Assistant Manager - Licensing & Supervision (UAEN Talent Pool)

Dubai World Trade Centre

Core Duties & Responsibilities

Licensing Applications

• Manage the licensing application process for a portfolio of Virtual Asset Service Providers [VASP]s, including collecting, reviewing and evaluating license applications, conducting enhanced due diligence, and making licensing recommendations
• Assess VASPs against the VARA Licensing framework, including but not limited to: company ownership structure, board requirements, senior management, corporate governance, fit and proper requirements, capital and prudential requirements, marketing, client agreements, complaints handling, public disclosures, virtual asset standards, confidential information, compliance management, risk management, operation management, financial audit, internal audit, AML-CFT, KYC-CDD, client VA rules, client VA rules, anti-bribery and corruption, VA issuance, market transparency, technology governance, information security, data protection, etc.
• Conduct VASP Licensing Risk Assessment against critical risks, including but not limited to: financial soundness, market risk, credit risk, liquidity risk, relationship with regulators, business strategy, client onboarding risk, organization risk, regulation risk, operational risk, quality of management and corporate governance, AML, market abuse, and fraud, outsourcing and counterparty risk, risk management systems, compliance function and arrangements, contagion risk, products and clients suitability, communication with clients and financial promotions, legal risk, disclosure and reporting, cybersecurity & data privacy risk, cryptographic risk, business continuity, client assets, digital and emerging technology and, ESG risk
• Lead conversations with each VASP Responsible Individuals on licensing applications, including conducting interviews to understand fitness and proprietary.
• Process initial license issuance, license renewals, amendments and any such alterations required in coordination with finance team

VASP Supervision

• Support in the development and execution of risk-based supervisory plans, including onsite inspections for a portfolio of VASPs
• Act as the main point of contact for each VASP Compliance Officer on all regulatory matters
• Manage the assessment of the following regulatory returns, including but not limited to: cyber breach notifications, suspicious transaction notifications, OFAC / blacklisted / sanctioned wallet address notifications, changes to policies and procedures reporting, notification of changes in VA Activities reporting, UBO, and C-suite Executives reporting, marketing material reporting, market conduct breach notifications, wallet address reporting (proprietary, UAE clients and migrated clients), PEP reporting, high risk transactions reporting, financial statements reporting, proof of reserves and liabilities reporting, investigations taken by other regulatory entities notifications, investing entities reporting, related parties transactions reporting, risk exposure reporting, Board and compliance committee minutes reporting, regulatory business plan notifications, product reporting and fund information reporting, product catalogue reporting, client types reporting, organisational structure and ownership reporting, etc.
• Conduct technical VASP reviews, deep dives, assessments, and investigations on VASP operations
• Contribute recommendations on potential breaches of the regulation, informing Enforcement decisions
• Support annual and thematic reviews of VASPs and prepare reports

Team Collaboration and Engagement

• Collaborate & Support case officers to assess license applications and supervise licensed firms
• Prepare reports and maintain records and trackers for VASPs
• Ensure all fees and fines are promptly settled and marketing follows due approval process
• Facilitate regular meetings with VASPs and manage all communications including written and verbal
• Liaise with other functions within the Regulatory Authority (Ecosystem, Digital Assurance, Enforcement, Legal, Finance and Marketing) on matters related to VASPs

Process Enhancement

• Contribute to the enhancement of frameworks relating to Licensing and Supervision [policies and procedures, templates & processes, planning documents, etc.]
• Keep up to date and informed of developments in the virtual asset industry and regulatory landscape

Operating Environment

Office based job, may be required to work longer hours

Formal Education

• Bachelor s Degree in a related field [minimum]
• Professional qualification in finance, compliance, AML/CFT related field

Work Experience

• Proficiency and expertise in project, portfolio management and process development
• Experience conducting risk assessments or compliance related activities
• Experience of working in a fast-paced environment and delivering under pressure
• Experience in leadership positions within relevant organizations, clubs, or teams, showcasing abilities in teamwork, project management, and decision-making
• Proficiency in relevant software tools, strong analytical and communication skills, and the ability to work effectively in a team environment

Skills & Knowledge

• Demonstrated interest in regulatory affairs, policy work, or virtual assets sector
• Proficiency in preparing reports and presenting to senior team
• Strong ability in assessing and reviewing financial statements, balance sheets and projections
• Strong stakeholder management skills
• Ability to quickly learn and adapt to new regulations and procedures
• Strong ethical standards and an understanding of the importance of regulatory compliance