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December 17, 2018

KSA Salary Guide 2019 - Compliance & Regulation

“We forecast the salaries for compliance professionals to increase by 10 to 12 percent next year. We are also starting to see fewer expats taking over compliance jobs in the Kingdom in support of the Nationalisation move.”

 

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

The Compliance job market in the Kingdom is thriving.

The Saudi job market is booming and the compliance sector is no different. Saudi Nationals working in compliance can expect plenty of opportunities in 2019. This has been greatly helped by the rules set out by the CMA regulator which stipulated that all Heads of Compliance must be Saudi Nationals for firms operating under this regulator. Any firm setting up under the CMA must have a compliance officer in place. Firms had until January 2018 as a deadline to have a Saudi National in place in the compliance function and thus there was a scramble for talent in the early part of 2018.  International firms particularly asset management organisations set up under the Capital Markets Authority (CMA) regulator has seen a further push in the recruitment of Saudi compliance talent. 

There is a shortage of senior qualified compliance candidates in the Kingdom.

The demand for high calibre Saudi Nationals in compliance outweighs the supply of talent.  We have witnessed organisation transition Saudi Nationals in fields such as Risk Operations or Finance into the Compliance function in order to fill the shortage. Job movement in the compliance field is also very high with Saudi Heads of Compliance staying on average only 2 to 3 years with any one firm. This has caused further recruitment drives in this space.

Some of the bigger UAE banks extend their presence in the Kingdom both under the CMA and SAMA regulators.

Leading local UAE banks are now setting up in Saudi and increasing their number of branches in the Kingdom. The has seen a positive influence on jobs in compliance and regulation. Citi bank won an investment banking license with the Capital Markets Authority in 2018  which in return enabled it to take part in the full range of activities in mergers and acquisitions, initial public offerings,  privatisations and other capital markets businesses. Dubai bank Emirates NBD now has opened more branches in the Kingdom and they now have a presence in Riyadh, Khobar and Riyadh.

 

Compliance salaries in the Kingdom are increasing year on year.

We forecast the salaries for compliance professionals to increase by 10 to 12 percent next year. We are also starting to see fewer expats taking over compliance jobs in Saudi Arabia in support of the Nationalisation move. However, we are seeing some expats getting opportunities as compliance consultants entering the market for government-owned entities.

 

TITLE

MIN

MAX

Chief Compliance Officer (CCO)

73,000

91,000

Head of Compliance

50,000

63,000

Sanctions and Aml Managers

31,000

34,000

Compliance Licenced MLRO (APs)

38,000

46,000

Compliance Manager- Generalists- Wholesale, Retail, Corporate

27,000

35,000

Head of Fraud

44,000

52,000

Fraud Manager

34,000

39,000

Inspection , Authorization Officers

35,000

45,000

Compliance Officer-Private Banking, Wealth, Invest. products

17,000

23,000

Compliance Officer (KYC, On boarding, CDD)

13,000

15,000

Compliance Analysts (Graduate)

8,000

10,000

Monthly salaries in Saudi Riyals (SAR). 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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