JOB PURPOSE
Include primary accomplishments, products, and services, who benefits from them and how Apply technical knowledge and expertise to assist in the monitoring and enhancement of the level of reporting compliance by Accountable and Reporting Institutions in accordance with the Financial Intelligence Centre Act, No. 38 of 2001, as amended (FIC Act) in order to support the overall strategic direction and targets of the Compliance and Prevention division.
KEY PERFORMANCE AREA
Compliance Monitoring Support
- Assist in monitoring the goAML system and report on the state of compliance by Accountable Institutions with registration and reporting obligations in terms of FIC requirements and instructions.
- Utilise Compliance Monitoring Assessment System (CMAS) when executing monitoring activities.
- Assist in conducting on-site and desktop system and reporting reviews of supervised institutions in terms of FIC requirements and instructions.
- Assist in conducting open-source research on supervised institutions to determine and understand potential compliance risk.
- Assist in performing goAML entity- and user registrations and updates.
- Compare internal- and external data, utilising relevant data collection methods, tools and data sources to ensure the integrity of information on the FIC database and to have an up-to-date registration universe.
- Support the verification of the quality, integrity and adherence to regulations of information received by Accountable Institutions.
- Assist in providing reporting information for compliance reviews, inspections and/or enforcement matters at the request of the FIC or supervisory bodies in terms of the FIC Act.
- Provide support in tracking remediation activities and processes applied to non-compliant reporting and reporting failures of Accountable Institutions within the agreed timelines.
- Assist in reviewing outstanding sector risk assessment reports and engage relevant supervisory bodies to seek further input when required.
- Coordinate, escalate and provide support with public queries received from the public query platform through research, recommendations and providing effective responses for approval by the Senior Compliance Officer.
- Participate in compliance risk assessments to identify and evaluate compliance risks associated with non-compliance by Accountable Institutions.
- Assist in providing input into the risk matrix to enhance risk measures to support compliance initiatives
Compliance Analysis and Reporting
- Assist in drafting or updating research papers of existing and new sectors, including universe, scope and key industry specific compliance matters when required.
- Assist in analysing and evaluating the Risk Management Compliance Program in collaboration with the Senior Compliance Officer when required.
- Support the identification and investigation of discrepancies, patterns and connections between compliance information sources to support compliance monitoring and reporting.
- Assist in compiling and issuing risk-based desktop monitoring reports on Accountable and Reporting Institutions.
- Assist in compiling reports with remedial recommendations to support compliance by Accountable Institutions for review and approval by the Senior Compliance Officer and Manager: Risk & Compliance Monitoring.
- Utilise relevant analytical techniques and methodologies to conduct analyses on compliance information to detect anomalies and trends regarding non-compliance by Accountable and Reporting Institutions.
- Assist in preparing statistical information on registrations and reporting and prepare graphical reports, including trends and typology reports when required.
- Extract, summarise and present compliance information in a manner that supports compliance monitoring.
- Assist in providing technical input, direction, and guidance to Accountable and Reporting Institutions regarding the implementation of compliance obligations and reporting to the FIC and the need to apply appropriate control measures.
- Advise management of compliance challenges as appropriate.
- Assist in compiling reports and case studies for training purposes and benchmarking.
- Stay abreast of industry trends, best practices and new technologies in data analytics and intelligence reporting.
Stakeholder Management
- Assist in conducting briefings and presentations with FIC stakeholders and Accountable and Reporting Institutions to gain insight and determine requirements for compliance monitoring and reporting support.
- Assist with the engagement and collaboration initiatives with national and international FIU's to understand emerging trends and technologies in the monitoring and reporting of mandatory compliance aspects.
- Ensure continuous stakeholder interface for seeking clarities, closing gaps, and enriching the data integrity of the compliance systems and reports.
- Participate in cross-functional projects when required.
- Represent the organisation at working groups, meetings, conferences and seminars when required.
Risk and Compliance Management
- Assist in the development and enhancement of standards, processes, and policies within the Compliance and Prevention division.
- Assist in providing input into tactical plans and targets when required.
- Implement fraud controls, risk prevention principles, sound governance and compliance processes, and tools to identify and manage risks within the business unit.
- Assist in monitoring changes in the regulatory environment and the implementation of appropriate operational controls to address new requirements.
- Assist in providing evidence to internal and external audit requirements when required.
- Maintain quality risk management standards in line with the organisation's risk management framework.
- Maintain and enforce all related Service Level Agreements to minimise business risk and ensure business continuity.
- Adhere to all relevant laws, policies and Standard Operating Procedures throughout the organization
EDUCATIONAL AND EXPERIENCE REQUIREMENTS
- Degree in Commerce, LLB, Risk Management
- 1 Years in Compliance, Enforcement, Risk, Legal
- 1 Years in Anti-Money Laundering monitoring
- Knowledge of AML/CFT/CPF protocols, Financial Intelligence Centre Act, Data storage and Data processing protocols, Technical documentation and processing protocol
- Intermediate level of computer literacy, including MS Office Suiter Point, GoAML Anti money laundering system, CMAS, Microsoft Power BI
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