Job Purpose

To support Bank management in the identification and management of compliance risk as required by relevant regulatory, supervisory and statutory regulations/guidelines, applicable codes of conduct and minimum standards.

Responsibilities

Update of Compliance Policies and Documentation

• Updating the regulatory universe and ensuring the compliance risk management plans (CRMPS) for new laws, regulations and amendments of existing laws and regulations (including other regulatory guidance notes and circulars) are comprehensively completed within 90 days of becoming effective.
• To prepare the regulatory universe annually in the last quarter of the year and ensure sign off by business owners.
• Ensure in conjunction with executive management, CRMPS are adopted and customized for all relevant risk legislation and regulations on an annual basis.
• Ensure compliance policies and manual are reviewed and go through the requisite governance framework in a timely manner.
• Draft relevant procedures for the various Compliance Policies.
• Responsible for the implementation and adoption of all compliance, anti-money laundering, Anti Bribery and Corruption and sanctions related requirements contained in policies, procedures and processes. This includes the consideration and approval of PEP on-boarding and continued business engagement in instances where no adverse information is available.
• Raise awareness and provide training to bank staff on compliance policies and maintain registers of training attended.
• Ensure that the policies, procedures, and manuals posted on the Compliance website are upto date.

Regulatory Requirements

• Scanning the environment for new regulatory requirements.
• Understanding and interpreting new regulatory requirements.
• Preparation of implementation action points for new regulatory requirements and advice the bank or specific business areas on the impact of regulatory developments.
• Ensure relevant regulatory returns and reports are submitted in a timely manner.
• Query and report any issues on non-compliance with policy and regulatory requirements as soon as this is noted.
• On a regular basis conduct limited monitoring of business compliance with the relevant laws and regulations especially those deems high risk for the Bank.
• Advice on compliance related legislation, regulations, circulars etc. affecting the bank.

Advisory

• Respond to queries from business and the Centre in South Africa.
• Attending Business forums as required and called upon.
• Comprehensive review of high-risk clients and guiding the first line on enhanced due diligence requirements
• Training and building capacity within the 1st line on matters compliance.
• Ensure that on-boarding Checklist is always updated.
• Represent Compliance at relevant forums for new products, service and channels development and provide comprehensive compliance input.
• Conduct comprehensive compliance risk assessments for new products, channels, services, partnerships etc.
• Represent Compliance at Projects meetings Conduct in liaison with the product manager’s product risk assessment for any new products/technology.
• Attend functional meetings both local and regional monthly meetings.

Feedback, Reporting and Escalation

• Prepare and provide input for compliance reports to relevant governance forums, ensure such are submitted timely.
• Perform ongoing monitoring and assessment of compliance risks within 1st line and ensure risks identified are adequately identified, reported and escalated and provide the 2nd oversight to see through the closure and remediation of identified risks/ gaps.
• Safeguard the reputational risk of the bank by ensuring that the business units adhere to policies, procedures, and guidelines.

Qualifications

Minimum Qualifications

• Relevant Undergraduate degree
• Minimum 5 years of experience in the AML/ CFT and Compliance in the banking industry.
• Comprehensive understanding of the regulatory and business environment of the banking industry.
• Understanding of business unit needs and ability to translate them into risk management solutions.
• On-going awareness of regulatory requirements related to banking

Additional Information

Behavioral Competencies:

• Adopting Practical Approaches
• Articulating Information
• Checking Details
• Exploring Possibilities
• Generating Ideas
• Interacting with People
• Interpreting Data
• Making Decisions
• Providing Insights
• Team Working
• Thinking Positively
• Upholding Standards

Technical Competencies:

• Compliance
• Financial Industry Regulatory Framework
• Legal Compliance
• Promote Good Governance, Risk & Control
• Risk Management
• Strategic Planning and Reporting