Business Unit:
Director General - General Counsel
Department:
Not Applicable
Contract type:
Regular Staff
Location:
Saudi Arabia - Jeddah
Closing date:
25-Nov-2023
Job Purpose:
Under the supervision and direction of the Compliance Manager to:
• Participate in the designing, development and effective implementation of Compliance policies related to Anti-Money Laundering, Combating the Financing of Terrorism, KYC, Sanctions, and Taxation.
• Manage attending to compliance issues applicable to IsDB operations, including ascertaining compliance needs in procurement, project implementation, and develop a Manual of Procedures covering all IsDB business activities and benchmark internal policies with the international standards.
• Lead in establishing linkages and enhancing cooperation with other MDBs and standard-setting organizations in compliance-related issues; and Manage under the supervision of the Manager dealing with the exemptions, immunities, privileges and compliance with international standards & regulations.
Key Accountabilities:
Strategic and Operational Responsibilities:
• Participate in the preparation of strategic annual work plans, resource planning and annual budget plans for the Compliance Unit.
• Participate in the development and effective implementation of IsDB Group policies, procedures and institutional statements related to AML/CFT/KYC/Taxations/Sanctions in accordance with international standards and MDBs practices.
• Participate in the formulation and development of action plans in conjunction with the relevant departments to establish an effective compliance mechanism across the IsDB Group.
• Lead the evaluation and monitoring of existing procedures and develop new procedures, systems and controls in an MDBs environment to ensure compliance with the current AML/CFT requirements.
• Lead the evaluation and monitoring of existing legal documents of the IsDB Group from the compliance risks mitigation point of view and make recommendations for improvements.
• Lead in establishing contacts and cooperation with specialized international/regional organizations related to AML/CFT and obtain memberships/observer status for IsDB at the relevant international organizations.
• Lead in establishing communication channels with the Compliance functions of other and partner MDBs/IFIs for mutual cooperation and capacity development initiatives.
• Lead in obtaining recognition of internationally exempted status for IsDB Group and securing immunities and privileges on par with other MDBs.
• Lead the preparation of AML/CFT reporting metrics for the Senior Compliance and Management Committees and Board etc.
• Lead in assisting IsDB Member Countries to address AML and CFT risks, establishing contacts and cooperating with specialized international/regional organizations in the common Member Countries.
• Lead in the standardization and harmonization of institutional statements for counterparties’ related enquiries.
• Participate in the relevant committees’ meetings, audits and examinations specific to AML/CFT/Taxations/Sanctions etc., to check and monitor potential exposure to reputational risks at different rent levels of the projects.
• Lead in the selection and procurement of screening tools and systems related to AML/CFT/Taxations/Sanctions/ risk mitigation etc., and regularly check its efficiency and effectiveness.
• Lead the establishment of record keeping system and local database etc.
• Keep abreast with the latest and emerging compliance issues and recommend appropriate measures to control and mitigate compliance risks within IsDB Group.
• Represent the IsDB Group at various external fora, including regional and international events organized by the FATF, MDBs, etc., to establish a strong image of the IsDB Group.
• Conduct / organize training and awareness programs for the relevant IsDB staff on a regular basis to promote and improve the organization's pro-compliance culture and ethical business decision-making at every level.
• Regularly organize trainings for the staff of Operations Complex.
Academic and professional qualifications:
• Master’s degree in Law/ Economics/ Business Administration or related discipline.
• Professional training in Compliance/ banking regulations.
• Minimum 8 years of relevant experience in legal or compliance work in the banking sector, of which 3 years in the supervisory role.
Skills & Necessary Knowledge:
• Expertise in MDB’s compliance matters, e.g. sanctions, financial transactions, AML, CFT, KYC, taxation, legal status, business, immunities, and privileges.
• Appropriate knowledge of operations, project management, project finance and project procurement system of international financial institutions.
• Expertise in the preparation of work plans, periodic reports and budgets.
• Expertise in the development of policies, procedural guidelines, and institutional statements.
• Expertise in compliance risk mitigation in legal documentation.
• Knowledge of compliance-related software applications.
• Islamic Finance.
• Legal advisory.
• Training and capacity development skills.
• Computer skills with expertise on MS Office.
Languages:
- English - Mandatory
- French - Mandatory