Compliance officer duties
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 risks
- Provide financial crime compliance advice
- Creating and implementing AML frameworks, procedures and policies
- Acting as a first point of contact for compliance concerns
- Screening payments
- Training staff on compliance procedures
- Being a champion of compliance culture
- Developing strategies for risk management
- Reviewing and auditing the organisation’s adherence to compliance procedures
- Remaining up to date on current regulatory and compliance changes
- Reporting 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 ethics
- Good critical thinking skills
- Attention to detail
- Independence and autonomy
- Good relationship-building skill
To fulfil the compliance officer job description to the fullest, professionals should have some or all of the following qualifications, experience and skills:
- Regulatory compliance expertise
- ACAMS qualified
- Risk management expertise
- Experience with AML policies
- Experience designing frameworks for financial crime
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