Compliance Officer at Old Mutual South Africa

Role Overview

• This role is a Line 1 Money Laundering Reporting Officer role in the Central AML Office within Group Risk, Compliance & Actuarial. The role requires full understanding of the FIC Act reporting requirements and the Old Mutual RMCP. Reporting to the AML Operations manager with a dotted reporting line to the AML Executive. The role will have responsibilities to the AML Central Office, segments and Accountable Institutions that use the services of the AML Central Office, which may change from time to time, as well as assisting the Rest of Africa with specific AML Operational matters. The person will be responsible for leading the MLRO team which is accountable for all AML related investigations, regulatory reporting to the Financial Intelligence Centre, screening and results management of the segments and AIs that use the services of the AML MLRO Team

Operational Efficiency

• Manage the team of Money Laundering Reporting Officers to ensure that all Anti-Money Laundering / Counter Terror Financing / Proliferation Financing (AML / CTF / PF) related legislative obligations of the various Accountable Institutions are met.
• Assisting the ML Compliance Officers to establish and embed a culture of compliance with AML requirements across Old Mutual South Africa (OMSA).
• Assisting the ML Compliance Officers in the development, implementation and maintenance of compliance risk management and monitoring plans for OMSA, specific to AML.
• Assisting with the development and implementation of effective mitigating actions around key ML/TF/PF risks identified.
• Acting as a Money Laundering Reporting Officer for the in scope South African registered Accountable Institutions.

Investigations of:

• Reportable cash transaction (CTR and CTRA) generated through the monitoring system and/or reported by business;
• Suspicious and unusual transactions and activity (STR and STRA) reported by the business and or generated through the monitoring system; and
• Results generated through the screening process iro sanctions, Domestic Prominent Influential Persons (DPIP), Foreign Prominent Public Officials (FPPO) and/or Politically Exposed Persons (PEP).

Key Result Areas

• Ensure that work is assigned to MLROs equitably and actioned timeously.
• Ensuring that all Cash Transaction Reports, Suspicious Transaction Reports and Terrorist Property Reports (in terms of FICA) are submitted accurately and timeously to the Financial Intelligence Centre (FIC).
• Ensure accurate maintenance of the PEP Register and AML Tracking File
• Ensuring that all S27, S32 and S34 enquiries received from the FIC and/or any other authorized agencies are attended to timeously and reported accurately.
• Oversee and assist with collation of information across OMSA in order to build and maintain an AML compliance program.
• Oversee and assist with stakeholder engagement in respect of identified risks resulting from control failures and ensure effective remediation action is taken.
• Oversee and assist in ensuring that information is collated, analyzed and prepared for the various stakeholders within the required timelines.
• Ensuring effective and timeous reporting in respect of AML regulatory requirements, risks identified and overall compliance of the various OMSA, Accountable Institutions (AI’s) to various stakeholders within the organization.

Qualifications, Skills & Required Experience

• Matric/ Grade 12
• A suitable legal or commerce qualification, essential
• Certificate in Anti Money Laundering, advantageous
• Certificate in (or studying towards) Compliance and/or Risk Management, advantageous
• Good knowledge of the following legislation, essential: Financial Intelligence Centre Amendment Act, Protection of Constitutional Democracy and Terrorist and Related activities Act, Prevention of Organized Crime Act and related regulations
• 3-5 years financial services industry experience, essential - specifically relating to the operations and products of an Insurer, Unit Trust Services Provider or Linked Investment Service Provider
• Knowledge of the Old Mutual systems and platforms, advantageous
• Management experience advantageous

Closing Date: 19 December 2020