Compliance Officer

Job Description

Key Responsibility Areas (KRA): The Compliance Officer in an AD-II company plays a critical role in ensuring adherence to regulatory guidelines, minimizing financial risks, and maintaining ethical business practices. 1. Regulatory Compliance: * Ensure strict adherence to RBI, FIU-IND, FEMA, and other regulatory bodies guidelines. * Stay updated with changes in regulations and implement necessary policy modifications. * Ensure timely filing of statutory reports (e.g., CTR, STR, NTR, FMR reports to FIU-India). * Act as the primary liaison between the company and RBI, FIU-IND, and other government bodies. 2. AML/KYC Compliance: * Implement and monitor Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines. * Ensure that all customers are onboarded after thorough due diligence and verification as per RBI norms. * Conduct risk profiling of customers and ensure transactions are within regulatory limits. * Report Suspicious Transactions (STR) and Currency Transaction Reports (CTR) to FIU-India. 3. Internal Audits & Monitoring: * Conduct periodic internal compliance audits to assess branch-level and company-wide adherence to regulations. * Identify and escalate compliance breaches with necessary corrective action plans. * Oversee foreign exchange transactions to ensure adherence to FEMA and RBI guidelines. * Maintain detailed documentation of compliance checks and audit findings. 4. Policy Implementation & Training: * Develop and implement internal compliance policies (AML/KYC, Risk Management, POSH, HR policies, etc.). * Conduct regular training sessions for employees on compliance policies and regulatory updates. * Ensure that compliance awareness is maintained across all branches and departments. 5. Reporting & Coordination: * Ensure timely submission of all compliance-related reports to RBI, FIU-India, and other regulators. * Address queries raised by regulatory bodies and coordinate during inspections or audits. * Maintain a robust MIS system for tracking compliance-related data and reporting discrepancies. 6. Risk & Fraud Management: * Identify, assess, and mitigate compliance risks related to forex, remittances, and other AD-II activities. * Investigate and report fraudulent transactions and policy violations. * Work closely with the Risk & Credit Control team to strengthen internal controls. 7. Coordination with Other Departments: * Work in tandem with the Operations, Sales, and Risk Management teams to ensure compliance is maintained. * Provide compliance-related inputs during new product launches, branch expansions, or regulatory changes. * Coordinate with external auditors and regulatory bodies for inspections and compliance verifications.