(1948) Manager: AML/CFT (Offsite)

Detailed description

The successful candidates will be responsible for, among other tasks, the following:

• Lead and manage an AML/CFT team responsible for conducting off-site supervision pertaining to compliance with the provisions of the FIC Act with regard to AML/CFT ‒ this includes undertaking reviews to assess compliance with AML/CFT requirements and standards, with the application of a risk-based approach to supervision.

• Identify new and emerging money laundering/terrorist financing/proliferation financing (ML/TF/PF) risks, including those in jurisdictions where South African banks and insurers have operations ‒ this includes the maintenance of the risk-based tool and ensuring that information is incorporated into the risk-based tool that will inform the frequency and duration of onsite inspections.

• Develop and maintain the risk-based supervisory manual and framework.

• Compile the annual supervisory calendar, considering work of the offsite team which must be reflective of a risk-based approach ‒ including inspections as well as other supervisory engagements.

• Introduce innovation and drive the use of technology to inform risk-based supervision, collation of statistics, engagement with external stakeholders, creation of an AML/CFT/CPF dashboard for analysis and reporting purposes.

• Ensure that AML/CFT risk returns are analysed timeously and that sector risk assessments are being conducted on a periodic basis for the banking and life insurance sector.

• Oversee the drafting of AML/CFT/CPF guidance for internal and external stakeholders to ensure effective implementation of a risk-based approach.

• Manage the performance and development of the AML/CFT off-site team.

Job requirements

To be considered for this position, candidates must be in possession of:

• a postgraduate Degree in Analytics, Business Management, Data Science, Finance, Law or equivalent qualification; 

• ten years of AML/CFT compliance-related working experience in the financial services sector, a supervisory body or a regulatory environment; and

• two years’ experience in managing teams.

Additional requirements include:

• a qualification in the field of financial crime/AML/CFT compliance 

  management will be an added advantage;

• understanding of the provisions of the FIC Act; 

• working knowledge of AML/CFT/CPF systems, products and risk management practices within the financial services sector; 

• excellent technical knowledge and understand of ‘risk-based approach’; 

• financial sector and key developments in banking, insurance and collective investment schemes, both domestically and abroad;

• an understanding of PA supervision, regulation and legislation; and

• a combination of expert technical and application of an effective technology-driven approach to risk-based supervision.