Head of KYC

Abu Dhabi Islamic Bank

Job Description

Role : Head of KYC
Location : Abu Dhabi

Role Purpose:

Head of KYC is responsible for the development and implementation of the Group-wide (including branches, subsidiaries, Compliance Operations Centere (COC) and international locations within the scope of GCD as per Group Compliance Policy Framework) compliance program relating to Know Your Customer (KYC) and Customer Due Diligence (CDD) laws and regulations. The role entails overseeing the KYC (including Customer Onboarding, High-Risk Onboarding (HRO), Ongoing Due Diligence (ODD), trigger reviews) policies & procedures, periodic review of the KYC program, and ensuring breach of KYC compliances are escalated to the Global Head of FCC on a timely basis.

Key Accountabilities of the role

Job Description

Strategic Contributions

  • Support implementation of the Group’s Compliance strategy within the KYC/CDD/HRO/ODD team’s remit to ensure vertical alignment and horizontal integration with other interfacing departmental strategies.

People Management

  • Manage and lead the KYC/CDD/HRO/ODD team’s in COC and Onshare by setting individual objectives, managing performance, developing and motivating staff to maximise performance.
  • Support the Compliance Governance & Assurance team in developing and delivering KYC, CDD, EDD, ODD, and HRO related training (e-learning and face to face).
  • Provide guidance and on the job training for junior colleagues and conduct knowledge sharing sessions to COC team through Onshore support
  • Identify the KYC/CDD/HRO team resource shortfalls against the GCD capacity plan through COC team lead as well for COC Capacity
  • Act as a role model to direct and indirect reports to drive adherence to organisational values and ethics and foster a value-driven culture within the Group.

Budgeting and Financial Planning

  • Provide necessary input and recommend the KYC/CDD/HRO team’s budget to the Global Head of FCC and monitor adherence to budget, while ensuring all sectional activities are conducted in line with the approved guidelines.

Policies and Processes

  • Ensure ADIB Group’s KYC and Customer Onboarding policies and procedures for all customers (i.e., individuals, corporates, financial institutions, etc.) remain updated, relevant, and communicated to all stakeholders.

  • Oversee Group’s compliance with KYC and Customer Onboarding policies, procedures, and processes.
  • Oversee that CDD, EDD, and ODD procedures are implemented and maintained in line with local regulations and international best practices within Compliance, Business, and Operations for new and existing customers.
  • Identify opportunities for continuous improvements to KYC and Customer Onboarding related systems, processes, and practices based on risks and control deficiencies identified and participate as a key stakeholder in the delivery of new technology.

KYC/CDD Advisory and Oversight

  • Oversee the implementation of the KYC program within the Group (including branches, subsidiaries, COC and international locations) to address current KYC risks and remain sufficiently agile to manage anticipated future KYC risks.
  • Oversee HRO , EDD and Name screening and perform advisory role for COC team through COC Team lead and periodic meetings at regular invtervals
  • Oversee implementation of Policy and Procedure at COC level by performing QA via Onshore KYC team members
  • Keep abreast of related laws, regulations, and best practices pertaining to AML/CTF and KYC and assess its impact on ADIB Group. For international locations and subsidiaries, work with Head of Compliance IBG and Global Head of Business Compliance respectively as well as local MLRO’s to keep the KYC program updated in line with the local laws and regulations.
  • Develop and strengthen relationships to promote best practices and ensure a good understanding of KYC requirements across the Group.
  • Ensure that all KYC/CDD risks are appropriately identified through risk assessments (FCRA and RCSA) performed across Business units and the Compliance function.
  • Ensure that violations of KYC and CDD policies and procedures are appropriately identified and escalated.
  • Provide SME guidance/input to the Business and Operations on all KYC issues, including new account opening and KYC refresh forms and general KYC process.
  • Ensure that appropriate, clear, and efficient escalation procedures exist to allow the Business and Operations to refer new high-risk accounts to the HRO team for review and/or approval.
  • Monitor activities related to High-risk Onboarding (HRO), including due diligence reviews and investigations on matters escalated from the Business/Operations, regulatory submissions, or other ad hoc tasks within the remit of the HRO team and COC team as well

  • Conduct regular meetings with the Business/ Operations and Compliance to facilitate good communications and resolve any escalated issues related to KYC and Customer Onboarding.
  • Conduct review and testing of the customer risk assessment model and rating methodology.
  • Support Global Head of FCC in managing all relationships with the ADIB’s strategically important Correspondent Banks and Financial Institutions, including but not limited to answering all enquiries and leading all interviews.
  • Conduct compliance risk assessments of ADIB’s Correspondent Banks and Financial Institutions’ counterparties.
  • Review and sign-off on periodic reviews performed on all Vostro accounts.
  • Supervise international locations and subsidiaries by providing KYC/CDD/HRO support, oversight, and monitoring together with the Head of Compliance IBG and Global Head of Business Compliance respectively.
  • Develop, drive, and implement the communication strategy with international locations and subsidiaries in respect of KYC/CDD/HRO matters together with the Head of Compliance IBG and Global Head of Business Compliance.
  • Review monthly reporting from Compliance Officers of international locations/subsidiaries to ensure on-going oversight of the evolving KYC/CDD risks in the international jurisdictions together with the Head of Compliance IBG and Global Head of Business Compliance.
  • Own customer onboarding and due diligence systems and provide SME input to enhance existing and future technology and tools to ensure optimal use of resources that would result in the effectiveness and efficiency of KYC processes.
  • Co-ordinate with the FCC Technology team to ensure customer onboarding and due diligence systems remains up-to-date and meet regulatory requirements.
  • Support in carrying out UATs for new/updated customer onboarding and due diligence systems, functionalities, and upgrades.
  • Act as an SME on the periodic review and testing of customer onboarding and due diligence systems.
  • Work closely with key stakeholders, including business and enablement teams, FCC technology team to ensure that customer information (KYC/CDD information) is captured and maintained in accordance with regulatory requirements.
  • Ensure timely remediation of gaps identified in RCSA, internal/external audits, regulator’s supervisory audits related to KYC/CDD.
  • Lead/participate in KYC related projects as per the project guidelines set by the Compliance Governance and Assurance team.

  • Ensure that the Global Head of FCC and the Group’s Senior Management are well informed of critical KYC/CDD and compliance plans, initiatives, escalations, and issues.

Specialist Skills / Technical Knowledge Required for this role:

  • Master’s Degree in Science, Finance, Business, or a related subject. ACAMS certification or equivalent
  • 12+ years of FCC experience focussing on KYC/CDD gained at a top tier International Bank which includes 5+ years of experience managing large KYC teams.
  • Experience in advising or working in a compliance function with a focus on delivering a robust KYC/CDD compliance framework
  • Strong interpersonal skills with the ability to communicate with impact, build healthy professional relationships, influence outcomes, simplify complex topics into actionable recommendations for decision-making
  • Exceptional knowledge of all aspects of financial crime compliance and the relevant regulatory requirements for KYC/CDD
  • Exemplary knowledge and understanding of international and cross border rules and regulations

Ability to perform innovative thinking to solve complex problems with no established precedence while balancing risk, speed and accuracy

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