Divisional Head: AML / CFT at South African Reserve Bank

Brief description

To assist the Prudential Authority (PA) in discharging its supervisory duties as defined in the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001) (FICA), as amended. To strategically lead and direct the operations and staff of the Anti-money Laundering (AML) Division of the Financial Conglomerate Supervision Department.

Detailed description

The successful candidate will be responsible for the following key performance areas:

• To provide strategic leadership to teams responsible for assessing compliance with the provisions of the Financial Intelligence Centre Act and the Financial Action Task Force Recommendations.
• To oversee the development and maintenance of a risk-based AML/CFT supervisory plan, which will include, inter alia, the conduct of onsite inspections and thematic reviews, in order to discharge the supervisory responsibilities as outlined in the FIC Act.
• To build and manage relationships and lead engagements with internal and external stakeholders.
• To liaise with senior management of supervised institutions and other regulatory authorities, both nationally and internationally.
• To represent the Prudential Authority at relevant national and international fora and committees which includes representing the Prudential Authority at Parliamentary sessions when applicable.
• To provide strategic leadership and guidance insofar it relates to the development of highly skilled technical staff.
• To ensure compliance with legislative and regulatory requirements of the Bank, and ensure that divisional risks are identified, assessed and that adequate and effective risk mitigating measures are implemented.
• To contribute to high level deliberation on the Prudential Authority Management Committee and the Financial Conglomerate Supervision departmental management committee insofar it relates to AML/CFT-related matters.
• To provide strategic direction in the development, implementation and monitoring of the divisional strategy in accordance with the overall Prudential Authority (PA) strategy, and ensure alignment with departmental strategy.
• Maintain up-to-date workflow documentation and note changes in processes as they occur for business continuity purposes.
• To develop and continuously refine the supervisory approach for AML/CFT supervision, taking into account consideration the current, emerging, systemic and supervised entity specific risks.
• To manage the supervisory oversight of the AML teams within the division.
• To manage performance and development of direct reports, create a performance culture, coach and manage the career development of employees in the division.

Job requirements

To be considered for this position, candidates must must be in possession of:

• A post-graduate qualification in Law, Finance, Business Management or equivalent qualification.
• A minimum of 12 years of experience in the banking sector OR financial sector or risk management environment.
• At least 5 year management experience.
• be proficient in Microsoft Excel, including the use of macros and other risk solutions;
• have proven quantitative and qualitative analytical skills, including familiarity with financial modelling techniques;
• have excellent communication skills in both verbal and written English, including report writing;
• have proven capacity to multi-task, deliver results, and respond quickly and effectively to requests;
• be an original thinker with quick learning abilities, strong initiative and drive, and attention to detail; and
• be an assertive team player with strong interpersonal skills, and the commitment to working in a team-orientated environment and resolving conflicts smoothly.

Job-related knowledge:

• In-depth knowledge and a strong technical understanding of the provisions of the Financial Intelligence Centre Act.
• AML/CFT systems, products and risk management practices within the financial services sector.
• PA supervision, regulation and legislation.
• Financial sector and key developments in banking, insurance and collective investment schemes, both domestically and abroad.

Job-related skills and attributes:

• Leadership
• Planning and organising
• Advanced Verbal and written communication
• Problem solving and analysis
• Excellent negotiation skills
• Interpersonal skills
• Ability to work under pressure