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Corporate - EMEA Compliance Saudi Arabia - Head of Compliance and MLRO - Vice President/Executive Director

Req #: 180006666
Location: Riyadh, 01, SA
Job Category: Compliance
Potential Referral Amount: 4000 US Dollar (USD)
JPMorgan Chase & Co. is a leading global financial services firm with assets of more than $2 trillion, over 200,000 employees and operations in over 60 countries.  It operates across six business segments including Investment Banking, Commercial Banking, Treasury & Securities Services, Asset & Wealth Management, Retail Financial Services and Card Services.
The Business
The Compliance function assists management and staff in fulfilling their duty of compliance.  The function provides a broad range of regulatory and compliance services and advice to all areas of JPMorgan Chase worldwide. Services include regulatory analysis of transactions and activities, formulation of regulatory and control policy, assistance in risk assessment, and new product development and implementation, assistance in the education of staff in regard to compliance policy and procedure.  
EMEA Compliance Coverage Strategy
The EMEA Compliance coverage strategy focuses on a three tiered coverage model. The coverage model requires:
  • Country expertise, the in-depth knowledge of the local regulatory environment, regulatory structures, local regulatory and market contacts, local market practice, industry groups, culture, language, etc.
  • Product expertise, the in-depth knowledge of a specific product/service, its structure, purpose, target clients, risks, deal/trade/process flow and settlement, exchanges, etc. 
  • Core expertise, the in-depth knowledge and application of firm policy and regulatory requirements across multiple product, service and jurisdictions. Examples include Personal Investment, Chinese Walls, Licensing & Registration, Disclosure of Interest, Monitoring & Surveillance, etc.
The Role
The Head of Compliance will be based in Riyadh, Saudi Arabia will provide support to Corporate & Investment Bank businesses conducted in the jurisdiction.  The role will be at Executive Director or Vice President Level depending on experience.  The individual will report locally to the Branch Manager and functionally to the Head of Compliance for the Middle East & North Africa and will be responsible for the following:  
  • Performing the role of Head of Compliance and Money Laundering Reporting Officer, registered with SAMA.
  • Maintain the regulatory relationship for Riyadh Branch and responding to regulatory notices and requests.
  • Provision of pro-active advice to business management in the development of policies and procedures for the Riyadh  Branch office, designed to achieve and ensure compliance with corporate and regulatory requirements, specifically SAMA and US rules (where applicable) and corporate policies such as the Code of Conduct. 
  • Promoting a strong Compliance culture throughout the Riyadh Branch office, establishing Compliance priorities with senior management and communicating these priorities effectively.
  • Conduct regular reviews  to verify policies and procedures conform with the latest regulations, specifically ensuring the Compliance Manuals for Saudi Arabia is kept up to date.
  • Manage the Riyadh Branch Compliance Committee, represent Compliance on Branch Management Committee, Local Risk Committee and Local Operating Committee reporting on Compliance priorities and issues.
  • Conduct an annual Compliance monitoring programme to verify policies and procedures conform with the latest regulations.
  • Prepare an Annual Compliance Report to the Branch Manager and SAMA.
  • Assist in the preparation and delivery of a Branch compliance training and awareness programme.
  • Identifying and investigating potential rule breaches, providing options available to manage and mitigate them and coordinating corrective action with other control functions as necessary/required.
  • Prepare and present the monthly Compliance report to Branch Management Committee as well as the monthly Country Scorecard.
  • Advice in respect of handling of errors, client complaints, potential rule breaches, etc.
  • Input into New Business Initiative Approvals involving business operations in Saudi Arabia, assessing Compliance/Regulatory issues/impact of proposed new products and services.
  • Liaison with internal and external auditors and assist in managing responses and actioning compliance issues raised in audit reports & Control Self-Assessment reviews. 
  • In relation to the role of MLRO, receiving suspicious activity reports from Branch personnel and reporting to SAFIU, where appropriate, and preparing and submitting periodic reports on anti-money laundering and terrorist financing activities. 
  • Keeping abreast of industry trends and “hot issues” and anticipate areas of focus and attention of regulators, keeping business management and Compliance colleagues informed (eg participation in local Head of Compliance network groups). 
  • Co-ordinating and working as part of the EMEA regional and global Compliance and Financial Crime Compliance teams.
  • Written and spoken Arabic and English essential; Saudi Arabia national required.
  • Strong knowledge of SAMA regulations and all related banking rules, guidelines and laws; previous interaction with SAMA.
  • Extensive banking experience with a good working knowledge of Treasury Services products.
  •  Attention to detail and control/quality awareness; good organizational and planning skills; experience and capability in developing policies and previous as well as competency in compliance training.
  • Good interpersonal skills, especially the ability to communicate effectively at all levels, internally and externally, e.g. Regulators, Business Managers, Audit, Risk Management, Legal and other line of business and Compliance colleagues within the Region and globally.
About J.P. Morgan Chase & Co:
J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion.  The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its JPMorgan and Chase, and WaMu brands.
JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer
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