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    vice president sanctions compliance - Karnataka, India - Mashreq

    Mashreq
    Mashreq Karnataka, India

    5 days ago

    Default job background
    Banking / Loans
    Description

    Job Purpose: Interpret domestic and international sanctions (UAE, US, UK, EU UN etc.) and as a subject matter expert continually assess impact on the bank and/or its branches or subsidiaries.

    Updates Bank's Sanctions Policy/matrix and procedures with evolving sanctions regulations and risks.

    This role is responsible for the provision of sanctions advice for business and functions on compliance with Sanctions regulations and respective policies.

    Supports Head of Sanctions and senior management in meeting their regulatory obligations by providing an active support in the implementation of Sanctions policies in compliance with regulations and Group's Sanctions Policies, procedures and standards.

    As the Governance & Oversight Lead within Sanctions, the role entails securing sanctions related transparency of risks, controls, and processes across the bank.

    Responsible for defining and maintaining the sanctions screening framework (including development of internal standards) and ensuring that screening infrastructure and functionalities are optimally maintained to produce effective and efficient results while maintaining the integrity of the system against the sanctions policy as well as sanctions regulations.

    Oversight and ongoing enhancement of a variety of program functions including but not limited to Policy & Procedure administration, Governance & Reporting, Risk Assessments, New Business Initiative Assessments, Audit and Exam engagement, Training, and Quality Assurance.

    Key Result Area:

    Manage and oversee Policy and Governance Team, activities, and deliverables.

    Responsible for provision of Sanctions advice to Compliance colleagues, and the Business on the interpretation and application of Sanctions policies.

    Responsible for engagement with industry, government, or regulators.

    Taking a leading role in global sanctions projects, including investigations and enhancements to systems / processes and procedures.

    Review any new/amended material laws, rules and regulations and Group Policies, assess their applicability to internal processes and the relevant business areas; guide the business accordingly ensuring all appropriate processes and procedures are amended to comply.

    Evaluate and monitor existing procedures and develop new procedures and controls with focus on minimizing the risk of the bank being used for financial crime and ensure the business is compliant with current Sanctions requirements.

    Immediately escalate to Head of Sanctions any material breaches or potential breaches of Laws, Rules and Regulations.

    Promptly escalate any critical issues to ensure that the Bank is not investigated, charged, fined or publicly castigated by any of the regulatory authorities and/or international bodies for a breach of sanctions.

    Undertake periodic review or self-assessment of key controls to assess the quality and effectiveness. Report findings and submit recommendations for corrective action, if required.

    Manage regulatory inspections of the Sanctions area, ensure implementation / regularization of recommendations, if any, within the agreed deadline(s).

    Maintain the training calendar and provide Sanctions training to relevant staff members across the bank.

    To perform and support the FCC Risk Assessment exercise including Sanctions Risk Assessment.

    Record keeping

    • All records of the unit must be kept in a confidential and secure state
    • Adhere to record retention policy and the SOP guidelines

    Assist with the development of new and innovative techniques and tools which will provide greater certainty in the Sanctions Unit's ability to detect and report sanctions-related activities

    In the execution of Sanctions duties, the job holder must independently handle the tasks assigned to him/her and be able to take decisions on matters within their designated authority.

    perating Environment, Framework and Boundaries, Working Relationships

    Exhibit leadership and teamwork when dealing with business colleagues across the region, who are the internal clients for sanctions-related advice and assistance.

    Possesses sound knowledge of banking practice & laws and Mashreq Bank's policies / procedures / systems & controls; operates in a strictly regulated, multi-jurisdictional environment and requires in-depth knowledge of local and international regulations regarding Sanctions and Sanctions screening.

    Assist in maintaining pro-active relationships with stakeholders, facilitating timely involvement to ensure compliant solutions to business issues.

    Support operations by providing solutions compliant to regulatory requirements and intervene where necessary to stop a non-compliant process, system change or business proposal.

    Work closely with Technology to ensure that bank's Sanctions Screening systems are well maintained, and necessary upgrades/ enhancements take place in a timely manner.

    Regularly monitor and evaluate international best practices/industry standards and regulations; provide interpretation (pan-bank) and ensure embedding policies / procedures and controls within the bank to ensure compliance.

    Maintaining effective relationships with divergent group of stakeholders, facilitating proactive involvement to ensure compliant solutions to business issues.

    Problem Solving

    Analytical thinking and educative judgment and advisory on algorithms, filter tuning, debugging and potential system enhancements.

    Clear understanding of business transactions, initiatives and relationship requirements with close coordination with relationship teams without losing focus on risk, regulations and control issues.

    Decision Making Authority & Responsibility

    Ability to assess the gravity and sensitivity of system efficiency and effectiveness from a Sanctions perspective, and act accordingly – appropriate 'decision-making' ability is required.

    Interact with Operations, business and technology to decide on the best way forward with regards to screening and filter tuning, ensuring full compliance with applicable regulations and the Bank's Sanctions Policy.

    Contribute to the development of systems, policies and procedures, ensuring appropriate system controls for Sanctions compliance.

    Recommend solutions to complex system and list management issues which may not have any precedent to follow and develop guidelines to promote standards.

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