Head of Accounts
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Key skills for this role
About the Role
KIRA Financial Brokers LLC is seeking a Head of Accounts to ensure financial integrity, regulatory capital adequacy, and client asset segregation. The role requires a Bachelor's degree in Accounting or Finance, a professional certification (CPA, ACCA, CMA, CA), and 8-10 years of experience in financial services.
Key Skills for This Role
Responsibilities
- Monitor the Firm's capital adequacy ratio daily/weekly against CMA / SCA minimum requirements and internal buffers
- Support the Risk Manager in the annual Internal Capital Adequacy Assessment Process (ICAAP)
- Prepare and submit monthly capital adequacy reports to Senior Management and the Board
- Ensure all client cash amounts are deposited in designated Client Bank Accounts within one business day of receipt
- Perform daily reconciliation between total credit balances of all clients and total balances in all client bank accounts
- Prepare and sign the Accounts Segregation Report monthly
- Open and maintain client bank accounts with SCA approved local banks
- Prepare interim (quarterly) financial reports reviewed by the external auditor within 45 days of quarter end
- Prepare the annual audited financial report within 3 months of the financial year end
- Enforce strict payment authorization limits as defined in the Fraud Management Policy
- Act as the primary point of contact for external auditors on all financial and client asset matters
- Lead and develop the Accounts/Finance team, ensuring segregation of duties
Requirements
- Bachelor's degree in Accounting, Finance, or related field
- Master's degree (MBA, MA) or professional accounting certification (CPA, ACCA, CMA, CA) is mandatory
- Minimum 8–10 years of progressive experience in accounting and finance within the financial services industry
- At least 3–5 years in a leadership role
- Direct experience in an SCA regulated entity (brokerage, investment firm, or bank) is essential
- Deep understanding of CMA / SCA Decision No. (13/Chairman) of 2021, particularly Chapter 3 (Client Money), capital adequacy requirements, ICAAP, and financial reporting obligations
- Proficiency in accounting systems, reconciliation tools, and financial reporting software
- Advanced Excel skills required
Full Job Posting
Job Description
- The Head of Accounts is responsible for the financial integrity, regulatory capital adequacy, and client asset segregation of KIRA Financial Brokers LLC. This role ensures that the Firm maintains full compliance with CMA / SCA prudential requirements (Decision No. 13/Chairman of 2021), including cap
Key Responsibilities
- Capital Adequacy & ICAAP Support: Monitor capital adequacy ratio, support ICAAP, quantify financial losses, prepare capital adequacy reports, lead Capital Breach Escalation.
- Client Money Segregation & Safeguarding: Ensure client cash deposited in designated accounts, maintain separate bank accounts, ensure client funds held as trust, prohibit unauthorized use.
- Daily & Periodic Reconciliation: Perform daily reconciliation, prepare Accounts Segregation Report, notify CMA/SCA if unable to reconcile, perform reconciliation of client financial product records.
- Client Bank Account Management: Open and maintain client bank accounts, evaluate bank risks, ensure accounts designated as Client Account, obtain written confirmation from banks.
- Financial Reporting & Accounting Records: Prepare interim and annual financial reports, maintain accounting records in accordance with IAS/IFRS, operate Centralized Back Office System.
- Payment & Disbursement Controls (Fraud Prevention): Enforce payment authorization limits, implement dual authorization, verify payee bank account changes, maintain cheque register.
- Fraud Incident Support & Insurance Claims: Quantify financial loss, coordinate with Fraud Manager and insurers, maintain records of fraud related losses, freeze fraudulent transactions.
- Regulatory & External Audit Coordination: Act as primary contact for external auditors, provide monthly Accounts Segregation Report, respond to CMA/SCA inquiries.
- Client Account Statements: Ensure quarterly and annual account statements provided to clients within required deadlines.
- Team Management & Continuous Improvement: Lead and develop Accounts/Finance team, ensure mandatory vacation for fraud sensitive roles, continuously improve financial controls.
Qualifications & Experience
- Education: Bachelor's degree in Accounting, Finance, or related field. Master's degree (MBA, MA) or professional accounting certification (CPA, ACCA, CMA, CA) is mandatory.
- Certifications: Certified Public Accountant (CPA), Chartered Accountant (CA), ACCA, or Certified Management Accountant (CMA) required.
- Experience: Minimum 8–10 years of progressive experience in accounting and finance within the financial services industry, with at least 3–5 years in a leadership role. Direct experience in an SCA regulated entity (brokerage, investment firm, or bank) is essential.
- Regulatory Knowledge: Deep understanding of CMA / SCA Decision No. (13/Chairman) of 2021, particularly Chapter 3 (Client Money), capital adequacy requirements, ICAAP, and financial reporting obligations.
- Technical Skills: Proficiency in accounting systems (Centralized Back Office Systems), reconciliation tools, and financial reporting software. Advanced Excel skills required.
Key Competencies
- Regulatory Rigor – Ability to interpret and operationalize CMA / SCA client money, segregation, and capital adequacy rules into daily controls.
- Reconciliation Precision – Meticulous attention to detail in daily, weekly, and monthly reconciliations; zero tolerance for unreconciled differences.
- Integrity & Independence – Impeccable ethical standards; willing to escalate capital breaches or segregation issues even under pressure.
- Fraud Awareness – Understanding of payment fraud red flags, duplicate payment schemes, ghost vendors, and expense reimbursement fraud.
- Communication – Ability to present financial and capital adequacy information clearly to the Board, Senior Management, auditors, and regulators.
- Crisis Management – Ability to respond immediately to capital breaches, reconciliation failures, or fraud related financial losses.
Key Performance Indicators (KPIs)
- Daily reconciliation completed with zero unreconciled differences; any differences resolved within 1 business day.
- Monthly Accounts Segregation Report submitted to CMA / SCA on time, with zero material errors.
- Capital adequacy ratio maintained above CMA / SCA minimum and internal buffer at all times.
- Any capital breach escalated to Risk Manager and CEO immediately (within 24 hours).
- Quarterly and annual financial reports submitted to CMA / SCA within required deadlines (45 days / 3 months).
- 100% of client payments subject to dual authorization; no unauthorized payments.
- Fraud related insurance claims filed within policy deadlines; claim acceptance rate tracked.
- Zero client fund segregation breaches or regulatory findings.
- Mandatory vacation compliance for finance team: 100%.
Authority & Decision Making
- Payment Authorization Authority
- Account Freeze Authority
- Bank Account Management
- Write Off Authority
- Capital Breach Escalation
Working Conditions & Special Requirements
- High attention to detail
- Regulatory deadlines
- After hours work
- Audit support
- Work Location: In person
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