Company Description

State Bank of India Muscat, established in 2004, holds a Full Commercial Banking license with over six years of experience in commercial and retail banking. The bank provides project finance for infrastructure development projects in Oman and offers a range of banking services for small, medium, and large enterprises. With strong India linkages, the bank supports corporates and business houses in Oman to promote their business interests in both countries.

Role Summary: This is a full-time on-site role for Assistant Manager Compliance and Anti Money Laundering Officer located in Muscat. The candidate should be able to speak, read and write Arabic language. The role is primarily responsible for managing day to day affairs of Compliance functions, monitoring of KYC and AML requirements, scenario analysis, transaction monitoring from AML and CFT angle, support to CEO and Head Office in effective implementation of AML strategy.

Roles and responsibilities: Compliance officer shall ensure Compliance with applicable laws and regulations of the Sultanate i.e. Banking Law of 2000, Money Laundering Law and regulations of CBO and CMA etc, regulations of host country in case of cross border operations, international best practices, conventions collated by international bodies such as the Basel Committee, FA TF etc,

• Identifying and assessing compliance risk in all businesses / activities including in new products and services
• Advising on compliance policy, processes, rules and standards
• Assessing the impact of new laws, regulations and guidelines and work out adequate processes for compliance
• Implementation and review of the polices and processes including being responsible for follow up and compliance for the examination and other reports of CBO
• Guidance to staff on implementation of compliance policies and processes
• Assessing whether the internal processes are appropriate / adequate
• Prompt reporting on the breaches and effectively following up of any identified deficiencies
• Discharging specific statutory responsibilities ( eg. Money Laundering Reporting Officer - MLRO)
• Liaison with relevant external bodies and furnishing regulatory compliance reports

·        Sample compliance testing to validate the certification by departments / units

·        All duties and responsibilities of Money Laundering Reporting Officer as per CBO guidelines / local laws/ decrees

·        Verification of Instructions from CBO regarding Blocking of Funds , Balance Confirmations including in Deceased accounts; Verification of All Accounts opened with CBO caution list; Initiating required action and sending appropriate response

·        Maintenance of updated information of entities / individual on restricted lists of UN,OFAC, etc. in connection with AML / CFT ; Verification regarding existence of such accounts in the branch books; verification of transactions related to these entities / individuals being put through in the branch; Reporting to concerned authorities

Position requirements:

·        Bachelor’s degree in finance, Accounting, or related field

·        Experience in banking industry with expertise in AML-CFT

·        Knowledge of regulatory requirements and banking procedure.

·        Candidates with ACAMS will be given preference.