Head of FICA

2 weeks ago

Cape Town, Western Cape, South Africa Stonehage Fleming Full time
Job title : Head of FICAJob Location : Western Cape, Cape TownDeadline : March 12, 2025Quick Recommended Links
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Description    
Job Summary:

  • Responsible for developing, implementing, and managing the Stonehage Fleming South Africa Financial Intelligence Centre Act (FICA) framework and Risk Management and Compliance Programme (RMCP) to ensure compliance with all relevant laws and regulations. This role involves leading on FICA risk and compliance matters within the Risk & Compliance team, conducting risk assessments, and providing strategic direction to mitigate money laundering, terrorist financing and proliferation financing risks linked to FICA and associated legislation. 

Key Responsibilities    
QUALIFICATIONS & EXPERIENCE

Required: 

  • Bachelor's degree in Law, Finance, Business or Compliance and Risk Management.
  • Professional qualification in Anti-Money Laundering/Financial Crime.
  • At least 5 years FICA work experience in the Financial Services sector. Must have held the position of S.42A Compliance Officer for a minimum of 3 years.
  • At least 3 years in a leadership role.
  • In-depth knowledge of South African FICA laws and regulations, as well as global standards.
  • Knowledge of a risk-based approach.

Preferred: 

  • Fiduciary/trust and investment related FICA experience. 

KEY RESPONSIBILITIES

Leadership and Management:

  • Undertake the role of S.42A Compliance Officer for Accountable Institutions, as determined by the Head of Risk & Compliance South Africa. May also be required to undertake the role of MLRO. 
  • Supervise the MLRO/Deputy MLRO where relevant. 
  • Lead and manage the FICA function, providing guidance, training, and support.
  • Develop, implement and maintain FICA policies, procedures, and controls (RMCP).
  • Ensure the FICA framework aligns with local and international best practise.
  • Compliance and Risk Management:
  • Oversee the annual/ad-hoc Business Risk Assessment (BRA) for each Accountable Institution and implement mitigation strategies.
  • Ensure the BRAs feed into the Combined Risk Assessment and that risks are adequately reflected in the Compliance Monitoring Programme.
  • Ensure the Compliance Monitoring Programme adequately covers the FICA framework. 
  • Report to relevant Boards and the South Africa Risk & Compliance Committee on FICA-related management information. 
  • Ensure timely and accurate reporting of suspicious activities to relevant authorities.

Strategic Planning:

  • Develop and execute the FICA strategy in line with the organisation's goals.
  • Stay updated on FICA trends, regulatory changes, and best practices.
  • Collaborate with other departments to ensure a cohesive approach to FICA compliance.

Training and Awareness:

  • Design and deliver FICA and RMCP training programs for staff at all levels.
  • Promote a culture of compliance and awareness within the organisation.

Stakeholder Engagement:

  • Liaise with regulatory bodies, law enforcement agencies, and industry groups.
  • Represent the organisation in FICA-related forums and discussions.

Key Competencies:

  • Leadership and team management.
  • Strategic thinking and planning.
  • Risk assessment and management.
  • Regulatory knowledge and compliance.
  • Communication and training.
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