AML Assistant Manager

2 weeks ago

Riyadh, Ar Riyāḑ, Saudi Arabia Orient Insurance KSA Full time 90,000 - 120,000 per year

Key Activities, Responsibilities and Accountabilities:

  • Lead internal and external audits, regulatory inspections and company-wide AML/CTF risk assessments, ensure timely responses and recommend mitigation/remediation actions.
  • Review and provide recommendation in formulating AML strategy that ensure compliance with current AML regulations, and other relevant legislation
  • Develop and maintain a risk assessment framework for products and services, clients and customers, and other issues relating to money laundering
  • Prepare the periodic reports for the management regarding combating money laundering and financing of terrorism.
  • Manage system to receive internal and external communications related to combating money laundering and financing of terrorism.
  • Maintain records of high-risk customers and reporting suspicious activities to the authorities through studying violation reports (Whistleblowing)
  • Arrange and implement inspections and audits from third-party organizations, and making compliance recommendations based on their findings
  • Review the effectiveness of internal procedures periodically to combat money laundering and financing of terrorism
  • Send the communications related to combating money laundering and financing of terrorism to the General Administration of Financial Investigation
  • Managing, overseeing an ongoing AML training program for all employees and management while participate in the workshops related to combating money laundering and the financing of terrorism
  • Ensure that the principal "KYC" is applied to all customers and follow up on any updates to the laws and regulations regarding AML/CFT
  • Serve as the primary liaison with regulators, law enforcement, and external bodies for AML/CTF matters (e.g. Insurance Authority, FATF, FIU)

Academic Qualifications and Experience:

  • Bachelor's degree in law, finance or related field preferred. masters degree is a plus.
  • ACAMS / CCO or equivalent certification is required.
  • 4-6 years AML/CTF experience in insurance, banking, or regulated financial environments is required.
  • experience leading AML/CTF programs and regulatory interactions is required.

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