Group Anti-Money Laundering Officer at Alexander Forbes

Job description

Closing Date: 27 July 2017

Job Main Purpose:

Managing and maintaining the organisation’s obligations as it relates to the supervision and reporting of money laundering activities;

Designing, evaluating, supporting, and influencing a culture of compliance throughout the organisation;

Acting as the principal point of contact for employees on day-to-day regulatory matters, assessing suspicious AML activities being reported;

Providing a full range of compliance / AML related support services including advice, guidance, mentoring of employees together with robust monitoring and subsequent reporting to Group.

Formal Education & Experience:

• First Degree – Legal, Finance and Accounting
• Post Graduate Diploma - Organizational Governance
• Minimum of 7 or more years’ experience in the:
• Solid understanding of the nature of the AML/CFT framework in South Africa, as well as international best practice
• In depth knowledge and understanding of the legislative and regulatory requirements relating to financial institutions as well as internal compliance related policies and procedures
• Legal Compliance - can comply with relevant legislation, regulatory and professional standards.
• Compliance - The ability to interpret regulations and laws that apply to the business and to provide information to business on how to comply.
• Quality Orientation - The ability to promote and maintain high standards of quality at work.
• Strategic Planning and Reporting - Knowledge and understanding of the process and thinking required to formulate objectives and priorities, and implement plans consistent with the long-term interests of the organisation in a global environment. The ability to identify and capitalise on opportunities and manage risks.
• Legal Knowledge - Knowledge of applicable legislation and the legal policies and procedures pertaining to the local, regional and relevant international laws.
• Policy Development - Understanding and application of the discipline of policy analysis, definition, writing and implementation.
• Minimum of 3-4 Years- AML/CFT compliance advisory role
• Minimum of 3 - 4 years - Previous AML/CFT policy drafting and monitoring experience: Previous AML/CFT policy drafting and monitoring experience
• Minimum of 1 - 2 years - Good working knowledge of the Banking environment, systems and procedures
• Minimum of 3 - 4 years - Good working knowledge and understanding of regulatory requirements, local and international

A conceptual understanding of:

The regulatory environment governing the financial services industry

Responsibilities:

Primary Responsibilities

• Provide principle-based oversight and advice on compliance issues arising out of fulfilling AML/CFT obligations by keeping abreast with local and international operations, standards and controls
• Create awareness and guidance, at Group level, on the requirements associated with FIC Act reporting obligations
• Provide advice, support and guidance to Business MLCOs on complex AML/CFT matters, and to ensure effective implementation of controls and processes
• Attend to relevant projects or reviews, provide input, and perform allocated tasks in terms of all projects concerning AML/CFT
• Drive the annual review of Group AML/CFT Standards and Policies
• Compile AML Risk Management Plans for business on an annual basis
• Evaluate AML/CFT risks attached to group activities both local and international
• Identify deficiencies in AML/CFT control measures and determine the appropriate remedial action plans (timeframes and responsibilities)
• Ensure the reputational risk of the Standard Bank name is considered at all times
• Maintain an advice log that includes key Group AML decisions and advice rendered
• Contribute to the AML/CFT framework, and avoid duplication, by working in consultation with Business MLCOs
• Ensure the necessary development and maintenance of AML/CFT related documentation / procedures / policies / manuals
• Understand the impact of non-delivery or substandard performance
• Assist Business MLCO with the customisation and operationalisation of Group AML/CFT Standards and Policies.
• Conduct monitoring exercises to ensure AML/CFT compliance in business
• Identify deficiencies in compliance measures and determine appropriate remedial action plans (timeframes and responsibilities)
• Provide adequate and relevant training to stakeholders that will be delivered in a concise and clear manner
• Develop generic AML/CFT training material, at the various levels required
• Assist Business MLCOs with the development of targeted training material
• Actively and continuously promote a culture of compliance to ensure that Group Compliance and the Group AML function’s visibility is improved
• Co-ordinate and/or provide input into all AML/CFT initiatives within the Group
• Report all issues of non-compliance at the relevant governance structures and track remediation
• Assist with the compilation of the necessary reports and management information on behalf of Group AML and submit same to the relevant persons/ executive committees.
• Support Responsibilities
• Develop the necessary relationships with key stakeholders at the appropriate operational, Internal Audit, Compliance Assurance and/or IT level
• Attend AML/CFT meetings and forums, when required
• Monitor AML/CFT Compliance within the Group and recommend the appropriate remedial actions
• Represent Group Head AML in AML/CFT related communications
• Act as key external liaison and develop good working relationships with Regulators (FIC, SARB) & industry bodies within mandate
• Provide regular feedback to line manager and escalate material compliance-related risks/issues to the Head: AML: PBB & Wealth
• Be meticulous in administration, record keeping and reporting.

Key Competencies:

• Team Orientated
• Initiative
• Problem Solving
• Innovation
• Attention to Detail/
• Analytical
• Prioritisation skills
• Change Prone
• Work under Pressure
• Verbal Skills
• Quality Orientation
• Strategic Planning and Reporting
• Legal Knowledge
• Policy Development & Implementation
• Policy Drafting & Monitoring
• Banking Expertise
• Knowledge re Regulatory Requirements, Local & International
• Conceptual Thinking