Anti-Money Laundering & Compliance Specialist – Banking Jobs in South Africa

By | May 19, 2021

Our client requires the service of an Anti-Money Laundering & Compliance Specialist who will be responsible for identifying and mitigating non-compliance risks related to company transfers and account transactional activities.

Duties & Responsibilities

Key performance areas:

  • Perform ongoing risk assessments to develop early non-compliance identification, mitigation and remediation mechanisms by classifying risks and establishing relevant resolutions and escalation workflows.
  • Daily identification of suspicious activities and the mediation and reporting thereof.
  • Responsible for the alignment and ongoing integration of all regulatory requirements into policies and procedures safeguarding the Group from any risk exposures. Such regulations include but aren’t limited to the SA Reserve Bank rules and regulations, the Financial Intelligence Centre Act and Anti-Money Laundering regulations.
  • Supporting the company in its regulatory compliance obligations, including the management of regulatory examinations and compliance reviews and audits, preparing and submitting regulatory reporting in support of various licenses, maintaining program documentation and tracking and driving findings, recommendations and mitigations and remediations.
  • Regulatory compliance monitoring and reviewing all developments within the regulatory environment of the business and actively developing company-wide technical knowledge in relation to the regulatory framework governing the company.
  • Preparing and implementing action plans to remedy any identified regulatory compliance shortfalls; escalating recommendations to senior leadership on the required actions.
  • Ensuring that any updates to the legislative and regulatory framework are communicated to all stakeholders.
  • Assisting with regulatory license applications and acting as a regulatory liaison as appropriate.
  • Writing and advising on existing policies and procedures for the market.
  • Internal controls overseeing the group’s compliance monitoring plan, identifying areas of non-compliance or partial compliance of the business through a GAP analysis of applicable laws and regulations.
  • Managing internal compliance operational controls and carrying out independent reviews and examinations as required.
  • Working with management and staff to ensure that the business implements and maintains suitable systems and controls to meet the regulatory requirements.
  • Facilitating the development and maintenance of the appropriate compliance culture within the Company.
  • Establishing adequate internal controls and workflows that support the compliance framework and delegation of authority Reporting Liaising with internal (ex: Legal, Compliance, IT, Security, etc.) and external (external counsel, consultants, etc.) stakeholders to ensure accurate reporting to regulatory bodies.
  • Assisting with reporting and responding to law enforcement requests and inquiries.
  • Preparing compliance audit data by compiling and analysing internal information.
  • Assisting the Compliance team in responding to data requests from regulators.
  • Anti-Money Laundering, Financial Intelligence Centre Act & SA Reserve Bank Rules and Regulations Investigating internal reports of known or suspected money laundering and/or terrorist financing activities.
  • Using cutting edge technology to investigate all forms of financial crime.
  • Compiling reports and submitting these to the appropriate stakeholders.
  • Working with financial services teams to carry out the role effectively, including providing support, where needed, on investigations.
  • Maintaining relationships with regulators and other relevant authorities.
  • Staying up to date/responding to Intergovernmental Financial Working Group consultations and guidance, the South African Reserve Bank, the Financial Sector Conduct Authority, Financial Intelligence Centre local and regional FIUs (including the Financial Intelligence Centre in SA) and others.

Desired Experience & Qualification

The successful candidate must have:

  • Matric with a B.Com Law, LLB and/or finance related qualification
  • Certified Anti-Money Laundering Specialist – ACAMS
  • At least 4 years relevant experience in a Compliance capacity within the financial / financial services / fintech sector or similar role
  • Strong exposure to risk assessments: risk identification, mitigation and remediation
  • Exposure to and an understanding of corporate and retail orientated environments
  • Knowledge of and strong practical ability in Anti-Money Laundering and terrorist financing legislation and regulations, Financial Intelligence Centre Act, SA Reserve Bank rules and regulations (including exchange control)
  • Excellent computer literacy (Microsoft Office 365 – Outlook, Excel, Word, PowerPoint)

Please note only shortlisted candidates will be contacted.

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