Company Description

About Magnati

Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing and acquiring processing.

Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.

Headquartered in Abu Dhabi, Magnati\'s expertise and relationships provide a platform for Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.

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JOB PURPOSE:

To provide compliance support to Magnati on all compliance matters as per the applicable regulatory and compliance requirements, Magnati risk appetite and any other specific requirements that may apply jurisdictionally.

Understand how Magnati operates and maintain business, technical and product-based knowledge for the business area/s that are under responsibility.

Understand and act as a Subject Matter Expert (SME) for the CBUAE regulations and UAE Federal Laws as well as Magnati policies and procedures.

Be the first point of contact for comprehensive risk-based support for the business and assume any further delegated responsibilities by the Head of Compliance.

Attend all Mandatory and related training to attain insight of Magnati\'s businesses, products, services as well as compliance requirements

Provide day-to-day Compliance Advisory support to all business area/s under responsibility for all business-as-usual matters on an ongoing basis and as may be delegated by the Head of Compliance

Maintain an ongoing relationship and work in close contact with Business and Group functions to ensure appropriate support is provided on all Compliance Business Advisory matters.

KEY ACCOUNTABILITIES:

Strategic Contribution

Support implementation of Magnati\'s Compliance strategy and be the key contact point for all compliance related matters

People Management

Not applicable .

Budgeting and Financial Planning

Support the Head of Compliance to prepare and recommend Magnati Compliance Team\'s budget and monitor adherence to budget, while ensuring all sectional activities are conducted in line with the approved guidelines.

Policies, Systems, Process & Procedures

Support Magnati to adhere to Compliance policies, procedures, and processes.

Continuous Improvement

Identify opportunities for continuous improvement to related systems, processes and practices based on risks and control deficiencies identified.

Reporting

Provide guidance and support in generating any regular or irregular report requests

Prepare MI related to Magnati as and when required.

Job Context

Advisory and Administration

Provide Compliance advice to internal and external stakeholders as required.

Develop and strengthen relationships to promote best practices and ensure a good understanding of Compliance requirements across Magnati.

Assist the Head of Compliance in the documentation of Magnati\'s policies and procedures and where necessary procedures in line with FAB and Brookfield Group Compliance Policy and Procedures

Assist Head of Compliance in providing business advice for the Magnati new policies, procedures and processes.

Provide advice for the Magnati product review process and financial promotions.

Advise Business Units with technical insights and build credibility based on an understanding of their challenges related to products, customers and transactions.

Provide updates to Magnati business on compliance requirements, best practices, market news, international regulations, hot topics and regulatory changes.

Assist Head of Compliance in support of Magnati business units during CBUAE audits and in responding to ad-hoc requests from CBUAE.

Review account closures following decision to exit for Compliance reasons.

Provide support in regulatory and/or policy breach handling and breach reporting.

Specific Accountabilities:

Provide Compliance advice to internal and external stakeholders as required.

Develop and strengthen relationships to promote international best practices and ensure a good understanding of Compliance requirements across entire magnate business.

Advise Business Units with technical insights and build credibility based on an understanding of their challenges related to products, customers, and transactions.

Provide updates to the areas under responsibility on compliance requirements, best practices, market news, international regulations, hot topics, and regulatory changes.

Act as a subject matter expert for Magnati products and processes and provide expert advice on both Regulatory Compliance (RC) and Financial Crime Compliance (FCC) risks associated with all of Magnati Business activities. Escalate to Magnati Head of Compliance if required.

Support the respective Business Units during CBUAE and any other regulatory bodies\' audits and coordinate the submission of the related information as may be requested by CBUAE.

Assist Head of Compliance with any regulatory reporting as maybe required by regulation from time to time.

Assist in conducting compliance awareness and training sessions for staff of the areas under coverage a periodic basis and in line with the function\'s training plan.

Understand the end-to-end processes of the areas that are under coverage and highlight possible compliance related concerns and assist the teams to mitigate these concerns.

Assist Head of Compliance in providing guidance and advice on KYC related matters and screening matches escalated to you.

Financial Promotions, Gifts / Hospitalities: Attend to escalated requests.

Assist in the rollout and execution of annual Enterprise-Wide Risk Assessment (EWRA) process and in finalising the EWRA issues

Assist in the rollout, execution of Risk and Control Self-Assessment (RCSA) for the function and resolution of RCSA issues

Review and maintain logs for Compliance KRIs.

Support the Head of Compliance in setting up compliance related systems for Magnati.

Qualifications

QUALIFICATIONS & EXPERIENCE:

Core Competencies

An understanding of regulations and legislations/laws that affect the magnati business.

Strong project management skills with an ability to work cross-functionally.

Strong leadership skills with the ability to work as a team player.

Ability to cope with and thrive in a non-routine environment, think creatively, and develop innovative solutions to compliance related concerns.

Very strong written and verbal skills, preferably in both Arabic and English.

Minimum Qualification

Bachelor\'s degree or higher in Business and technology related field such as Information technology, Management, Finance or Accounting.

Certification(s) in AML and Compliance or similar are preferable.

Minimum Experience

Minimum of 10 years of working experience in a financial institution including bank and non-bank financial institutions with a combination of experience in Compliance (FCC, Regulatory and Business Compliance Experience), payments, retail banking products like credit cards, prepaid/WPS cards and E-wallets.

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