(1613) Sanctions Associate Analyst

Brief description

The main purpose of this position is to provide administrative support to the Sanctions sub-unit and investigate alerts generated by the onboarding, sanction and transactional monitoring screening systems utilised in the Southern African Development Community Real-time Gross Settlement system. This includes ensuring that the risks related to sanctions, money laundering, terrorist financing and proliferation financing are effectively mitigated.

Detailed description

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

• Apply global standards to the decision-making process when clearing alerts generated by the onboarding process, sanction screening and transactional monitoring systems in the capacity as a Level 1 approver.
• Monitor the updates to sanctions lists and submit for approval, where applicable, to ensure that systems are up-to-date, enabling accurate tracking and record-keeping.
• Support the Sanctions Manager by providing input into the development of policies and procedures for anti-money laundering, combating the financing of terrorism and combating proliferation financing (AML/CFT/CPF), sanction screening and transactional monitoring.
• Collate and document input on the development of policies and procedures for AML/CFT/CPF, sanction screening and transactional monitoring and submit for review.
• Coordinate and manage meetings and workshops. 
• Maintain and manage efficient records management in compliance with the South African Reserve Bank’s policy.
• Manage (log, monitor, escalate, transfer, resolve and close) sanctions-related incidents.
• Support the Sanctions Manager in conducting money laundering, terrorist financing and proliferation financing risk assessments. 
• Support the Sanctions Manager in evaluating the effectiveness of the sanction and transactional monitoring screening systems and recommend improvements to the rules and parameters of these systems, where necessary. 
• Test the effectiveness of rule and parameter changes made to screening systems, when required.
• Support and manage projects arising from changes to regulations, business and technology, where required.
• Compile and submit suspicious transactions reports to the Sanctions Manager. 
• Build relationships with relevant internal and external stakeholders to promote a culture of compliance and awareness of sanctions and money laundering-, terrorist financing- and proliferation financing-related risks.
• Stay abreast of relevant AML/CFT/CPF and sanction regulations, global best practice and ensure application thereof (e.g. changes to policies, rules and regulations, legislation and systems).

 

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

• a Bachelors degree in Finance, Law, Risk Management or an equivalent qualification; and
• two to five years’ experience in compliance and risk management environment, with a focus on AML/CFT/CPF and sanctions compliance. 

The following would be an added advantage:

• certification as an Anti-Money Laundering Specialist (CAMS).

Additional requirements include:

• knowledge and skill in
• industry, organisational and business awareness;
• quality assurance;
• continual improvement;
• continued learning and/or professional development;
• knowledge of:
• the national payment system;
• relevant legislation;
• payments and settlements;
• governance, risk and compliance management practices and standards;
• customer transactions and behaviours;
• financial and business acumen;
• an understanding of banking systems and reports;
• data analysis skills;
• computer literacy skills;
• ability to build and maintain relationships;
• conceptual thinking skills;
• ability to manage complexity and ambiguity; and
• judgement and decision-making skills.

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.

 

Human Resources Department

 

About SARB

 

Primary mandate of the SARB

 

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.

 

WHAT WE DO

 

Monetary Policy

 

The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.

 

Financial Stability

 

The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.

 

Prudential Regulation

 

The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

 

Financial Markets

 

Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.

 

Financial Surveillance

 

The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.

 

Payments and Settlements

 

The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.

 

Statistics

 

The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.

 

Research

 

Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.

Banknotes and Coin

 

The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.