Summary
Overview
Work history
Education
Skills
Certification
Hobbies and Interests
Languages
Training
Timeline
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Muhammad Siddiq Shahid

Muhammad Siddiq Shahid

Dubai,UAE

Summary

Accomplished professional with expertise in risk management and regulatory compliance, adept at navigating complex regulatory environments such as CBUAE, DIFC, and ADGM. Demonstrates strong capabilities in change management and strategic transformation, leading cross-cultural teams to achieve project goals. Proficient in policy development and governance, with a focus on AML/CFT oversight and risk reporting. Committed to enhancing stakeholder engagement through effective communication and critical thinking.

Overview

32
32
years of professional experience
1
1
Certification

Work history

Director/Head of Compliance & MLRO

Rafidain Bank
Abu Dhabi
07.2022 - 08.2025
  • Company Overview: Rafidain Bank – Abu Dhabi is the UAE branch of Iraq’s largest government-owned bank. Established in 1974, it is the oldest foreign bank operating in the UAE and is licensed by the UAE Central Bank. The bank offers a wide range of financial services including deposits, business loans, trade finance, and consumer lending.
  • Compliance Leadership:
  • Oversee all compliance and AML functions for the Abu Dhabi branch.
  • Design and maintain the bank’s compliance framework, including policy development and periodic updates.
  • Ensure alignment with UAE Central Bank regulations and international standards.
  • Strategic Coordination:
  • Collaborate with senior management and operational teams to uphold regulatory standards.
  • Liaise with regulatory bodies to ensure effective implementation of compliance requirements.
  • Policy & Procedure Development – Compliance Focus
  • Draft, review, and update compliance policies and procedures in alignment with local and international regulatory requirements.
  • Interpret and incorporate regulatory changes into internal frameworks to ensure ongoing compliance.
  • Collaborate with legal, risk, and operational teams to ensure policies are practical, enforceable, and risk-sensitive.
  • Conduct gap analyses to identify areas of non-compliance or improvement in existing procedures.
  • Develop standardized templates and documentation to support consistent policy implementation across departments.
  • Program Implementation & Oversight:
  • Develop, implement, and monitor compliance programs to ensure effectiveness.
  • Recommend and execute improvements to policies and procedures based on evolving requirements.
  • Reporting & Analysis:
  • Collect and analyze compliance-related data.
  • Present insights and recommendations to senior management.
  • AML/CFT & KYC Oversight (MLRO Role):
  • Ensure full compliance with AML/CFT and KYC laws and regulations.
  • Monitor customer transactions, file internal and external SARs/STRs as required.
  • Participate in management meetings to assess program performance and resource needs.
  • Support delivery of regulatory compliance training across the organization.
  • Key Projects & Achievements
  • Automated Transaction Monitoring:
  • Introduced daily/monthly/annual cash transaction limits.
  • Integrated UBO and PEP identification into the core banking system.
  • KYC Expiry Tracking Automation:
  • Implemented automated alerts and tracking for KYC renewals.
  • AML Policy Review & Enhancement:
  • Updated AML policies to reflect new regulatory and business requirements.
  • Sanctions Screening System Implementation:
  • Deployed “Member Check” for automated sanctions screening.
  • AML Framework Audit:
  • Collaborated with Grant Thornton for a comprehensive quality assurance audit.

SVP/Head of Enterprise Risk Management

Bank Alfalah Limited
03.2019 - 04.2022
  • Strategic Risk Oversight
  • Develop and implement the bank’s Enterprise Risk Management framework, aligning with regulatory requirements and strategic objectives.
  • Lead the identification, assessment, and prioritization of key risks across all business units (credit, market, operational, liquidity, compliance, reputational, etc.).
  • Collaborate with executive leadership to integrate risk considerations into strategic planning and decision-making.
  • Risk Assessment & Monitoring
  • Conduct risk assessments for new products, services, and markets.
  • Monitor risk indicators and thresholds, ensuring timely escalation of emerging risks.
  • Oversee the development and maintenance of risk registers, heat maps, and dashboards.
  • Policy & Framework Development
  • Design and update risk policies, procedures, and governance structures.
  • Ensure alignment with Basel III, IFRS 9, and other relevant regulatory frameworks.
  • Promote a risk-aware culture across the organization through training and communication.
  • Risk Analytics & Reporting
  • Lead the development of quantitative and qualitative risk models to support stress testing, scenario analysis, and capital adequacy assessments.
  • Prepare and present risk reports to senior management, board committees (e.g., Risk Committee), and regulators.

Financial Compliance Advisor

Compliance 360 & ARC DIFC
Dubai
11.2017 - 12.2018
  • Collaborated with leading compliance firms to deliver expert advisory services to financial institutions.
  • Reviewed and enhanced clients’ internal policies and procedures to ensure alignment with regulatory standards.
  • Provided strategic guidance on implementing and monitoring controls across various lines of business.
  • Conducted comprehensive gap assessments for banks and investment companies to identify compliance deficiencies.
  • Led business and customer risk assessments, offering actionable insights on residual risk mitigation.

Head of Compliance Risk

Noor Bank
Dubai
03.2012 - 08.2017
  • AML & Financial Crime Risk:
  • Oversee Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) frameworks. Act as the Money Laundering Reporting Officer (MLRO), managing suspicious activity reporting and transaction monitoring.
  • Policy & Procedure Development:
  • Design, implement, and maintain robust compliance policies and procedures. Ensure they are regularly updated to reflect regulatory changes.
  • Client Onboarding & KYC:
  • Supervise client onboarding processes, including Know Your Customer (KYC), Enhanced Due Diligence (EDD), and risk classification for high-risk clients.
  • Training & Advisory:
  • Provide compliance training across departments. Advise senior management and the board on regulatory matters and emerging risks.
  • Audit & Inspections:
  • Prepare for and manage internal and external audits, including regulatory inspections. Address findings and ensure timely remediation.
  • Achievements
  • Credit Rating Coordination
  • Led efforts under the Chief Risk Officer to collaborate with Fitch Ratings for the bank’s credit rating.
  • Islamic Syndicated Deals
  • Successfully executed complex Islamic syndicated deals with major regional and global banks.
  • Technology & Vendor Management
  • Engaged with top-tier system vendors to acquire and implement compliance systems tailored to the bank’s needs.
  • Legal & Audit Collaboration
  • Worked with leading global legal and audit firms including Clifford Chance, Dentons, Clyde & Co, PwC, EY, Al Tamimi, Afridi & Angell, and Talal Abu-Ghazaleh & Co.

Assistant Vice President/Regional Manager Risk Management

Faysal Bank
03.2005 - 09.2007
  • Performed as Regional Manager, Credit Administration and loan operations for consumer banking representing the bank’s Central Region.
  • Oversaw the credit operation of 20 branches across the region.
  • Review loan and security documents and issue Disburse Authorization Certificates.
  • Oversaw the function of loan disbursement, and recovery of periodical loan repayments.
  • Coordinated with internal and external audits, including Central Bank’s audit.
  • Liaise with internal and external lawyers, valuators and data verification vendors.
  • Provided advice, guidance, and training to staff.
  • Prepared periodic reports for senior management on unit activities and exceptions.

Team Leader Corporate Banking

The Bank of Punjab
Lahore
02.2001 - 03.2005
  • Superintended a team of three relationship Managers and two Relationship Officers to handle large corporate portfolio and relationship base comprising of large corporate including Government Related entities and Commercial Credit.
  • I was responsible for managing the corporate lending business of the bank. Procured new business, managed existing relationships.
  • Dealt with all kinds of corporate customers and the variety of lending products to cater customers’ short-term and long-term funding requirements. The customer types included the top business and manufacturing entities of Pakistan.
  • Under my leadership business registered phenomenal growth - funded exposure swelled to PKR 8 billion from PKR 1.8 billion & non-funded to PKR 10 billion from PKR 1 billion.
  • Track record of surpassing assigned business and revenue targets at unit level.
  • Owned a portfolio which was healthy and performed with minimum default rate.
  • I was instrumental in building/managing portfolio of PKR 18 billion. Comprised full range of credit products-working capital finance, demand finance, project finances, BMR, trade finance etc.
  • Entrusted to serve as Approving Authority along with Chief Manager for retail finance segments which included salary advance and durable goods finance.

Branch Banking, Business Development Officer, Relationship Banking

The Bank of Punjab
02.1994 - 01.2001
  • Performed as branch manager and branch operation manager.
  • I worked as a Relationship Manager Commercial Banking in different branches.
  • I worked in the Centralized Operations and disbursement unit.
  • I worked as a business development officer to enhance the bank’s liability portfolio.

Education

MBA - Finance & Marketing

University of the Punjab

Masters - English Language and Literature

University of the Punjab

Certification - Project Management

British University in Dubai

Certification - Global Financial Compliance (Level 3), Risk in Financial Transactions (Level 3)

Chartered Institute of Securities & Investment

Diploma - Banking Laws and Practices

Institute of Bankers

Certified Information System Security Professional - undefined

Al Nafi – Canada

Skills

  • Risk Management & Regulatory Compliance
  • Change Management & Strategic Transformation
  • Project Leadership & Execution
  • Policy Development & Governance
  • Cross-Cultural Team Leadership
  • Regulatory Affairs (CBUAE, DIFC, ADGM)
  • Critical Thinking & Creative Problem Solving
  • Stakeholder Engagement & Communication
  • Risk assessment
  • Compliance framework
  • Policy development
  • AML/CFT oversight
  • Risk reporting

Certification

Certification in Sanction Screening.

Hobbies and Interests

Interpersonal Skills:, Naturally sociable with a strong ability to connect with people from diverse backgrounds., Personal Interests:, Avid reader and enthusiastic traveler, always eager to explore new cultures and perspectives., Digital Presence:, Moderate user of social media, with a balanced approach to online engagement and content sharing.

Languages

English
Fluent
Arabic
Advanced
Urdu
Upper intermediate

Training

Attended numerous trainings and seminars on personal development, banking products, global trends in risk management and team management.

Timeline

Director/Head of Compliance & MLRO

Rafidain Bank
07.2022 - 08.2025

SVP/Head of Enterprise Risk Management

Bank Alfalah Limited
03.2019 - 04.2022

Financial Compliance Advisor

Compliance 360 & ARC DIFC
11.2017 - 12.2018

Head of Compliance Risk

Noor Bank
03.2012 - 08.2017

Assistant Vice President/Regional Manager Risk Management

Faysal Bank
03.2005 - 09.2007

Team Leader Corporate Banking

The Bank of Punjab
02.2001 - 03.2005

Branch Banking, Business Development Officer, Relationship Banking

The Bank of Punjab
02.1994 - 01.2001

Masters - English Language and Literature

University of the Punjab

Certification - Project Management

British University in Dubai

Certification - Global Financial Compliance (Level 3), Risk in Financial Transactions (Level 3)

Chartered Institute of Securities & Investment

Diploma - Banking Laws and Practices

Institute of Bankers

Certified Information System Security Professional - undefined

Al Nafi – Canada

MBA - Finance & Marketing

University of the Punjab

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Muhammad Siddiq Shahid