Head of AML & CFT
On-site Compliance Full time
Baghdad, Baghdad Governorate, Iraq
Description
The Head of AML will lead the AML function, ensuring that the company adheres to all local and international regulations related to anti-money laundering. This role involves developing and implementing AML policies, overseeing AML compliance programs, and managing the AML team.
AML/CFT Program Development:
Design and implement comprehensive AML/CFT policies and procedures. Ensure the AML/CFT program complies with local Iraqi regulations and international best practices. Regularly update the AML/CFT program to reflect changes in laws, regulations, and industry standards.
AML\CFT Risk Assessment and Management:
Conduct regular AML risk assessments of the company's products, services, customers, and geographic locations. Develop and implement risk mitigation strategies based on the assessment results. Monitor and analyze the effectiveness of existing risk management measures.
Transaction Monitoring and Reporting:
Oversee the monitoring of transactions to identify suspicious activities and potential money laundering or terrorist financing activities. Investigate suspicious transactions and prepare reports for submission to the relevant authorities. Maintain records of all suspicious activity reports (SARs) and ensure timely filing with regulatory bodies.
Compliance and Regulatory Reporting:
Ensure all AML/CFT compliance reporting requirements are met. Liaise with regulatory bodies and maintain up-to-date knowledge of regulatory changes. Coordinate and manage regulatory examinations and audits related to AML/CFT.
Training and Awareness:
Develop and deliver AML/CFT training programs for employees at all levels. Ensure that all staff are aware of their responsibilities regarding AML/CFT compliance. Provide ongoing support and guidance to employees on AML/CFT issues.
Internal Controls and Auditing:
Establish and maintain internal controls to detect and prevent money laundering and terrorist financing activities. Conduct regular audits to ensure compliance with AML/CFT policies and procedures. Implement corrective actions based on audit findings and recommendations.
Monitoring System KPIs:
Monitor the AML transaction monitoring system's KPIs to ensure effective detection of suspicious activities. Act as a focal point with the system vendor to resolve any issues, ensuring the system operates efficiently and effectively.
Collaboration and Communication:
Work closely with other departments, such as Legal, Risk, and Operations, to ensure a coordinated approach to AML/CFT compliance. Communicate effectively with senior management on AML/CFT risks and compliance status.
Requirements
Must be at least 30 years old and an Iraqi citizen.
Must hold a bachelor's degree in law, public administration, financial management, accounting, financial and banking sciences, or statistics. Must have at least three years of experience in finance, banking, or regulatory fields. A professional certification (e.g., CAMS, ACAMS, CFC) is preferred. In-depth knowledge of AML laws, regulations, and best practices. Strong analytical and problem-solving skills. Excellent in using AML software and data analytics tools. Excellent communication and interpersonal skills. Ability to work independently and as part of a team.* Fluency in English is required.
