Senior Compliance Officer (SA) at Palmpay

Job Summary:

• The Senior Compliance Officer will develop, implement, and oversee the compliance framework for PalmPay South Africa’s acquiring, payments, and financial services operations. This role ensures that the business complies with local and international regulations, including AML/CFT, POPIA, SARB directives, and card scheme requirements. You will work closely with cross-functional teams—Operations, Finance, Risk, Legal, Technology, and Group Compliance—ensuring adherence to regulatory obligations, maintaining licensing standards, and supporting safe business growth

Key Responsibilities:

• Licensing & Regulatory Compliance Obtain and maintain required payment/acquiring licenses (TPPP, Payment Institution, PSP, etc.). Liaise with regulatory bodies such as the South African Reserve Bank (SARB) and Financial Intelligence Centre (FIC). Prepare and submit mandatory returns, reports, and regulatory filings. Monitor regulatory updates and lead implementation of relevant changes. Coordinate audits, regulatory inspections, and annual compliance renewals.
• AML / CFT / KYC Framework Develop and maintain AML/CFT policies and procedures aligned with FIC requirements. Oversee merchant KYC/KYB onboarding for legality and risk classification. Set and review high-risk merchant categories (e.g., MCCs with elevated exposure). Establish and strengthen transaction monitoring rules and escalation workflows. Manage sanctions screening, PEP checks, and watchlist monitoring. File Suspicious Transaction Reports (STRs/SARs) and maintain audit logs.
• Merchant Compliance Oversight Review merchant onboarding documentation, contracts, settlement cycles, and operational compliance. Ensure adherence to Visa, Mastercard, and Verve acquiring rules. Lead investigations into non-compliant or fraudulent merchant activity (e.g., fake transactions or sub-merchants). Conduct periodic reviews of high-risk industries (crypto, gaming, FX, digital assets, etc.). Provide guidance to the merchant operations team on regulatory obligations.
• Data & Privacy Compliance Ensure full compliance with POPIA, GDPR, NDPR, and internal data governance standards. Review third-party agreements to ensure appropriate data protection clauses. Oversee data processing, cross-border data transfer compliance, and data minimization. Establish data breach detection, escalation, and notification procedures.
• Settlement & FX Compliance Monitor settlement flows, payout cycles, and cross-border transactions in accordance with FX regulatory requirements. Validate settlement alignment between funds flow, reporting data, and merchant activities. Collaborate with Finance and Treasury on tax reporting, exchange controls, and compliance disclosures.
• Governance & Reporting Produce recurring compliance reports for Senior Management, Group Compliance, and the Board. Maintain internal compliance controls and perform routine effectiveness testing. Develop and deliver employee training on AML, KYC, data privacy, and internal compliance standards. Maintain documentation of policies, standards, risk assessments, and audit responses.

Qualifications & Requirements:
Must-Have;

• Bachelor’s degree in Law, Finance, Business Administration, or related field.
• 5–8 years of experience in financial services compliance, preferably within fintech, payments, or banking.
• Strong knowledge of SARB, FIC, POPIA, and card scheme regulations.
• Proven experience with AML/CFT frameworks, transaction monitoring, and merchant risk management.
• Excellent stakeholder management—ability to engage with regulators and internal teams. Strong analytical and investigative skills.
• Exceptional written and verbal communication skills. Nice-to-Have Compliance certification (e.g., CAMS, CISA, CRCMP, ICA).
• Experience in acquiring business, merchant operations, or PSP environments.
• Experience working with cross-border teams in a multinational fintech.
• Exposure to fraud risk management and digital payments operations. Competencies
• High ethical standards and integrity.
• Strong problem-solving skills and ability to work under pressure.
• Detail-oriented with excellent judgment.
• Ability to lead compliance initiatives independently.
• Strong project management and documentation abilities.