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December 17, 2018

UAE Salary Guide 2019 - Compliance & Regulation

“Leaders in compliance are expected to hold good relationships with the regulators in the Dubai Financial Services Authority (DFSA) and be able to pass it down to their teams.”

UAE Salary Guide 2019 - Compliance & Regulation
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai

The compliance job market has been static and flat this year.

The compliance job market in the United Arab Emirates has remained relatively flat in 2018. However, we did see some notable changes at the Head of Compliance level among a number of the larger Islamic banks in Dubai and Abu Dhabi with overseas talent been brought in for a number of banks.  Some of the more in demand requirements we have seen this year in compliance included having experience in cross-border activity with multiple regulators. This was particularly the case with financial organisations who have operations in neighbouring jurisdictions such as Saudi Arabia, Egypt and Lebanon.

There is a growing demand for compliance professionals with experience in private equity.

Compliance professionals who had experience in private equity or investment banking in DIFC are also sought after. The Anti-Money Laundry (AML) function continues to be of crucial importance to the region and the Emirates recently approved an anti-money laundering law to combat terrorism financing. Going into 2019, this will see more demand for AML professionals. Yet, compared to last year, there was only a slight increase in job opportunities in the regulatory space in the UAE where replacement hiring was more evident.

We are predicting a slight salary increase of 2 to 3 percent in 2019.

The domestic market remains the first port of call when hiring managers and HR heads are searching for regulatory talent. We are witnessing less expatriate talent being brought in from Europe as there is a surplus supply of talent in the UAE market. Salary increments have not changed from last year in compliance and we are predicting only a slight 2 to 3 percent increase in 2019.

Demand for compliance professionals with FinTech experience.

FinTech and compliance teams are using sophisticated compliance technologies to screen their customers. FinTech is now changing the compliance landscape tremendously, and there is a constant battle between the old and new ways of compliance processes in the banking industry.  When assessing the FinTech landscape, banks must have a clear digital strategy when deciding to compete, collaborate or buy. Hence, there is also a demand for compliance professionals who have FinTech experience. Leaders in compliance are expected to hold good relationships with the regulators in the Dubai Financial Services Authority (DFSA) and be able to pass it down to their teams.

 

ROLES

TITLE

MIN

MAX

COMPLIANCE &

Chief Compliance Officer (CCO)

88,000

106,000

REGULATION

Head of Enforcement

73,000

91,000

 

Head of Compliance

68,000

77,000

 

Head of Financial Crime

57,000

63,000

 

Financial Crime Manager

38,000

44,000

 

Senior Manager, Banking Supervisor

48,000

54,000

 

Manager, Banking Supervision

42,000

47,000

 

Sanctions and AML Managers

31,000

37,000

 

Head of Fraud

55,000

62,000

 

Fraud Manager

34,000

41,000

 

Compliance Licenced MLRO (DIFC)

41,000

53,000

 

Compliance Consultants

26,000

35,000

 

Compliance (FATCA specialists)

29,000

36,000

 

Compliance Manager- Generalists- Wholesale, Retail, Corporate

33,000

39,000

 

Compliance Officer-Private Banking, Wealth, Invest. products

22,000

27,000

 

Compliance Officer (KYC, On boarding, CDD)

16,000

21,000

Monthly salaries in UAE Dirhams (AED). Salaries provided are exclusive of any bonus, guaranteed or otherwise. 

Please click here to view the full salary guide for this sector.

Alan Hynes By Alan Hynes

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