A compliance officer ensures the organisation operates within the law and meets current regulatory standards. They create and uphold compliance procedures and policies which they evaluate against best practice and regulatory standards, which are continually changing.Compliance officers often act as the authorised point of contact for the Financial Services Regulatory Authority (FSRA) or the Dubai Financial Services Authority (DFSA).As part of their daily duties, compliance officers are expected to lead the charge with regard to the company’s compliance culture.Compliance officer tasks include:Assess operational risksProvide financial crime compliance adviceCreating and implementing AML frameworks, procedures and policiesActing as a first point of contact for compliance concernsScreening paymentsTraining staff on compliance proceduresBeing a champion of compliance cultureDeveloping strategies for risk managementReviewing and auditing the organisation’s adherence to compliance proceduresRemaining up to date on current regulatory and compliance changesReporting compliance issues and recommending changes
Compliance officer qualifications, skills and experience
A compliance officer should be educated to degree level and will ideally have industry-specific qualifications. This role is the moral compass and guiding hand of the company, so certain soft skills are necessary to fulfil daily compliance officer duties:Strong ethicsGood critical thinking skillsAttention to detailCollaborationIndependence and autonomyGood relationship-building skillTo fulfil the compliance officer job description to the fullest, professionals should have some or all of the following qualifications, experience and skills:FSRA/DFSA-authorisedRegulatory compliance expertiseACAMS qualifiedRisk management expertiseExperience with AML policiesExperience designing frameworks for financial crime
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