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Chief Compliance Officer (CCO)

Posted: 11 November 2020
Deadline Category Location Employment Experience Education Salary Employer
25 November 2020 Operations Garoowe Full Time Daryeel Bank (DB)
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About Daryeel Bank

Daryeel Bank (DB) is a Somali Bank which is licensed by the Central Bank of Somalia (CBS). The DB is headquartered in Garowe, the capital of the Puntland State of Somalia, with branches in various parts of Somalia. DB works closely with other major operators of the Somali financial industry such as Iftin Group, a larger conglomerate of companies that has been established in 2006 by experienced Somali entrepreneurs that are experts in such business areas as the international money transfer (known also as Hawala), real state and related business fields. Iftin Group has a large customer base with more than 300 branches throughout the world.

To meet the increasing needs of the Somali customers for modern, efficient and affordable banking services, Daryeel Bank has been established in early 2018. To facilitate its customers worldwide, particularly its customers in the Somali peninsula, DB has introduced the latest financial products and financial services. The YEEL mobile payment platform is only one example of these modern banking services.

About the position

The Chief Compliance Officer (CCO) makes sure that Daryeel Bank continues to be fully compliant with all laws and regulations concerning the industry they operate in as well as internal standards and policies. The incumbent is tasked, among other responsibilities, to identify and eliminating the risks of noncompliance, both externally and internally.

About the position and the ideal candidate

The CCO must have at least a Master’s degree in business management, law, finance, business administration or any other directly related field with at least 5 years of relevant professional experience in compliance-related position. In addition, our next CCO is required to possess risk management skills, effective communication skills, problem solving skills, impeccable moral integrity, attention to detail, fluent in (both written and verbal) Somali and English languages. He/she must be able to work under strict deadlines and time pressure. Furthermore:

·       The ideal candidate should be a professional with at least 5 years of banking/remittance experience, in-depth knowledge of local and international Anti Money Laundering (AML) regulations in general

·       He/she should be particularly well versed with the basic AML laws and regulations of Somalia in regards to the nature and operations of the business

·       He/she should be able to advice on weaknesses of the working procedures and undertake corrective measures if and when deemed necessary

·       He/she will be the prime point of contact with Regulators (CBS & FRC) and Law Enforcement Authorities (LEA) of Somalia when it comes to the adherence to all relevant compliance issues

·       He/she reports regularly to the COO & CEO. However, he/she might be needed to report occasionally to the Board of Directors (BOD) as well

·       The successful candidate will be based in Garowe (Puntland, Somalia) but h/she is expected to travel extensively throughout the country.

The responsibility for the implementation of the Daryeel Bank’s AML policies, procedures, systems and controls and day to day oversight of its compliance with AML module of the Central Bank of Somalia and any relevant AML legislation applicable in the Federal Republic of Somali shall vest in the compliance officer. More specifically the compliance officer carries out and is responsible for the following:

  • The day-to-day operations for compliance with The Bank’s AML policies, procedures, systems and controls;
  • Constantly monitor and report to management concerning the organization’s compliance with laws and regulations;
  • Conduct regular audits to identify potential weaknesses and noncompliance situations;
  • Takingappropriate action following the receipt of an Internal SAR;
  • Making External Suspicious Activity Reports (“SAR”) to the Financial Reporting Center (“FRC”) of the Federal Republic of Somalia and informing the Central Bank of Somalia of their submission;
  • Acting as a point of contact within the bank for Financial Reporting Center and the Central Bank of Somalia regarding money launderingissues;
  • Responding promptly to any request for information made by the Central Bank of Somalia andFRC;
  • Receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions;and
  • Establishingand maintaining an appropriate AML training program and adequate awareness arrangements;
  • Communicate with the bank employees and make sure everyone is aware of what they need to do to comply with internal and external laws and regulations;
  • Further duties and responsibilities of the compliance officer will be formalized in the terms of reference of the compliance officer function

Salary: DB will offer a competitive remuneration based on the qualification and experience of the successful candidate.

Application: please send your application, complete with cover letter, updated CV and three referees to before or by 25th November 2020. Please read thoroughly the requirements of the position before you apply. Please note that INCOMPLETE applications WILL NOT BE CONSIDERED. Due to time pressure, only shortlisted candidates will be contacted