEA Group Compliance function. The role has no direct reports.
Job Purpose: (What the job role involves)
The role is primarily to support BNY Mellon to remain compliant with regulatory requirements and corporate compliance policies. The role will be the primary compliance and Anti-Money Laundering (“AML”) and Anti-Bribery & Corruption (“ABC”) support for BNY Mellon KSA Company. The role will be based in Riyadh. In addition to this responsibility the role will support wider regional compliance activities and projects in EMEA as directed by the Head of Compliance, Middle East & Africa. This is achieved primarily through the following:
- The provision of technical advice to business/business partner colleagues on regulatory compliance issues. This will include proactively identifying and advising upon emerging Compliance issues.
- Representing Compliance within business driven projects, helping to ensure that BNY Mellon’s regulatory obligations are taken account of within the project.
- Representing BNY Mellon at relevant industry events / forums.
- Participation in internal business meetings and represent BNY Mellon externally as required.
- Participating in or leading the delivery of Compliance, AML and ABC related training.
- Periodic liaison with client Compliance teams and other client compliance representatives to discuss issues of mutual interest.
- Where required, participating in thematic and monitoring reviews of business activities.
- Support and fulfil the Compliance Officer and MLRO “Registered Person” functions for BNY Mellon KSA as outlined in the KSA Capital Market Authority’s Implementing Regulations.
The position holder will have the following responsibilities:
- embed and develop the compliance & anti-money laundering (“AML”) framework to ensure that the requirements of the Capital Market Law and Implementing Regulations, as may be amended from time to time, are met, ensure that the Company has adequate policies and procedures, and that policies and procedures are effectively enforced;
- act as the day to day contact for the Capital Market Authority, including acting as the principal contact for regulatory exams;
- provide advice to the business on all aspects of compliance with CMA Implementing Regulations;
- develop and undertake the BNYM KSA annual compliance monitoring programme and ensure issues are tracked to completion;
- track regulatory change impacting BNYM KSA and develop solutions to meet new requirements;
- develop and organise ongoing training for all BNYM KSA employees on KSA compliance and AML/ Counter-Terrorist Financing (“CTF”) requirements;
- ensure all CMA reporting obligations are fulfilled and submitted within the appropriate timeframe;
- participate in ad hoc projects; and
- keep up to date with all regulatory requirements in relation to regulatory compliance and AML/CTF/ABC for KSA and further develop knowledge and expertise of local requirements, including in-depth knowledge of CMA Implementing Regulations.
The MLRO will also undertake the duties outlined in CMA AML/CTF Regulations:
- ensure that BNYM KSA implements, develops and maintains best in class AML and CTF policies, procedures, systems and controls, including procedures in relation to client on-boarding and suspicious activity reporting;
- keep pace with developments in AML/CFT laws and regulations, trends & techniques, and indicators of money laundering or terrorist financing;
- ensure that BNYM KSA complies with its AML/CTF policies and procedures;
- play an active role in the identification and reporting of suspicious activity, investigate suspicious activity reports and act as the central reference point within BNYM KSA to facilitate onward reporting of suspicious activity reports to the KSA Financial Intelligence Unit;
- prepare an annual AML/CTF report to the BNYM KSA Board setting out all actions that have been taken to implement the internal AML/CTF policies, procedures, systems and controls and any proposals for increasing the effectiveness and efficiency of the procedures, for onward reporting to the CMA; and
- ensure that BNYM KSA maintains all necessary records to demonstrate AML/CTF compliance as required under CMA regulations.
The Compliance Officer & MLRO must, at all times, comply with the CMA’s Principles for Authorised Persons and good conduct standards. The role may require input across other BNY Mellon operations. Therefore, the jobholder should be prepared to travel, both in the Middle East region and internationally.
Responsibilities: (Key parts to the job role)
- Provide accurate and timely technical advice to business / business partner colleagues on regulatory Compliance issues.
- Represent Compliance within business driven projects. Provide constructive challenge to help ensure that BNY Mellon’s regulatory obligations are taken account of within the project.
- Represent BNY Mellon at relevant industry events / fora.
- Participate in internal business meetings and represent BNY Mellon externally as required. Ensure that any reports required for those meetings are provided in a timely manner and are focused and relevant to the meeting topic. Provide constructive challenge within meetings regarding relevant regulatory requirements.
- Participating in or leading the delivery of Compliance related training.
- Where required, participate in compliance monitoring reviews. This is likely to comprise sharing of information with Compliance Monitoring colleagues regarding the business lines and / or regulatory themes they are planning to review, but could include participation in monitoring reviews where necessary.
- Comply with all corporate policies and procedures within the department.
- Alert management immediately of any significant changes to business risks and internal controls effectiveness.
- Notify management and / or Compliance immediately of any regulatory breach.
- Comply with health and safety policies and procedures operating within the business.
Requirements; (what we are looking for)
Applicants must be Saudi Arabian nationals
BNYM Core Competencies:
- Customer Orientation
- Interpersonal Skills
- Managing Risk
Job Specific Competencies:
- Analytical Thinking: The ability to understand a situation by breaking it apart into smaller pieces, or tracing the implications of a situation in a systematic step-by-step manner.
- Conceptual Thinking: The ability to identify patterns or connections between situations that are not obviously related and to determine key underlying issues in complex situations.
- Problem Solving: The ability to build a logical approach to resolve problems or manage the situation at hand by drawing on own knowledge and experience and calling on other references and resources as necessary.
- Work Quality: The ability to demonstrate attention to detail to achieve quality results.
- Planning and Organising: The ability to establish a systematic course of action for self or others to ensure consistent accomplishment of specific objectives.
- Motivation: The ability to create an environment that promotes a sense of achievement, caring and satisfaction; a concern for working against high standards of excellence.
Technical Skills, Knowledge, Systems Knowledge (and associated skill level)
- Compliance (or equivalent) professional from a Financial Services institution with excellent knowledge of the local regulatory environment incl. Saudi Arabian Ministry of Commerce and Industry (MOCI), Saudi Capital Markets Authority (CMA), Saudi Arabian General Investment Authority (SAGIA) and Saudi Arabian Chamber of Commerce and Industry ("SACCI"), and ongoing regulatory initiatives which impact CMA regulated firms.
- Previous experience of working within a Middle East regulated entity, CMA experience and/or experience at an organisation headquartered in the United States or in Europe would be highly desirable.
- Effective interpersonal and communication skills.
- Excellent English.
- Arabic language skills would be a significant advantage.
- Good PC skills (Microsoft Excel and Word essential PowerPoint useful).
- Good report writing and presentation skills.
- Focused attitude to work with the ability to constantly meet deadlines while ensuring attention to detail, and high level of accuracy
Academic/Professional Qualifications (or equivalent qualifiers)
- Degree educated and/or a strong academic record.
- The General Securities Qualification Certificate (CME-1)
- The Compliance & AML/CTF (CME-2)
- Advanced CMA Qualification Examination - Institute of Finance and CCL Academy
- Relevant compliance qualifications related to a banking and/or financial services environment.
For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments & safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.
BNY Mellon's Asset Servicing business is dedicated to dynamically supporting our clients' investments and safeguarding their assets, keeping them working around the clock and across the world. It's part of our commitment to being a true partner for our clients' investment success. We specialize in operational solutions and capabilities for today's market-enhancing management and administration of investments with services that process, monitor and measure investment data from around the world. By leveraging BNY Mellon's global footprint and deep expertise, we deliver insight-driven solutions for every phase of investing.
BNY Mellon is an Equal Employment Opportunity Employer.
Primary Location: Saudi Arabia--
Internal Jobcode: 50342
Organization: ASSET SERVICING EMEA-HR06400
Requisition Number: 1716214