Duties/ Responsibilities:
- Develops and implements compliance model required for a bank to operate within acceptable standards
- Liaises with senior managers to ensure proper implementation of established compliance policies
- Carries out compliance risk assessments and reviews products, processes, policies and procedures for compliance and corporate governance on an ongoing basis.
- Conducts research to identify new regulations passed by state or federal governing bodies
- Monitors client financial activities to ensure they are legal and in compliance with internal and external bank policies
- Collaborates with other departments such as the risk management or internal audit unit to forward compliance issues for investigation
- Initiates or recommends an investigative process in response to complaints of policy or procedural violation
- Develops systems for the handling and resolution of policy violation
- Conducts internal audits prior to an external audit to ensure bank policies
- Carries out compliance risk assessments and reviews products, processes, policies and procedures in the bank for compliance in line with compliance policies.
- Develops and maintains compliance logs and submit monthly, quarterly and annual reports to the Compliance Manager.
- Identifies applicable legislation and communicates the impact thereof on the bank’s processes and procedures as per compliance policy requirement.
- Coordinates identification of suspicious transactions in the bank and sends suspicious transaction reports to the Financial Intelligence Unit (FIU) in line with provisions of the money laundering and proceeds of crime act (9.24).
- Administers the sanction screening and transaction monitoring systems and reports to the Compliance Manager on an ongoing basis.
- Tracks regulatory and legislative changes and recommend appropriate actions whenever necessary.
- Provides input in designing and implementation of the anti-money laundering and counter financing of terrorism (AML/CFT) programs in line with provisions of the money laundering and proceeds of crime act (9.24) and international best practices.
- Monitors implementation of the consumer protection framework and complaints resolutions monthly and recommend appropriate actions whenever necessary
Experience and Qualifications:
- Bachelor’s degree in accounting, finance, economics, or a related business discipline.
- At least 2 years experience in a similar role preferably in the financial sector.