The posting
Primary Purpose
To safeguard Bidvest Bank effectively and proactively against AML/CFT risks through ensuring compliance with regulatory requirements, including but not limited to the FIC Act and the company’s internal processes; policies; procedures and regulations, and to promote the combating of money laundering and financing of terrorism.
Minimum Requirements
Qualifications
- Relevant Degree (Legal, Accounting, Auditing, Risk).
- Money Laundering Control Certificate will be an added advantage.
- CAMS Certificate will be an added advantage.
- Knowledge of financial industry products and services would be advantageous.
Experience
- At least 5-8 years AML experience.
- 5 years’ experience in Financial Services Industry.
- Minimum 3-5 years’ experience in a management role.
- Proven and demonstrable success in developing AML compliance frameworks.
- Experience in advising on AML matters in an organisation with a diverse range of business activities.
- Extensive experience of managing a diverse workload in relation to AML activities and have a strong ability to engage with internal and external business partners.
- Experience in developing and implementing AML planning, monitoring, and reporting relating to financial crime.
Competencies
Technical
- Comprehensive knowledge of regulations relating to Financial Crime Compliance, including without limitation
- Financial Intelligence Centre Act, Prevention of Organised Crime Act (POCA), Prevention and Combating of Corrupt Activities Act, Protection of Constitutional Democracy Against Terrorist and Related Activities Act.
- Strong knowledge of key regulatory issues and control assessment processes.
- Comprehensive understanding of businesses, structures, governance and control frameworks and process & control infrastructures of firms in the financial services sector.
- Strong analytical skills, with the ability to assimilate information from multiple sources quickly and accurately to inform decisions around key functions.
- Ability to exercise oversight, knowledge and understanding of financial crime and AML policies, procedures, and control arrangements in a complex financial operation.
- Sound understanding of budgeting and statistical data analysis.
- FICA & AML/ CFT knowledge and proficiency.
- Ability to identify weaknesses in the control environment and implement changes.
- Knowledge of Customs regulations and procedures.
Behavioral
- BUSINESS SUCCESS -Act with conviction and courage -Results Driven -Positive Disposition -Nimble Learning
- BUILDING THE FUTURE -Embrace Change -Think and Act Strategically -Advocate the Vision and Purpose -Data Mindedness
- WORKING WITH PEOPLE/COLLABORATION -Lead, Develop and Motivate Self and Others -Collaborate to make Bidvest Bank better
Duties and Responsibilities
FINANCIAL MANAGEMENT
Identify and implement revenue or cost saving opportunities and ensure adherence to budget.
- Develop and manage budgets and forecasts for AML functions based on strategic requirements.
- Control and manage costs and expenditure in line with departmental and Bank budget expectations.
- Reduce fines and penalties for Bank non-compliance with regulatory requirements
OPERATIONAL EXCELLENCE
Drive strategy formulation and execution for AML.
- Determine and implement strategy for AML department.
- Plan, develop and build additional capacity commensurate with changes in the AML/ CFT regulatory environment.
- Identify and inform of any changes to legislation and other regulatory requirements relating to AML/ CTF.
- Oversee execution of and review/ approve the results of the annual AML risk assessments.
- Provide assistance in preparing for impending regulatory changes or revisions to licensing structure.
- Handle the management and execution of second line monitoring and assessment program for AML.
- Develop, improve and maintain the AML/ CTF /PF policies and procedures.
- Aid in the improvement of tools to monitor, analyse, and report suspicious activity to ensure compliance with the policies and procedures put in place.
- Oversee and approve AML remediation plans.
- Develop KPI and management reporting for AML area.
- Establish effective AML IT requirements and testing.
- Ensure effective sanction screening and testing.
- Managing specific AML related projects
PEOPLE LEADERSHIP
Provide management responsibility to FCU team
- Inspire, motivate, and support team so that they are effective and delivering high quality work and meeting organisational and individual objectives.
- Manage planning of resource requirements, ensure sufficient capable resources are in place to meet service delivery demands, maintaining the effective and efficient capability of the team.
- Build a high performing team where the best people are deployed in the right roles and deliver against strategy.
- Ensure that all employees are motivated and developed.
- Implement and maintain an effective system of internal controls and delegations of authority for the department, to ensure that accountability for decisions made.
- Inspire and engage employees around the vision and strategy of the Bank, maximising employee engagement and willingness to invest discretionary effort
AML / CFT / PF MANAGEMENT AND MONITORING
Ensure Potential AML Risks are mitigated and controlled
- Ensure horizon scanning on evolving AML risks including remaining up to date on global regulatory compliance, emerging trends and opportunities and legislative matters.
- Define and analyse data trends, key metrics, and financial risk patterns, to continually improve fraud prevention, customer experience and the efficiency and effectiveness of our processes.
- Direct the continuous development implementation and monitoring of AML Financial Crime.
- Work with colleagues across the business to identify, assess and manage financial crime risk.
- Ensure compliance with the Bank’s RMCP and Standards.
- Assist in the development of compliance initiatives and programs to comply with the respective legal, licensing and regulatory obligations.
- Aid in the design, development and implementation of a risk assessment to support all customer interactions.
- Establish effective monitoring rules and tuning of such rules to detect AML/CFT risks.
- Implementing the Financial Intelligence Centre Act (FICA) (as amended from time to time) throughout the company.
- Implement an effective AML risk assessment process
- Identify and implement relevant identification and verification methods.
- Monitor and ensure proper record keeping of customer and transaction records for prescribed periods.
- Provide information on request from competent authorities.
- Monitor all transactions and profiles on a risk basis.
- Investigate suspicious activities.
STAKEHOLDER MANAGEMENT
Provide advisory services through partnership with all relevant stakeholders (internal and external)
- Build a trusted advisor relationship with the Leadership Teams ensuring they are proactively and effectively advised on governance, compliance matters.
- Ensure that all regulatory, legal, compliance and change requirements are planned, communicated, and fully understood by all executives and members of staff when implemented, and that where appropriate, effective levels of support are available from internal/external providers.
- Liaise with state authorities and institutions (regulatory bodies), external advisors, and relevant stakeholders.
- Pro-actively develop and maintain a wide range of external contacts to obtain/exchange information, identify environmental change which may impact the Bank, establish best practices subsequently taking appropriate actions to maintain/enhance competitive advantage.
- Work collaboratively with management to develop investigative strategies.
- Work collaboratively across function teams within Fraud Operations, Fraud Prevention and Financial Crime
- Investigations to ensure effective and efficient operations with clearly defined roles and responsibilities in connection within the relevant teams.
- Liaise with role players in law enforcement and intelligence agencies.
- Representing Bidvest Bank at industry meetings and interaction with supervisory and regulatory bodies.
DATA ANALYSIS AND REPORTING
Perform different analytics to assist with business decisions.
- Acquire data from primary or secondary data sources and conduct data analytics and other strategies that optimize statistical efficiency and quality;
- Interpret data, analyze results using statistical techniques and provide ongoing reports and clear data visualisations for management;
- Identify, analyze, and interpret trends, patterns or correlations in complex data sets.
- Identify new opportunities for process improvement.
- Ensure Tonbeller AML monitoring, customer / payments screening; risk assessment systems; and FIC goAML reporting system.
- Liaise with the AML/CFT Monitoring & Reporting IT Systems Coordinator to: - develop/enhance support, - maintain and implement functional components and capability of AML Monitoring including costumer & payment screening; and - maintain related processes.
- Participate in analysis and design sessions with business analysts, development leads and technical team in respect of the Bank’s core systems to imbed AML requirements into business processes.
- Create business requirements and support documentation for the development/enhancement or testing of monitoring, screening or reporting systems.
- Prepare and document test plans to acceptance of system changes.
- Ensure consistent and timeous feedback on cases that have been escalated.
- Completion of reporting duties imposed by FIC/ SARB.
LEARNING AND GROWTH
Drive a continuous learning culture which focuses on innovation and value adding solutions in line with best practice.
- Work with Learning & Development and Internal Communications teams to design and implement appropriate AML education, learning and communication for employees.
- Take ownership for driving own career development.
- Achievement of objectives/milestones set out in the development plan.
- Preparation and signing off of the development plan.
- Development of knowledge base and intellectually property
This position is advertised in line with our commitment to Employment Equity.
