Job specification: Money Laundering Compliance (Senior Manager/Associate Director)
Job title/position:
Money Laundering Compliance (Senior Manager/Associate Director)
Number of positions:
1
Function and Business Unit:
Description of the role and purpose of the job:
The MLC will be responsible for maintaining anti-money laundering (AML) compliance in the organisation and to implement, manage the AML compliance program.
Key responsibilities:
Policies and procedures
• Develop and implement policies and procedures to prevent and detect money laundering and other financial crimes.
• Ensuring compliance with relevant laws and regulation.
• Regularly review and update policies and procedures.
• Keep up to date with changes in regulations and adapt policies and procedures accordingly.
• Perform ongoing monitoring of the implementation of the AML program.
Risk assessments
• Conduct risk assessments to identify potential money laundering and other financial crime risks associated with the organisation.
• Development of a risk assessment framework.
Due diligence
• Develop and implement due diligence procedures on customers, vendors and other third parties to ensure that they are not involved in money laundering or other financial crimes.
• Ongoing review and monitoring of these due diligence procedures.
Transaction monitoring and reporting
• Monitoring transactions to identify suspicious and unusual activity that may be an indication of money laundering or other financial crimes.
Providing training and awareness
• Develop and deliver compliance training programs for employees to enhance awareness and understanding of compliance requirements.
• Develop and roll-out awareness initiatives to enhance awareness and understanding of compliance requirements.
• Provide training on the identification and reporting of suspicious and unusual activity.
• Ensure that employees across the group are well-informed about compliance policies and procedures.
• Overseeing compliance training for employees.
Monitoring and reporting
• Establish a robust monitoring program to ensure ongoing compliance with regulatory requirements.
• Review of planned legislative and regulatory changes, and make recommendations of changes required in risk control and operational procedures.
• Monitoring of existing legislative and regulatory changes.
• Advise management in respect of implication and consequences of respective business decisions in relation to AML and financial crime.
• Generate regular reports for senior management and relevant stakeholders, including regulators, on the status of compliance activities, emerging risks, and key performance indicators.
• Provide reporting to various company boards, risk and audit committees, and regulatory bodies where applicable.
• Serve as the primary point of contact for regulatory authorities.
• Reporting to the regulator in terms of the Financial Intelligence Act.
• Communicate with internal stakeholders to address compliance-related inquiries and provide guidance on regulatory matters.
• Liaising with the Financial Intelligence Centre and other law enforcement agencies on money laundering related investigations.
• Maintaining records of compliance efforts.
Competencies required:
• Honesty and integrity to perform their function.
• Appropriate AML skills and expertise.
• Thorough understanding of laws and regulations related to money laundering and other financial crimes.
• Knowledge of the applicable legal and regulatory framework and the implementation of policies, controls and procedures
• Sufficient knowledge and understanding of the money laundering and terrorist financing risks associated with the business model. Relevant experience regarding identification, assessment and management of these risks.
• Extensive understanding of, and experience with, risk management strategies.
• Strong leadership and team management skills
• Exceptional attention to detail to amongst others, identify and investigate suspicious transactions and activity effectively.
• Able to identify inconsistencies and anomalies in financial transactions and customer behavior
• Excellent communication and interpersonal skills to effectively communicate with colleagues, customers, regulators, and law enforcement officials.
• Ability to deal effectively with individuals at all levels.
• Strong relationships with the regulators (FSCA and PA)
• Ability to establish and maintain channels of communication with internal business partners
• Logical/practical/time conscious - able to plan effectively and work to deadlines
• Strong analytical abilities - able to understand financial information.
• Ability to write clear, concise reports detailing findings.
• Strong sense of ethics.
• Commitment to upholding the law and preventing financial crimes.
Minimum requirements to apply for the role (including qualifications and experience)
• Bachelor's degree in a relevant discipline, such as Law, Compliance or other related fields.
• Certified Anti-Money Laundering Specialist
• Strong knowledge of AML/CFT/CPF regulations, rules and guidance
• A minimum of 8 years' experience in an AML environment.
• At least 5 years' experience in a Compliance related role.
• Proficient in MS Office (Word, excel, PowerPoint and outlook)
• Driver's license and own transport
• Willingness and ability to travel as needed.
