Manager: AML/CFT (Offsite) at South African Reserve Bank

Brief Description

• The main purpose of to manage the off-site anti-money laundering/counter-terrorist financing/ proliferation financing (AML/CFT/CPF) supervision function within the Prudential Authority (PA) to ensure that efficient and effective risk-based supervision is undertaken in executing the PA’s supervisory duties as defined in the Financial Intelligence Centre Act 38 of 2001(FIC Act).

Detailed description

The successful candidates will be responsible for, among other tasks, the following:

• Lead and manage an AML/CFT team responsible for conducting off-site supervision pertaining to compliance with the provisions of the FIC Act with regard to AML/CFT ‒ this includes undertaking reviews to assess compliance with AML/CFT requirements and standards, with the application of a risk-based approach to supervision.
• Identify new and emerging money laundering/terrorist financing/proliferation financing (ML/TF/PF) risks, including those in jurisdictions where South African banks and insurers have operations ‒ this includes the maintenance of the risk-based tool and ensuring that information is incorporated into the risk-based tool that will inform the frequency and duration of onsite inspections.
• Develop and maintain the risk-based supervisory manual and framework.
• Compile the annual supervisory calendar, considering work of the offsite team which must be reflective of a risk-based approach ‒ including inspections as well as other supervisory engagements.
• Introduce innovation and drive the use of technology to inform risk-based supervision, collation of statistics, engagement with external stakeholders, creation of an AML/CFT/CPF dashboard for analysis and reporting purposes.
• Ensure that AML/CFT risk returns are analysed timeously and that sector risk assessments are being conducted on a periodic basis for the banking and life insurance sector.
• Oversee the drafting of AML/CFT/CPF guidance for internal and external stakeholders to ensure effective implementation of a risk-based approach.
• Manage the performance and development of the AML/CFT off-site team.

Qualifications
Job requirements

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

• a postgraduate Degree in Analytics, Business Management, Data Science, Finance, Law or equivalent qualification; 
• ten years of AML/CFT compliance-related working experience in the financial services sector, a supervisory body or a regulatory environment; and
• two years’ experience in managing teams.

Additional requirements include:

• a qualification in the field of financial crime/AML/CFT compliance 
• management will be an added advantage;
• understanding of the provisions of the FIC Act; 
• working knowledge of AML/CFT/CPF systems, products and risk management practices within the financial services sector; 
• excellent technical knowledge and understand of ‘risk-based approach’; 
• financial sector and key developments in banking, insurance and collective investment schemes, both domestically and abroad;
• an understanding of PA supervision, regulation and legislation; and
• a combination of expert technical and application of an effective technology-driven approach to risk-based supervision.
• manage the section to ensure effective and efficient functioning of sectional operations.