Money Laundering Reporting Officer (MLRO) at Yoco

Job purpose

To support the AFC Lead with all AFC-related second-line activities, by performing independent ongoing reviews, submitting STRs to the FIC, and collaborating with internal teams to bring about technological improvements and efficiencies. The MLRO Role is essential to protecting the company from financial crime, compliance and reputational risk.

About the role

• Contribution to AFC Policies: Participate in AFC strategy discussions associated with new products, markets, and operational changes.
• Transaction Monitoring: Monitor transactions, customer profiles, and account activities for suspicious patterns and potential risks, including automated solutions for scalability.
• Suspicious Activity Reporting: Investigate and report any suspicious activities to the Financial Intelligence Centre via goAML, as required by law.
• Regulatory: Stay updated with local and international AML/CTF regulations and guidelines.Compliance: Align Standard Operating Procedures (SOPs) with the company’s policies.
• Training & Awareness: Develop training material and provide AML/CTF training to employees to raise awareness and contribute to ensuring a culture of ethics and compliance.
• Internal Collaboration: Work closely with internal teams to implement effective risk management strategies and ensure compliance with internal policies.
• Quality Assurance: Perform quality assurance testing of new technologies and/or system enhancements related to AFC, in collaboration with technology teams.
• Ongoing Assessments: Conduct periodic ongoing assessments of operational functions to evaluate the effectiveness of the AML/CTF program and recommend improvements.
• Supporting Responsibilities: Support the AFC Lead by:
• Serving as the 2IC or AML Compliance Officer designate
• Acting as an alternate point of contact for regulatory authorities and law enforcement agencies regarding AML/CTF matters.
• Assisting to conduct ongoing risk assessments to identify vulnerabilities and implement necessary controls.
• Preparing regular reports on AML/CTF activities and issues to senior management.

About you

• Bachelor's degree in finance, law, business, or a related field.
• A relevant professional certification in AML/CTF (e.g. CAMS or CFCS) is required.
• A minimum of 4 years of relevant experience in AML/CTF compliance within the financial services or fintech sector.
• A thorough understanding of South Africa’s AML/CTF regulations, guidelines, and reporting requirements. An understanding of PASA regulations and card scheme rules is advantageous.
• Strong analytical skills to identify unusual patterns and potential risks.
• Excellent written and verbal communication skills to effectively liaise with internal teams, regulators, and law enforcement agencies.
• Detail-oriented mindset and ability to work independently in a fast-paced environment.
• High ethical standards and commitment to maintaining the highest level of integrity.
• A passion for use of technology and continuous improvement.