Junior AML Analyst - Anti-Money Laundering (Financial Services)

Job description / Role

Junior AML Analyst - Anti-Money Laundering - Dubai | Financial Services| Orient Insurance PJSC

About Al-Futtaim Group

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions: automotive, financial services, real estate, retail, and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia, and Africa, Al-Futtaim Group partners with over 200 of the worlds most admired and innovative brands. Al-Futtaim Groups entrepreneurship and relentless customer focus enables the organization to continue to grow and expand, responding to the changing needs of our customers within the societies in which we operate.

By upholding our values of respect, excellence, collaboration, and integrity, Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.

We are currently seeking a Junior AML Analyst to join our Insurance Division. The Junior Anti Money Laundering Analyst is an entry-level role responsible for assisting the compliance department in establishing and implementing internal procedures to prevent money laundering and to support the AML compliance department in ensuring that there is a proper framework, governance, and compliance of the Insurance division in line with the AML/CFT regulatory requirements.

What You Will Do:

• Assisting the compliance department in the development and implementation of AML policies and procedures.
• Regular coordination and follow-up with internal departments for obtaining due diligence documents.
• Execute due diligence activity as per the defined process and regulatory guidelines.
• Completion of client risk assessment.
• Tracking and management of the various documents as per record retention policy.

• Ensure all reporting timelines are met as per agreed turnaround time (TAT).
• Screening and transaction monitoring systems review/implementation.
• Identify red flags and control issues with respect to KYC/client onboarding.
• Investigate and prepare suspicious activity reports and suspicious transaction reports.
• Liaise with regulators and supervisors in connection with the AML program and related regulatory issues.
• Build strong partnerships with internal audit, operations departments, business development, and other stakeholders in connection with the AML program.
• Work with leaders throughout the enterprise to resolve efforts to address related open issues in a timely and effective manner.
• Responsible for seeking AML compliance advice from the compliance committee, organizing, and participating in the compliance committee meeting.
• Timely filing of regulatory reports with the regulator.
• Develop training presentations and conduct training relating to AML/CTF, FATCA, and CRS.
• Assist in the planning, execution, and results analysis of AML compliance reviews.
• Work with the business lines during test work to understand control processes and to identify action plans to address control deficiencies.
• Communication with various levels of management to ensure AML/CFT compliance.
• Maintain ongoing awareness and current knowledge of all applicable internal and external AML compliance regulatory requirements and identifying any issues that could impact the institution.
• Review high-risk relationships, especially cases that are escalated to senior management, and ensure that all risks are appropriately highlighted for sign-off.

What Equips You for the Role:

• Minimum 1 year of AML compliance experience in banking or insurance industry.
• Bachelors degree preferably in commerce or business administration.

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• Knowledge of transaction monitoring systems and screening tools.
• Knowledge of FATCA and CRS regulation.

Required Skills to Be Successful:

• Strong AML analysis skills, good knowledge and understanding of industry best practices, internal controls, and regulatory requirements.
• Language skills: an exceptional ability in oral and written English.
• Excellent organizational skills, having the ability to prioritize workload whilst being resilient and able to cope well under pressure.
• Excellent interpersonal skills and an ability to converse confidently with various levels of management.

Note: Only UAE-based candidates meeting the above criteria will be shortlisted.

About Orient Insurance PJSC:

Orient Insurance Company commenced operations in 1982 as a part of the reputed Al-Futtaim Group and has since recorded progressively steady growth. The company is counted among the leaders in the UAE insurance market. Orient Insurance Company has a paid-up capital of AED 500 million, which is the highest in the insurance industry in UAE. With head office in Dubai, the company serves its clientele through an extensive branch network in Jebel Ali, Abu Dhabi, Al Ain, Sharjah, and Ras Al Khaimah in UAE, Muscat in the Sultanate of Oman, and Bahrain.

About the Company

Established in the 1930s, the Al-Futtaim Group initially operated as a trading enterprise. Rapid development throughout the 1940s and 50s saw it establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself one of the leading business houses in the lower Gulf region. Today, it operates collectively over 40 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operation to include Bahrain, Kuwait, Qatar, Oman and Egypt.

The Group comprises a diverse range of strategically positioned operating subsidiaries and associate companies, structured to give the Al-Futtaim Group the flexibility and versatility to keep ahead of local competition while keeping pace with the ever-evolving global business scenario. The Groups continued investment in world-class systems technology is clear evidence of its commitment to maintain leading edge performance and service delivery.

The success of the Al-Futtaim Group can be attributed to a business approach that combines the ability to change with the traditional values of integrity, service and social responsibility that define its core business philosophy. This, linked with the Groups belief in decentralisation, gives the heads of the operating companies a high degree of functional autonomy and authority, providing the Group with essential flexibility, and individual employees a clearly defined work culture and sense of responsibility.