Money Laundering Reporting Officer at ABSA Bank

Money Laundering Reporting Officer at ABSA Bank

Money Laundering Reporting Officer

ABSA Bank

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With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

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Job Summary

• To support the Director of Compliance & Legal to ensure that the businesses operate in accordance with Group policies and procedures, Absa Principal Risks and local regulatory requirements.
• Implementation, alignment and embedding of the Financial Crime Compliance policies, procedures, processes and methodology in the businesses.
• Ensure all Financial Crime related activities are well managed and on track with ARO minimum requirements.
• Management of Forensic investigations across bank specifically; Priority Investigations and Whistle blowing (PIW), Gross Misconduct, Serious Crime and any escalation from Fraud Operations

Job Description

Main accountabilities and approximate time split

AML Management 40%

• Formulate Financial Crime Compliance (AML/CTF/CPF) strategy and planning in conjunction with the Director of Compliance & Legal.
• Ensure that Compliance Manual is updated with the latest Compliance processes and methodology
• Align FinCrime compliance management principles and methodology throughout all the business units
• Establish an in-depth understanding of the FinCrime Compliance processes and methodology in all the businesses
• Supply formal and informal training with regard to Compliance methodologies and processes to business.
• Implement, align and embed the FinCrime compliance processes and methodology in the businesses
• Manage FinCrime compliance coverage for the country
• Achieve all expected FinCrime compliance deliverables
• Roll-out group FinCrime compliance policies in the business operations.
• Monitor the operation of the FinCrime Compliance policies.
• Identify and escalate the need for new or amended policies and procedures to the Head of Compliance & Legal.
• Facilitate effective and constructive sharing of knowledge and experience of FinCrime compliance issues across the business.
• Provide guidance to the businesses to implement an effective program for raising FinCrime compliance awareness
• Review, propose and negotiate both temporary and a permanent set of dispensations with the Group MLRO.
• Receive notifications from AGL businesses of reports made to their local law enforcement agency of suspicious transactions (where such onward notification is permitted by local requirements). Assess the information and decide whether a particular matter needs to be reported to the Group MLRO via the Head of Compliance & Legal.
• Ensure that the business have adequate controls, procedures, systems and other arrangements (preventative and detective) to enable them to identify and deal appropriately, and on a timely basis, with applicable requirements on anti-money laundering, sanctions and other financial crime.
• Approve dispensation requests and escalate to Head of Compliance & Legal when unsure
• Development of FinCrime Compliance tools to assist management to mitigate / minimize the FinCrime Compliance

Sanctions, AB&C, Reporting, Advice and Guidance 20%

• Deliver on al Sanctions related activities for the country.
• Provide monthly FinCrime compliance reports to the Head of Compliance & Legal, including any reports on Sanctions as appropriate to Group and other stakeholders.
• Provide technical expertise reports to the Head of Compliance & Legal as requested, e.g., reviewing of new product proposals for Compliance against regulatory requirements i.t.o. the New Product Approval process.
• Attend in country governance meetings if required, and assist forum in identifying and comprehending the FinCrime risks
• Deal appropriately with AML Compliance issues and escalate issues in an appropriate manner to the relevant persons.
• Keep the Head of Compliance & Legal informed on Sanctions matters which may pose financial or reputational risks for the business.
• Deliver relevant and reliable management information on Sanctions and AML compliance issues to the Head of Compliance & Legal and senior management on a timely basis in order to enable effective action to be taken where necessary.
• Respond promptly to information requests from the Director of Compliance& Legal
• Prepare and submit Board Governance Standards returns for financial crime and the annual money laundering report for relevant businesses.
• Ensure proper management and tracking of AB&C issues/ failures identified during the ad-hoc compliance reviews.
• Obtain, review, analyse and report on information related to AB&C and communicate the same to the relevant stakeholders.

Forensic Investigations (10%)

• Develop and drive operational approach in response to assessed risks, needs of the business and changing legal and regulatory environment.
• Demonstrate where the Forensic Investigations unit adds value
• Undertake Forensic Investigations into suspicions of fraudulent, criminal and Security activities reported by Non-Financial Risk.
• Provide an independent report for management to assist the disciplinary process and represent the bank in any related police and court proceedings.
• Articulate key drivers behind need for enhanced investigative capabilities, particularly in relation to robust reporting and referral actions
• Understand the changing business environment and anticipate impact to ABT through the prism of investigatory needs. Communicate assessments to the wider function and stakeholders
• Lead, direct and manage the activities of the Investigations team ensuring training, consistent performance management, career management and succession planning are in place
• Lead the development of function by sharing knowledge across teams and associated stakeholders
• Develop key relationships with business heads within the Group and promote a positive impression of themselves and the function.

Stakeholder relationships (15%)

• Support the Director of Compliance & Legal by ensuring the effective management of Financial Crime providing sound FinCrime compliance advice and recommendations.
• Effectively manage regulatory relationships where needed.
• Establish close working relationships with business heads in country to ensure support for the Financial Crime framework.
• Deliver valued and value-for-money advice and guidance to in country compliance officers on all Financial Crime Compliance issues.
• Act as primary point of engagement with AIA for FinCrime compliance audits and agree on recommendations and actions and keep the Director of Compliance & Legal updated on issues. Drive implementation of action plans to resolve all FinCrime Compliance issues identified in Conformances and AIA Audits.

Team Leaderships & People Management (15%)

• Develop a highly motivated team and maintain excellent relationships with team to ensure achievement of business goals.
• Set challenging and stretching objectives
• Ensure effective performance management, development and succession planning for the team.
• Inspire and drive high performance in individuals and in the team.
• Act as a role model
• Drive proactive application of Absa Behaviours throughout the team including establishment of common goals and objectives.
• Sign off action plans for development of top talent and low/moderate performers in the team.
• Ensure that Financial Crime Compliance resources are sufficient at all times.
• Manage resources in the most cost-effective manner to deliver across the geographical area.

Technical Skills/Competencies

Competencies:

• Leadership
• Planning and organising
• Quality orientated
• Cross functional awareness
• Specialist knowledge and skills
• Problem solving and analysis
• Oral communication skills
• Commercial awareness
• Strategic insight
• Interpersonal sensitivity
• Action orientation
• Flexibility
• Resilience
• Results focused
• Self confidence

Knowledge and Expertise

Essential

• Specialist knowledge of the Absa AML/KYC/Sanctions/AB&C/PEP’s Policies and procedures
• Basic Knowledge on AI and it’s applicability
• Excellent knowledge of MS Office
• Proficiency in writing instruction / procedure manuals and developing training material/FinCrime Strateg
• Project management and project coordination skill
• Experience, qualifications and other requirements specific to the role

Essential

• Minimum B-degree in Risk Management, Laws, Technology, Accounting, Finance, Banking, or any equivalent qualifications
• 3 years or more Financial Crime Management experience
• Knowledge of legislations that regulates banks
• ACAMS Certification, added advantage

Risk and Controls Objectives

• Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Absa Operational Risk Framework and internal Absa Policies and Standards
• Manage risk and control effectively by applying applicable risk frameworks and embedding a positive risk culture
• Understanding of own role in the end-to-end processes in which you play a part, including applicable risks and controls.
• Adhere to Absa’s policies and procedures applicable to own role, demonstrating sound judgement and responsible risk management.
• Report all risk events / incidents / issues using the defined process for your business area and help to understand why these happened and how to prevent them in future.
• Proactively look for ways to improve the control environment by considering what could go wrong in the processes you operate and how errors could be prevented.
• Continuous and proactive engagement with regulatory bodies, unions where applicable
• All mandatory training completed to deadline

Absa Values

Absa’s Values and Behaviours represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded:

• Trust
• Resourceful
• Stewardship
• Inclusive
• Courage

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

How to Apply:

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