Exchange Control Manager at Al Baraka Bank South Africa

• Ensure that all Foreign Exchange Transactions conducted at Albaraka Bank Limited as an Authorised Dealer in Foreign Exchange are done in compliance with all aspects of the Exchange Control Rulings & Regulations as issued by FINSURV (Financial Surveillance Department) of the South African Reserve Bank (SARB).

Job Description
MAIN FUNCTIONS OF THE JOB INCLUDE:

Risk

• Ensures risk compliance in respect of regulatory and statutory requirements.
• Ensures all foreign exchange transactions processed comply with SARB's Rulings & Regulations in line with relevant governance, controls and compliance requirements.

Foreign Exchange Manuals

• Ensures Retail Foreign Exchange manuals are updated as and when required, per requests by Auditors, per department's business requirements and when the SARB amends / deletes/ adds any limits and provisions, whereafter same are annually submitted to Executive Committee (EXCO) for approval/ noting.
• Ensures latest updated Foreign Exchange manual is available on the intranet for all staff to view.
• Keeps abreast of changes in transaction environment and communicate same accordingly.

Reports

• Ensures daily submission of the Balance of Payments (BOP) reports to SARB.
• Compiles daily, the Reconciliation Module report for SARB 's viewing during off-site and / or on-site inspections conducted by latter.
• Prepares monthly, the Exchange Control: Retail Executive Committee (EXCO) report and submits same to General Manager Operations for finalisation.

Exchange Control Rulings

• Ensures new Circulars, Advices & any corresponding amended Rulings, received from FINSURV at the SARB are timeously communicated to relevant staff and subsequently updated on the intranet
• Keeps abreast of changes in the Exchange Control Rulings & Regulations and ensures timeous deliverance to the necessary parties of these changes in order for them to be executed correctly.
• Transmits required Regulatory data to the SARB as stipulated by them on a daily basis.
• Vets all supporting documentation required in respect of Imports & Exports and for all other ad-hoc open payments requested as permitted per the Exchange Control Rulings.
• Prepares and submits Exchange Control Applications to the FINSURV at the SARB for approval, should a transaction fall outside the ambit and scope of the Exchange Control Rulings.

Staff Management

• Provides advice, where required, to staff in respect of Exchange Control matters.
• Ensures Foreign Exchange transactions undertaken comply with Exchange Control requirements.
• Assists staff with Exchange control related queries.
• Collaborates with HR department with regards to recruiting, conducting interviews and making the final decision on the appropriate candidate for a vacancy in the Retail Foreign Exchange branch network.
• Provides for recognition of staff members as per the recognition policy.
• Creates openness of communication on development within the Bank as per Management and Committee meetings.

Client & Branch Engagement

• Provides regular and timely feedback to clients and branches regarding the status of pending Exchange Control applications and related matters.
• Acts as a point of escalation for Exchange Control–related queries from branches and internal stakeholders.

Process Improvement & Innovation

• Drives innovation within the Exchange Control function by actively engaging in automation and digitalisation initiatives to improve efficiency, accuracy, and regulatory compliance.
• Identifies opportunities for process optimisation and contributes to the implementation of technology-enabled solutions within the department.

Projects & Cross-Functional Support

• Provides Exchange Control subject matter expertise and support on internal projects involving foreign exchange and regulatory compliance.

Job Requirements
QUALIFICATIONS

• A B. Com degree or Relevant Qualification in Banking or NQF6 qualification will be required in order to meet the requirements of the role at  the highest level of competence. The incumbent must also be Financial Advisory and Intermediary Services Act (FAIS) compliant

PREFERRED EXPERIENCE

• A minimum of- 5 - 7 years in an Exchange Control environment, preferably with at least 2 - 3 years  in a management capacity

KNOWLEDGE

•  Understanding of the Exchange Control Rulings & Regulations as laid down by the SARB
•  Banking systems
•  Reconciliation Module
•  SARB IVS SYSTEM
•  Microsoft Office
•  Banks policies and procedures