(972) Analyst: Anti-Money Laundering needed at South African Reserve Bank

Detailed description

The successful candidate will be responsible for the following key performance areas: 

• Participate in targeted on-site inspections at banks and branches of foreign banks domiciled in South Africa, to test banks’ compliance with the provisions of the FIC Act with regard to anti-money laundering and combating the financing of terrorism (AML/CFT). 
• Lead inspections targeted at banks and insurers when requested to- assessing compliance with the FIC Act
• Analyse and interpret data from banks and insurers.
• Drafting and review of documentation- supervisory, correspondence, presentations etc.
• Assist in projects, which enhance effectiveness and drive efficiency.
• Assist in bank and life insurance licensing applications that are considered by the AML team.
• Maintain assignment records. 
• Attend meetings with respective stakeholders as and when required.
• Provide input into inspection reports and closing letters to the management of banks and life insurers.
• Undertake ad hoc on-site review projects pertaining to banks’ compliance with the Banks Act 94 of 1990 (Banks Act) and the Regulations relating to Banks.
• Attend to off-site supervision and correspondence related to AML/CFT within the banking and insurance industry.

Job requirements

To be considered for this position, candidates must have:

• a Postgraduate degree in Law, Accounting, Auditing, Finance or an equivalent qualification; and
• five to eight years’ practical experience in AML/CFT compliance within the banking industry.

The following would be an added advantage:

• knowledge of the provisions of the FIC Act;
• knowledge of international standards relating to AML/CFT (i.e. the Financial Action Task Force 40 Recommendations and the Basel Core Principles and Guidelines); and
• knowledge of the Banks Act and the Regulations relating to Banks.