KYC and Compliance Officer

The KYC Officer is responsible for conducting Know Your Customer (KYC) checks and due diligence on new clients (buyers, suppliers) and brokers. This role is essential in managing risk, preventing financial crimes, and ensuring compliance with company and regulatory policies. The KYC officer performs a process where a company prepares the required documents and fills up the forms for the counterparty KYC process. The KYC officer should be updated on all company changes and update the same in a timely manner in the KYC report.

RESPONSIBILITIES

Client Onboarding and Verification:

1. Conduct thorough KYC checks on new clients to verify identities, including document verification and KYC forms data entry and public domain research.
2. Perform KYC screening checks over a screening software designed for identifying sanctioned entities and their UBOs and negative media hits.
3. Review and assess client applications and ensure all required information is accurate and complete.
4. Perform KYC checks on prospect counterparties as per the request of the manager.

Due Diligence and Risk Assessment:

1. Conduct Customer Due Diligence (CDD) for all new clients and Enhanced Due Diligence (EDD) for high-risk clients, ensuring compliance with anti-money laundering (AML) laws and regulations in the UAE and company policy.
2. Identify potential risks and red flags, and note the risk assessment level based on company KYC policy.

Compliance and Regulatory Adherence:

1. Ensure adherence to local and international KYC, AML, and counter-terrorist financing (CTF) regulations.
2. Timely prepare KYC report of the company for clients, brokers, banks, etc.
3. Ensure adherence to company KYC policy and procedures.
4. Keep updated with regulatory changes and industry developments to implement best practices in the KYC process.
5. Inform all departments in case corporate changes are made in the company in a timely manner after being informed by the manager.

Documentation and Record-Keeping:

1. Maintain accurate and organized records of all KYC activities, including client KYC onboarding forms and listed documents, assessments, and risk ratings.
2. Update and monitor the internal KYC database to ensure all client information is current and accessible for the KYC department and Corporate and Business Development Director.
3. Document and monitor corporate changes and inform concerned parties about all corporate changes in a timely manner based on instructions from the Corporate and Business Development Director.

Reporting and Escalation:

1. Prepare and submit reports on KYC findings, client statuses, and risk profiles.
2. Escalate any suspicious activity or clients who may pose a risk to the company.

Collaboration and Communication:

1. Work closely with the operations department to ensure smooth onboarding and monitoring processes.
2. Communicate effectively with other team members, providing guidance on documentation requirements and KYC processes.

Training and Development:

1. Participate in training sessions and workshops arranged by the company to enhance knowledge of regulatory standards and industry best practices.
2. Assist in training junior staff or new hires on KYC procedures and compliance standards.
3. Build up the KYC policy of the company in coordination with all divisions and keep it up to date with regulatory changes and industry developments to implement best practices in the KYC process.

Desired Candidate Profile

1. Education: Bachelor’s degree in Finance, Business Administration, Law, or a related field.
2. Minimum of 4+ years of experience in KYC, AML, or compliance, ideally working with banks or financial institutions or private corporate within the oil and gas or a highly regulated industry.
3. Strong understanding of regulatory requirements related to AML, CFT, and KYC for onboarding corporate client and banking relationships.
4. High attention to detail and excellent analytical skills.
5. Proficiency in screening software.
6. Proficiency in Microsoft Office Suite.
7. Strong interpersonal and communication skills.
8. Strong organizational skills.
9. Ability to handle sensitive and confidential information with integrity and confidentiality.
10. Strong understanding of compliance in banking interactions.
11. Ability to work independently and collaboratively across departments.