Brief description
The main purpose of this position is to manage alerts generated by the onboarding, sanction and transactional monitoring screening systems used in the Southern African Development Community Real-time Gross Settlement system, 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 on the decision-making process when clearing alerts generated by the onboarding process, sanction screening and transactional monitoring systems in the capacity as a Level 2 approver.
- Approve the sanctions lists updates to ensure that systems are up-to-date to enable accurate tracking and record-keeping.
- Identify and mitigate sanctions risks by taking decisions, updating internal watchlists and ensuring that action is taken as per the applicable business processes and regulatory requirements.
- Provide 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.
- Review the documented input on the development of policies and procedures for AML/CFT/CPF, sanction screening and transactional monitoring for approval.
- Support the Sanctions Manager in conducting money laundering, terrorist financing and proliferation financing risk assessments to identify any areas of potential vulnerability and implement appropriate controls.
- 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.
- Review test results for 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.
- Oversee the daily alert management process.
- Compile or review and submit suspicious transactions reports to the Sanctions Manager.
- Assist the Sanctions Manager in consolidating information regarding the escalation of suspected violations to senior management and/or to the Sanctions Committee, where applicable.
- 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 practices 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
- three 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;
- customer transactions and behaviours;
- governance, risk and compliance management practices and standards;
- central banking;
- financial and business acumen;
- an understanding of banking systems and reports;
- data analysis skills;
- computer literacy skills;
- ability to build and maintain relationships;
- judgement and decision-making skills;
- conceptual thinking skills; and
- ability to manage complexity and ambiguity.
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.
