WM, Priority and PBG Compliance Manager

Role       : XX
Location : XX                            

Role Purpose:

The Wealth Management, Priority & Private Banking Compliance Manager is responsible for supporting ADIB’s Retail Banking  Priority Banking, Wealth Management Business (WM) and Private Banking (PB) on compliance risk management. This role involves providing FCC and Regulatory Compliance guidance. The WM, Priority & PB Compliance Manager, reports directly to the Head of Business Compliance in Group Compliance with dotted / matrix reporting line to the Business (Global Head of Retail Banking or his Delegate). This role is critical to ensure that a mature compliance culture  is sustained to enable the effective execution within risk appetite of the segment-focused strategy across all innovation initiatives, product design, operational fulfilment, and customer touchpoints. The Compliance Manager will monitor adherence to regulatory requirements, internal policies and Compliance Risk Appetite tolerances. The position serves as a Subject Matter Expert on Wealth Management, Conduct, and Consumer Protection and FCC matters. Additionally, this role will actively participate in the Business Risk and Control Committee, WM Product Committee and other governance forums. 
    
Key Accountabilities of the role      

Financial Crime Compliance Guidance & Oversight: 

Aligned with the Bank’s Three Lines of Defense Model, the Compliance Manager will oversee the embedding of Financial Crime Compliance Policies (FCC) encompassing KYC/ CDD, AML, CFT, Sanctions and Ongoing Due Diligence across the customer life cycle. 

1. Regulatory Advisory & Market Conduct: Provide advisory support on SCA regulations and other regulations relevant to WM business, such as regulations issued by the Central Bank of the UAE (CBUAE). Act as the principal contact for regulatory guidance for WM business. Understand and convey regulatory changes and their impact on the bank's operations, ensuring that WM business stays informed and compliant. 
2. Surveillance: Conduct periodic review of the business-related activities, identifying and highlighting potential regulatory compliance gaps and risks to be addressed, including any conflicts of interest. 
3. Policies, Products and Initiatives: Review new investment products from a Compliance perspective, including funds and structured products. Review new investment agreements and opportunities. Act as a point of contact from GCD for the WM product review process by assessing regulatory requirements and the impact of proposed new products and services to ensure that product launch is smooth and successful. Support in applying compliance related policies across WM business units and update in response to regulatory changes.
4. Regulatory Engagements: Interact with the Securities and Commodities Authority (SCA) on a day-to-day basis, resolve any licensing requirements with the regulator. Assist WM business during examinations from regulatory authorities (i.e., CBUAE and SCA), in obtaining approvals / no-objections from regulatory authorities and act as a point of contact for ADIB in the Bank’s interactions with CBUAE and SCA for WM businesses. 
5. Remediation Guidance: Advise WM business units in formulating their remediation action plan for regulatory, RCSA, internal/external audit issues related to compliance.
6. Compliance Incident Management: Provide support in the response to compliance incidents, including investigations, remediation, and reporting. Ensure that lessons learned are integrated into future compliance strategies.
7. Training and Awareness: To be part of the team providing the ongoing training and development of people and support delivery training programs tailored to the needs of different WM business units for conduct and regulatory compliance perspective. 
8. Reporting: Support development and implementation of a comprehensive reporting mechanism for WM business for specific compliance matters in coordination with the RAU and FCC.
9. Escalations: Ensure that the Head of Business Compliance is well informed of critical business units advisories, initiatives, escalations, and issues.
10. Shari’ah Compliance: Maintaining a constructive and effective relationship with Group Internal Shari’ah Control Department, as and when required.
11. Other: Any other special task/assignment assigned by the Head of Business Compliance. 

Education, experience and qualifications:

1. Minimum of 8 years of experience in compliance roles within the banking industry, with at least 3 years related to wealth management business 
2. Bachelor’s degree in finance, law, business administration, or a related field
3. Completed training related to Islamic banking, Financial Crime Compliance, UAE regulatory rules and regulations. 
4. Deep knowledge of SCA and CBUAE and regulations relevant for WM business 
5. Extensive familiarity with WM Islamic Banking products
6. Good stakeholder management skills, with excellent communication and capability to challenge effectively
7. Ability to work with regulatory authorities in an open and cooperative manner
8. Ability to challenge the First Line of Defense on compliance related matters applicable to ADIB.
9. Strong analytical and problem-solving skills and presentation skills.
    

Specialist Skills / Technical Knowledge Required for this role:
 

Specific Responsibility Areas (Non- Business Lines) Required for this role:

• Regulatory Authorities (i.e. CBUAE and SCA)
• Managed Services
• Group Credit Management
• Marketing
• Correspondent Banking Relationships
•  Financial Market Infrastructure (FMI) providers / Global securities settlement houses e.g., Allfunds, Euroclear