Sanctions Officer

Role Overview

This position is exclusively for Saudi nationals. The Sanctions Officer's primary responsibility is to ensure the bank operates in full compliance with all relevant sanctions regulations and Anti-Money Laundering (AML) laws. The role involves advising various business units on sanctions matters, managing sanctions-related risks, thoroughly reviewing screening outcomes for customers and transactions, and adhering to regulatory requirements from SAMA, FATF, OFAC, and the United Nations.

Core Duties

• Guarantee adherence to both domestic and global sanctions directives.
• Develop, enforce, and update the bank’s sanctions protocols and control mechanisms.
• Assist the AML Head in overseeing sanctions activities.
• Continuously assess sanctions risks bank-wide.
• Conduct screening for both new and existing customers and associated parties against official sanctions databases.
• Validate identities and affiliations against lists maintained by SAMA, OFAC, UN, and other international entities.
• Investigate transaction alerts, including flagged wire transfers and suspicious payments, ensuring no involvement of sanctioned or watchlist individuals.
• Manage and update sanctions screening technologies like FircoSoft, OWS, and World-Check, ensuring data accuracy and system effectiveness.
• Track regulatory updates and enforce FATF standards.
• Adjust and maintain the bank's Financial Crime Compliance Risk Model (FCCRM).
• Engage with regulatory bodies on sanctions-related issues.
• Provide training and guidance to teams on sanctions compliance and integrate sanctions considerations into KYC processes.

Qualifications and Experience

• Applicants must be Saudi nationals.
• Bachelor’s degree or an equivalent qualification in a relevant field is mandatory.
• 5 to 7 years of experience within banking or financial services, particularly in AML, sanctions, compliance, or financial crime fields.
• Preferably, 3 to 5 years in AML supervisory or management capacities.
• Certifications such as CAMS (Certified Anti-Money Laundering Specialist) or CCO and related AML/compliance credentials are advantageous.

Technical Expertise

• Strong knowledge in AML and sanctions compliance frameworks.
• Understanding of KYC and Customer Due Diligence (CDD) procedures.
• Familiarity with FATF recommendations and regulatory regimes including OFAC, UN sanctions, and local SAMA guidelines.
• Experience with payment transaction and wire transfer monitoring.
• Proficiency with sanctions screening systems: FircoSoft, OWS, World-Check, and FCCRM.

Additional Information

Candidates are encouraged to submit their CVs for consideration for this and other upcoming opportunities at the organization.