Manager / Sr Manager - Transaction Monitoring

Job Purpose: To lead the transaction monitoring team in the detection and analysis of potentially suspicious transactions through systematic review of alerts, supporting the AML program’s effectiveness and regulatory compliance.

Key Responsibilities:

1. Transaction Monitoring & Investigation

• Review and investigate alerts generated through AML monitoring systems in line with CBUAE, VARA, and SCA regulation and guidance.
• Leverage risk-based approach as per CBUAE guidelines for prioritizing alerts and ongoing monitoring.
• Apply enhanced due diligence (EDD) for high-risk scenarios, including cases involving PEPs, virtual asset transactions, or cross-border activity as emphasized by VARA and SCA.
• Identify and investigate typologies highlighted by UAE regulators, such as: structuring (“smurfing”), Trade-based money laundering, Use of virtual assets in layering or obfuscation, Use of shell companies/funnel accounts etc.
• Ensure adherence to timeline requirements for reviewing and escalating alerts as specified by CBUAE (often 20 business days for STR/SAR).

2. Suspicious Transaction/Activity Reporting (STR/SAR)

• Prepare and submit STRs/SARs in strict compliance with CBUAE, VARA, and SCA regulations, including full and accurate narrative, supporting evidence, and adherence to prescribed reporting channels (e.g., goAML).
• Support the ongoing development and calibration of detection scenarios in accordance with changes in regulatory expectation or emerging typologies notified by authorities.
• Maintain comprehensive records of all investigated alerts and reported cases for the minimum prescribed period (typically 5+ years, per UAE regulations).

3. Governance, Policies, and Training

• Ensure AML/CTF policies and procedures are up-to-date with CBUAE, VARA, and SCA rules and regulatory updates.
• Deliver periodic training programs to the first line of defense on new regulations (including virtual asset compliance obligations), typologies, and best practices.
• Participate in regulatory thematic reviews or inspections, providing records and support as required.
• Perform gap analysis and contribute to regular FCC policy reviews to ensure alignment with new regulatory guidance or enforcement trends.

4. Risk Assessment and Ongoing Controls

• Support the FCC unit in periodic ML/TF risk assessments as required by all three regulators.
• Utilize internal and external data to inform KYC refresh requirements according to entity and activity risk ranking (banking, securities, or virtual assets).
• Assist with implementing recommendations from regulatory inspection findings or internal/external audit reports.

5. Confidentiality & Recordkeeping

• Maintain strict confidentiality in all investigations, with particular sensitivity to specific UAE privacy/data protection mandates.
• Assure all records (alerts, investigations, training logs, reports) are available for regulator or audit review.

6. Other Regulatory Obligations

• Promptly report any attempted regulatory breaches, sanctions, or suspicious customer behavior to the MLRO/CO in accordance with local law.
• Ensure compliance with CBUAE, VARA, and SCA’s requirements for escalation, including immediate reporting of critical matters (e.g., threshold triggers for virtual assets per VARA).

Key Skills, Qualifications & Experience:

• Bachelor’s degree in Finance, Business Administration, Law, Accounting, Economics, or a related field. Master’s degree is an advantage.
• Certification in Anti-Money Laundering or Financial Crime Compliance (e.g., CAMS, ICA, CFE, CFCS).
• Additional certifications related to virtual assets or securities compliance (such as a VARA-recognized program) are advantageous.
• Minimum 7–10 years of relevant experience in AML, compliance, or financial crime investigation.
• Demonstrated track record leading AML monitoring teams in a banking, securities, or virtual asset environment.
• Experience in direct dealings with regulators (CBUAE, VARA, SCA) is preferred.
• Proficiency in transaction monitoring systems, KYC platforms, STR/SAR preparation (incl. goAML), and regulatory reporting.
• Skills in financial crime investigation, data analysis, and delivering training while ensuring confidentiality of sensitive case data.