Financial Services AML & Compliance Specialist at Shoprite Group of Companies

Job Objectives    

• Regulatory Compliance
• Monitoring and reviewing all developments within the regulatory environment of the business and actively developing Group wide technical knowledge in relation to the regulatory framework governing the company and its MT/MM activities.
• Preparing and implementing action plans to remedy any identified regulatory compliance shortfalls; escalating recommendations to senior leadership on the required actions.
• Ensuring that any updates to the legislative and regulatory framework are communicated to all stakeholders.
• Assisting with regulatory license applications and acting as a regulatory liaison as appropriate.
• Writing and advising on existing policies and procedures for the market.

Internal Controls

• Overseeing the Group’s Compliance Monitoring Plan, identifying areas of non-compliance or partial compliance of the business through a GAP analysis of applicable laws and regulations.
• Managing internal compliance operational controls and carrying out independent reviews and examinations as required.
• Working with management and staff to ensure that the business implements and maintains suitable systems and controls to meet the regulatory requirements.
• Facilitating the development and maintenance of the appropriate compliance culture within the Company.
• Establishing adequate internal controls and workflows that support the compliance framework and delegation of authority

Reporting

• Liaising with internal (ex: Legal, Compliance, IT, Security, etc) and external (external counsel, consultants, etc) stakeholders to ensure accurate reporting to regulatory bodies.
• Assisting with reporting and responding to law enforcement requests and inquiries;
• Preparing compliance audit data by compiling and analysing internal information;
• Assisting the Compliance team in responding to data requests from regulators.

Anti-Money Laundering, Financial Intelligence Centre Act & SA Reserve Bank Rules and Regulations

• Investigating internal reports of known or suspected money laundering and/or terrorist financing activities.
• Using cutting edge technology to investigate all forms of financial crime.
• Compiling reports and submitting these to the appropriate stakeholders..
• Working with financial services teams to carry out the role effectively, including providing support, where needed, on investigations.
• Maintaining relationships with regulators and other relevant authorities.
• Staying up to date/responding to Intergovernmental Financial Working Group consultations and guidance, the South African Reserve Bank, the Financial Sector Conduct Authority, Financial Intelligence Centrelocal and regional FIUs (including the Financial Intelligence Centre in SA) and others.

Qualifications    

• Bachelor’s degree in BCOM law, LLB and/or finance or equivalent

Experience    

• +4 years relevant experience in a Compliance capacity within the financial / financial services / fintech sector or similar role
• Strong exposure to risk assessments: risk identification, mitigation and remediation

Preferred

• Certified Anti-Money Laundering Specialist - ACAMS
• Exposure to and an understanding of corporate and retail orientated environments

Knowledge and Skills    

• Knowledge of and strong practical ability in Anti-Money Laundering and terrorist financing legislation and regulations, Financial Intelligence Centre Act, SA Reserve Bank rules and regulations (including exchange control)
• Microsoft Office 365 - Outlook, Excel, Word, Powerpoint