Head of Regulatory Compliance

Summary of Role

The Head of Regulatory Compliance holds full strategic and operational ownership of the bank’s regulatory compliance framework. The role ensures that all banking operations, products, and services comply strictly with Oman Banking Law, Central Bank of Oman (CBO) circulars, Financial Services Authority (FSA) regulations, and other regulatory competent authorities. The ultimate objective of the role is to shield the bank from regulatory sanctions, enforcement actions, and severe financial penalties, while concurrently protecting the bank's market reputation and maintaining the trust of regulators, shareholders, and the public. As a senior member of the Compliance team, the role also entails managing, mentoring, guiding and supporting the Compliance staff in the team in general and specifically direct reporting staff in the Regulatory Compliance Unit. The Head of Regulatory Compliance serves as the primary custodian of organizational integrity and regulatory alignment. Operating at the intersection of business strategy and risk governance, this leadership role is responsible for architecting, deploying, and continuously refining an agile, enterprise-wide compliance ecosystem that seamlessly adapts to an evolving regulatory landscape.

Responsibilities

1. Regulatory Compliance Leadership
   • Lead the end-to-end regulatory compliance function, ensuring adherence to requirements issued by the CBO, FSA, and other relevant regulatory authorities.
     
   • Monitor, analyze, and interpret new or amended regulatory requirements; assess their impact and coordinate timely implementation across the Bank.
     
   • Oversee regulatory impact assessments and gap analyses against existing policies, procedures, and controls, ensuring effective closure of identified gaps.
     
   • Assess regulatory compliance risks relating to new or amended products, services, customer forms, contracts, and communications, and provide appropriate advice to business and support functions.
     
   • Maintain a centralized and current repository of regulatory circulars, guidelines, correspondence, and related implementation records.
     
2. Regulatory Engagement and Reporting
   • Serve as the primary liaison with regulatory authorities on regulatory compliance matters.
     
   • Coordinate, review, and monitor regulatory returns to ensure complete, accurate, and timely submission.
     
   • Coordinate regulatory inspections and examinations, including information requests, departmental responses, and follow-up actions.
     
   • Maintain a central register of regulatory findings, commitments, and open actions, and report their status regularly to senior management and the Board.
     
   • Coordinate responses to external auditors on the Bank’s implementation of newly issued regulatory requirements.
     
3. Policy & Governance Management
   • Design, implement, and maintain the Bank-wide Regulatory Compliance Policy and governance framework.
     
   • Work with business and support-function heads to embed regulatory requirements and controls into front-office and back-office processes.
     
   • Review and update compliance procedures and processes to reflect business needs, regulatory changes, and regulatory or audit findings.
     
   • Coordinate the annual review of Bank-wide policies and facilitate submission to the relevant governance bodies, including the Board, where required.
     
   • Ensure approved policies are properly communicated and readily accessible to employees.
     
   • Act as the Bank’s custodian of the Financial Consumer Protection Regulatory Framework and oversee its implementation across relevant functions.
     
4. Market Conduct and Regulatory Registrations
   • Maintain accurate and current insider information on the MSX/FSA portal and monitor personal account dealings and insiders related trading transactions in accordance with the Bank’s policy.
     
   • Coordinate the renewal and maintenance of the Bank’s USA PATRIOT Act certification or related documentation, as applicable.
     
5. FATCA & CRS Oversight
   • Oversee compliance with FATCA and CRS requirements and applicable local tax-authority guidance.
     
   • Ensure accurate and timely annual CRS reporting to the relevant local authority and FATCA reporting to the US Internal Revenue Service, as applicable.
     
   • Oversee the renewal of FATCA registrations or agreements and the classification of customers and reportable accounts.
     
   • Ensure customer information used for FATCA and CRS reporting is processed in accordance with applicable data-protection requirements and valid self-certifications.
     
   • Ensure periodic review and remediation of FATCA and CRS self-certification records maintained as part of customer due diligence.
     
6. People and Operations Management
   • Set team objectives and KPIs aligned with departmental priorities and conduct periodic performance evaluations.
     
   • Coach, mentor, and support the professional development of the Regulatory Compliance team while fostering a collaborative, accountable, and high-performance culture.
     
   • Ensure current job descriptions, objectives, KPIs, and development plans are maintained for Regulatory Compliance employees.
     
   • Oversee the Compliance Department’s budget, including settlement and reconciliation of system-related expenses.
     
   • Maintain current knowledge of regulatory, industry, and professional development through formal learning, on-the-job development, and project participation.
     
   • Promote continuous learning and knowledge sharing across the Regulatory Compliance team.
     

Requirements

• Omani Nationals only.
  

• Bachelor’s or master’s degree in law, Banking, Finance, or a related field
  
• Compliance certification - preferable
  

Benefits