Vice President
4 weeks ago
Bank Muamalat WP. Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia
Role Description
This is a full-time on-site role for a Vice President - Centralised Fraud in the Compliance Division at Bank Muamalat located in WP, Kuala Lumpur. The incumbent should have a minimum of 10 years of working experience in the space of fraud investigation, fraud detection and prevention. The role involves overseeing the following:
- Assist the Board of Directors ("Board") and Management in managing the fraud risks faced by Bank Muamalat Malaysia Berhad ("BMMB"), including subsidiary units.
- Ensure BMMB comply with the legal and regulatory requirements, including Islamic Financial Services Act ("IFSA"), Fraud Countermeasures, and other regulatory requirements imposed by regulators and authorities (such as Bank Negara Malaysia, Labuan Financial Services Authority, Securities Commission Malaysia, etc.).
- Develop and implement comprehensive anti-fraud strategy to protect BMMB and its customers from fraud risks.
- Manage the operations of Centralised Department.
- Develop and execute a centralized operational fraud strategy aligned with BMMB's overall compliance and risk management framework.
- Lead the development and enhancement of detection, prevention, and response programs for external fraud across all banking channels and products.
- Ensure regular review and update of relevant Policies, Guidelines and Standard Operating Procedures of Centralised Fraud Department.
Operational Management
- Oversee the daily operations of the Centralised Fraud Department, including detection, prevention, response, investigation and reporting of external fraud incidents.
- Ensure timely and effective resolution of fraud cases while minimizing customer impact and operational losses.
- Coordinate with business units, IT, and external stakeholders to manage and mitigate fraud risks.
Detection and Prevention
- Implement advanced fraud monitoring technologies and analytics to identify suspicious transactions and activities.
- Develop and update fraud detection rules, models and parameters in response to evolving fraud trends.
- Ensure effectiveness of fraud monitoring solutions or/and manual monitoring techniques at all times.
- Conduct regular assessments of fraud risk exposure and update the fraud risk management accordingly.
- Act as reference point within and outside BMMB on concerns related to operational of external fraud management.
- Organize anti-fraud awareness programs and ensure the programs are understood and effectively communicated to all BMMB staff and customers.
- Ensure accuracy of data of overall fraud operations matters.
- Lead and oversee comprehensive investigations into suspected external fraud incidents and closure to customers are performed within stipulated timeline.
- Ensure proper documentation and evidence gathering.
- Collaborate with law enforcement agencies, regulatory bodies, and other financial institutions in fraud investigations and recovery efforts.
- Ensure comprehensive reports on external fraud incidents, including root cause analysis and recommendations for preventing future occurrences.
- Conduct post-incident reviews to assess the effectiveness of the fraud operations functions and identify opportunities for improvement in fraud response, prevention and detection strategies.
- Implement lessons learned from fraud incidents to enhance the bank's fraud risk management framework and response protocols.
Qualifications
- Compliance Management and Regulatory Compliance skills
- Analytical Skills and Finance expertise
- Experience in Financial Services industry
- Strong problem-solving and decision-making abilities
- Excellent communication and interpersonal skills
- Bachelor's degree in Finance, Business, or related field
- Executive
- Full-time
- Legal
- Industries
- Banking
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