Compliance Officer

Posted almost 2 years ago by MSELECT
Location Baghdad, Iraq Job Type
Salary Sector Finance

MSELECT is looking to hire a Compliance Officer for one of the International Banks in Baghdad, the candidate must have minimum 5 years of experience in the same field, and to be fluent in English and Arabic.

Compliance audit is an independent function in every bank and allows a bank to determine the extent to which policies and procedures are satisfactory and the bank complies with the requirements of applicable laws, regulations issued by the Central Bank, policies and procedures during its daily banking operations in order to avoid any error or violation that could cause the bank to face various risks in coordination with its operational departments. 

Tasks and Responsibilities of the Compliance Officer:

  1. To audit the policies, actions, and decisions of the senior management regarding the bank's operations and to determine the extent to which they are consistent with laws, regulations, and regulatory guidelines and to submit opinions regarding the foregoing.
  2. To propose policies and procedures for new banking operations depending on the requirements of banking operations and business as well as relationships or to update existing policies and procedures for new banking operations, to have them approved by the bank's board of directors.
  3. To oversee procedures followed by various departments and branches of the bank; to make sure that they are in compliance with applicable laws and regulations; to make an assessment regarding the level of compliance of procedures and directives; to monitor deviations and putting forward for their rectification and improvement.
  4. To submit to the senior management periodic and preferably monthly reports comprising suggestions and actions required for the rectification of deviations discovered in the future and to keep a copy in the files. Such reports will be subject to audits by the Central Bank if required.
  5. To propose training courses related to policies developed and procedures required to be followed and to emphasize that they should be followed by all employees in general and newly hired employees in particular.
  6. To be familiar with all laws, regulations, and guidelines related to banking operations. It should comprise some requirements which are obviously not directly related to banking operations and transactions. The legal affairs department of the bank may provide significant support for the development of this function.
  7. To draw up a list related to banking products and services and operational areas. It would help identifying all operational areas which were not previously audited following consultations with the supervisors of all operational sectors within the bank.
  8. Legal requirements applicable to banking operations (products and services) and to set forth those requirements in related regulations. It can be done by identifying the applicable law and highlighting banking transactions and services under that law. 
  9. To review formulas and procedures when there is a need for change; to establish procedures related to new products; to disseminate compliance-related information that will help resolving problems and monitoring corrections to units which are responsible for their application. 

International experience has shown that many compliance officers perform their duties in light of the results of the last inspection conducted by inspectors. This, however, is not practical, because inspectors change their areas from one inspection to other. The compliance officer should, therefore, regard the results as intermediary (provisional) initial data rather than the basis of structuring daily works. 


Necessary Qualifications of the Compliance Officer:

The compliance officer is responsible for monitoring compliance with laws and regulations issued by the Central Bank and policies and procedures established by virtue of decisions made by the bank's board of directors. His or her qualifications should, therefore, be consistent with the qualifications specified in the legal basis section of these guidelines as well as the Banking Law. 

In addition, he or she must:

  • have experience regarding banking operations in all fields (minimum 5 years);
  • be familiar with laws indirectly related to regulations and directives issued by the Central Bank and the Law and understand them fully; he or she does not need to be a jurist;
  • be familiar with international banking services that may be provided in line with the needs of the growing Iraqi economy and depending on the new requirements of the banking operations in Iraq.




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