Exchange Control Senior Consultant at Standard Chartered Bank

The Role Responsibilities:

• Adhere to all Exchange Control processes and practices within the Exchange Control Team thereby ensuring the retention of our Authorised Dealer’s License and providing excellent client service.
• To pro-actively identify and assist in the implementation of activities across the SCB Branch and to ensure effective Exchange Control compliance within the regulatory guidelines.
• To proactively, efficiently and effectively support Banking and Service Delivery Divisions, ensuring that operational risk is well managed so that the Bank does not suffer any financial or reputational losses as a result of exchange control non compliance, whether it be processing, fraud, delays or errors in nature.
• Understand the nature of transactions from an Exchange Control perspective thereby ensuring that our administration aligns with current Rules, Regulations and Policies.
• As required, research, compile and submit well-motivated applications to the SA Reserve Bank Exchange Control on behalf of the Bank and/or customer base.
• Ensure that all reported transactions and bank reports are filed in a systematic manner in the share drive.
• Administrator function for the loan reporting system.
• BCP testing in line with group standards to be performed by selected staff.
• Drawing a report for Advance payment and sending of letters in terms of standard processes.
• Drawing a report for Merchanting Transactions and sending of letters in terms of standard processes.
• Drawing a report for Non Resident and sending of letters in terms of standard processes.
• Drawing a report for CFC transactions and sending of letters in terms of standard processes.
• Processing the report received from FMO for FEC (POU’s) and sending of letters in terms of standard processes.
• Ensure that all SARB onsite and offsite inspection reports, or enquiries are investigated and concluded within expected time frames.
• Ensure that Exchange Control mail box is reconciled by close of business each day and that all transactions and queries have been responded to within agreed SLA’s.
• Make use of AOM to log all daily activities.
• Follow up with clients on expired exchange control applications, a month prior to expiry making use of the standard spreadsheet in the share drive.
• Assist clients with Exchange control queries or advice via physical meetings, telecom conversations or by mail. Follow up with SARB applications in need. Ensure that the generic mailbox is managed and updated in this regard.
• Ensure that all pertinent information is loaded to the share drive for the common benefit of the exchangecontrol team. Ensure that the drive is regularly (monthly) updated.
• Adverse service impacting but not limited to transactions for Platinum/Hyper care clients to be escalated as per the guidelines. GEMS to be used in consultation with CSG or CM where necessary.

Strategy:

As received from Cash Group and Exchange Control Policy.
Business:

• To ensure that all Exchange Control related transactions are correctly vetted with Bop categories and reported in accordance with Exchange Control Regulations within processing times, including where such transactions are covered under applications or dispensation.
• Ensure that the BOP system and other Exchange Control related systems are fully operational at all times.
• Ensure BOPCUS reporting is processed within 48 hours of processing, using vendor system (Synthesis) to do so. Ensure Check sum is managed and used to identify incorrect or missed reporting.
• To ensure the effective day to day control over the BOP System and action of all related reporting requirements including repair of rejections.
• Be accountable for ensuring the integrity of information or data submitted to the SARB via the Cross Border Foreign Exchange Transaction Reporting Systems.
• Daily and monthly filing to be performed daily and by the 10th day of the following month respectively.
• Submission of regulatory reporting requirements for CTR and IFTR, in line with laid down procedures.
• Manage day to day activities of Exchange Control comprising of Exchange Control pre- and post-vetting as well as reporting of various requirements such as Cash Threshold Report      (CTR), International funds transfer (IFTR) , Balance of Payments (BOPCUS)  and any other regulatory reporting.

Processes:

• Display exemplary conduct and live by the Group’s Values and Code of Conduct. 
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the [country / business unit / functional team] to achieve the outcomes set out in the Bank’s Conduct Principles: Fair Outcomes for Clients; Effective Operation of Financial Markets; Financial Crime Prevention;The Right Environment.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
• Adhere to all regulations pertaining to Exchange Control as prescribed by the SARB and external stakeholders at appropriate levels ensuring an open and cooperative environment.

Risk Management:

• Enforce risk management controls as laid down in CMO and Exchange Control procedure guides; 
• Identification, escalating and documenting of operational risks and implementing initiatives to close same;
• Ensure that audit Ripples are socialised and actions implemented to close any gaps;
• Responsible for defining and documenting both the controls and monitoring plans used by the Business in its Management of Risk identified in the matrix spread sheet;
• Participate in and/or support the Bank’s effort in combating money-laundering activities;
• Exercise due care and diligence on matters related to Money Laundering and KYC in the day to day operations, which include transaction monitoring, reporting suspicions, customer communication, implementing new requirements, updating and revising operating procedures, acquire relevant knowledge and training, provide support to superiors and subordinates; 
• Adhere to policies including escalation and compliance requirement and follow any other relevant internal controls and procedures which relate to process, product and regulations.

Governance:

• Awareness and understanding of the regulatory framework such as PASA, SARB, FIC, and drive compliance;
• Understating regulatory requirements for the group such as sanctions, AML and drive compliance;
• Governance over Global Business Centre (GBS) for hubbed activities;
• Responsible for delivering ‘effective governance’; capability to challenge fellow stakeholders effectively; and willingness to work with any local regulators in an open and cooperative manner.

Regulatory and Business Conduct:

• Display exemplary conduct and live by the Group’s Values and Code of Conduct. 
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key stakeholders:

• Head of Exchange Control Compliance
• CM/RM various team members and department heads
• ITO/Security Services various team members and department heads

External:

• Regulators
• All Customers

Our Ideal Candidate:

• Sound knowledge of SWIFT Message Standards and CMO processing systems, especially ISO20022 and SC Pay systems
• Relevant managerial experience (at least 5 years).
• Ability to handle pressure and run meetings effectively 
• Strong technical understanding of Transactional Banking Products (at least 5 years).
• Strong understanding of Exchange Control regulations as well as reporting requirements.
• Quality leadership and inter-personal skills with the ability to engage and work with others.
• High degree of responsibility, integrity and discretion.
• High level of control consciousness. 
• Ability to handle changing situations, environments and markets.
• Excellent communication capability (written and spoken).
• Ability to work within a multi-function, multi-discipline team environment with strong influencing and stakeholder management skills. 
• University degree or equivalent.

Role Specific Competencies:

• ISO20022
• Leadership Ability
• Strategic and Tactical business acumen