Compliance Officer

Job Description

<p><strong>Role Summary</strong></p><p><br></p><p>The CO’s main responsibility is to ensure that all aspects of elseco limited’s (elseco) business activities and operations are compliant with the regulatory obligations arising out of the DFSA’s regulatory regime, all other applicable laws and regulations as well as internal policies and procedures. The CO will achieve this primary responsibility by:</p><p><br></p><ul><li>Designing, implementing and overseeing elseco’s compliance program, functioning as an independent and objective resource to the business departments or functions.</li><li>Providing appropriate advice to help the staff and management to achieve compliance.</li><li>Reviewing and assessing compliance issues/concerns within the organisation.</li><li>Providing required level of training to all members of elseco.</li><li>Liaising with all relevant regulators to understand and meet regulatory expectations.</li><li>Providing compliance oversight to other entities within the Group.</li></ul><p><br></p><p>The Compliance Officer ensures the Board of Directors, management and employees are in compliance with the rules and regulations of the Dubai Financial Services Authority (DFSA) and any other laws applicable. In case of elseco, this would include, in particular, the compliance obligations arising out of its activities as a coverholder in the Lloyd’s market. The Compliance Officer will also act as the Money Laundering Reporting Officer for the DFSA.</p><p><br></p><p><strong>Responsibilities</strong></p><p><br></p><ul><li>As the authorised Compliance Officer and MLRO (CO/MLRO) of elseco Limited, the CO’s primary responsibility would be oversight and administration of elseco’s AML and compliance processes and procedures on a day-to-day basis and making sure these process and procedures are in line with DFSA, DIFC and all other applicable laws, rules and regulations.</li><li>The CO is the point of contact for all AML/Compliance related correspondences with relevant and local authorities including the DFSA.</li><li>The CO is also responsible for reviewing all KYC/CDD and sanctions checks performed by business lines and consequent findings etc., with respect to elseco day to day operations and providing appropriate recommendations for dealing with such findings.</li><li>The CO/MLRO must also ensure that elseco staff, both existing and new, are adequately trained and made aware of relevant money laundering and compliance matters.</li><li>Develop and implement elseco’s overall compliance management framework including but not limited to all relevant compliance policies, procedures and rules in line with the relevant laws.</li><li>Prepare a detailed compliance monitoring plan on an annual basis and obtain approval from the relevant authority in elseco; carry out the reviews specified in the said plan.</li><li>Work with teams within The Group to provide support, advice and guidance on the compliance framework and policies and procedures and guide the business to identify, assess and manage compliance and risk and meet professional standards set by the Group and regulatory requirements.</li><li>Provide compliance work stream support on business-led projects.</li></ul><p><br></p><p><strong>Scope of Tasks</strong></p><p><br></p><p>Whilst the above gives an overview of the primary responsibilities of the role, hereunder is a non-exhaustive list of the relevant tasks currently being carried out by the CO/MLRO:</p><p>&nbsp;</p><ul><li>Ensuring that all regulatory reporting to the DFSA and relevant authorities is completed effectively and on time by liaising with the relevant teams as appropriate.</li><li>Completing and submitting the DFSA AML Annual Return Annually as per DFSA rules.</li><li>Carrying out the AML Business Risk assessment for elseco and developing and monitoring the compliance monitoring programme for the company on an ongoing basis.</li><li>Complete the DIFC annual return and the annual renewal of the elseco DIFC license.</li><li>Develop and deliver training programs on compliance and AML; for all new staff as well as to meet the annual staff AML and Compliance awareness training requirements.</li><li>Ensure that all elseco manuals (being HR, AML, Compliance, IT and Underwriting) are reviewed and updated at least annually by the relevant teams.</li><li>Periodic reviews of elseco compliance and AML manuals so as to make sure they are appropriate and in line with the relevant rules and laws applicable to elseco and its business.</li><li>Review and assess the implications of any changes (both proposed and actual) to any applicable rules and laws; initiate internal discussions at appropriate levels and effect necessary changes to ensure continued compliance.</li><li>Assisting the underwriting teams in analysing relevant sanctions compliance issues on a day-to-day basis; throughout the course of normal business.</li><li>Reporting to senior management regularly on all compliance and AML matters.</li><li>Leading and organising any applications or similar to the DFSA and DIFC.</li><li>Coordinate and deliver responses to all compliance related queries from elseco clients.</li><li>Ensure compliance with relevant international requirements such as FATCA.</li><li>Acting as the point of contact for lodging any internal Suspicious Activity Report’s (SARs)</li><li>The CO, in his capacity as the MLRO, will also be the responsible person analysing the internal SARs made, if any, and making SARs to FIU in accordance with Federal AML legislation.</li><li>Monitor developments in relation to sanctions from all applicable sources and communicate the effects to the relevant teams.</li><li>Assist the DFSA or any other regulator during periodic reviews and visits.</li><li>Organise and lead the annual Internal Audit review and the annual Lloyds coverholder audit.</li><li>Other duties as assigned.</li></ul><p><strong>&nbsp;</strong></p><p><strong>Requirements and Skills</strong></p><p><br></p><ul><li>Graduate degree in the field of Finance, Economics or equivalent.</li><li>Knowledge and understanding of the regulations, both globally and in particular the DFSA, for which (s)he is responsible to ensure compliance.</li><li>Must have strong ethics and must be comfortable demonstrating clear independence towards compliance requirements.</li><li>Ability to maintain neutrality and independence in ensuring compliance, particularly to resist any pressures from the business lines for undue latitude.</li><li>Relevant experience working in a compliance function or in internal audit function.</li><li>Attention to detail, good judgement, and a hands-on approach are required.</li><li>The role requires to be confident and to have the ability to operate in a dynamic environment.</li></ul><p><br></p><p><strong>Company Information</strong></p><p><br></p><p>elseco is a high technology specialty insurance underwriting agency and Lloyd’s Coverholder. </p><p> </p><p>elseco underwrites on behalf of circa 50 insurance and reinsurance companies including Lloyd’s syndicates. elseco is headquartered in the Dubai International Financial Centre (Dubai, UAE) and is regulated by the Dubai Financial Services Authority. The company employs around 90 professionals with regulated offices in London, Paris and Washington DC.</p><p> </p><p>The company was founded over a decade ago launching Space insurance and has since diversified into Aviation and Energy insurance. </p><p> </p><p>At the cornerstone of elseco’s latest evolution is the technology “Platform” development. It sits at the very core of the company and is seen as business critical to the company’s future success and growth plans.</p>