Job Title: AML Operations Specialist
Location:
- On-site in Claremont, Cape Town
Reporting To:
- Head of AML Operations (shared service)
Role Purpose:
The AML Operations Specialist plays a crucial role within the shared services AML Operations team. This position is responsible for the first line of defense in day-to-day compliance with applicable AML/CFT/CFP regulations and the Groups Risk Management Compliance Program (RMCP) for both South Africa and offshore jurisdictions. The ideal candidate is an experienced and passionate AML professional with a comprehensive understanding of the AML legal framework in South Africa, FATF recommendations, and experience in onboarding complex clients.
Key Responsibilities:
Enhanced Client Due Diligence (ECDD):
- Conduct thorough assessments of ML/TF/PF risk for high-risk clients and prepare detailed ECDD reports with recommendations for management.
Legal Entity Onboarding:
- Provide specialist support for legal entity onboarding, including identifying ultimate beneficial owners (UBOs) in accordance with local and international regulations.
Customer Due Diligence:
- Perform customer due diligence and risk assessments during client onboarding and throughout the client lifecycle, ensuring compliance with RMCP.
Screening and Monitoring:
- Execute sanctions, PEP, and adverse media screening for clients and related parties, managing daily alerts generated by screening systems.
Verification and Compliance Checks:
- Conduct ID and address verification, as well as FATCA/CRS checks for accuracy and proper client classification.
Transaction Analysis:
- Analyze transactions to identify suspicious or unusual activities and report findings accordingly.
Regulatory Adherence:
- Maintain compliance with risk management and compliance program (RMCP) requirements, staying current on regulatory changes and best practices.
Stakeholder Guidance:
- Provide guidance to business stakeholders on RMCP requirements throughout the client lifecycle.
Collaboration and Projects:
- Work with internal teams to develop AML policies and procedures, participate in remediation projects, and address internal client queries.
Performance Metrics:
- Ensure that service level agreements (SLAs) are met and escalate risks to the Head of AML Operations promptly.
Key Relationships:
- Collaborates with FICA/AML Compliance, Advisors, Business Unit Leaders (BULs), BU Team Leaders, and BU Managers.
Qualifications and Experience:
- Education: Legal or commercial degree required.
- Certifications: AML compliance certificate / ACAMS preferred.
- Experience:
- 1-2 years in performing enhanced customer due diligence and report preparation.
- 2-3 years in customer onboarding and ongoing due diligence.
- Knowledge: In-depth knowledge of the AML legal framework in South Africa, including the FIC Act; understanding of FATF recommendations and Guernsey AML requirements is preferable.
Skills:
- Exceptional report-writing skills; ability to communicate complex information clearly.
- Strong analytical and critical thinking abilities.
- Attention to detail and ability to identify ML/TF/PF risks with proposed mitigating actions.
- Proficiency in data analysis and presentation of findings.
Systems Competency:
- Experience with BPM onboarding systems, screening software, transaction monitoring algorithms, and proficiency in MS Office Suite (Excel, Word, PowerPoint).
