AML Operations Specialist

3 months ago

Cape Town, South Africa The Recruitment Council Full time
Job Title: AML Operations SpecialistLocation:
  • On-site in Claremont, Cape Town
Reporting To:
  • Head of AML Operations (shared service)
Role Purpose:

The AML Operations Specialist plays a crucial role within the shared services AML Operations team. This position is responsible for the first line of defense in day-to-day compliance with applicable AML/CFT/CFP regulations and the Groups Risk Management Compliance Program (RMCP) for both South Africa and offshore jurisdictions. The ideal candidate is an experienced and passionate AML professional with a comprehensive understanding of the AML legal framework in South Africa, FATF recommendations, and experience in onboarding complex clients.

Key Responsibilities:

  • Enhanced Client Due Diligence (ECDD):

    • Conduct thorough assessments of ML/TF/PF risk for high-risk clients and prepare detailed ECDD reports with recommendations for management.

  • Legal Entity Onboarding:

    • Provide specialist support for legal entity onboarding, including identifying ultimate beneficial owners (UBOs) in accordance with local and international regulations.

  • Customer Due Diligence:

    • Perform customer due diligence and risk assessments during client onboarding and throughout the client lifecycle, ensuring compliance with RMCP.

  • Screening and Monitoring:

    • Execute sanctions, PEP, and adverse media screening for clients and related parties, managing daily alerts generated by screening systems.

  • Verification and Compliance Checks:

    • Conduct ID and address verification, as well as FATCA/CRS checks for accuracy and proper client classification.

  • Transaction Analysis:

    • Analyze transactions to identify suspicious or unusual activities and report findings accordingly.

  • Regulatory Adherence:

    • Maintain compliance with risk management and compliance program (RMCP) requirements, staying current on regulatory changes and best practices.

  • Stakeholder Guidance:

    • Provide guidance to business stakeholders on RMCP requirements throughout the client lifecycle.

  • Collaboration and Projects:

    • Work with internal teams to develop AML policies and procedures, participate in remediation projects, and address internal client queries.

  • Performance Metrics:

    • Ensure that service level agreements (SLAs) are met and escalate risks to the Head of AML Operations promptly.
Key Relationships:
  • Collaborates with FICA/AML Compliance, Advisors, Business Unit Leaders (BULs), BU Team Leaders, and BU Managers.
Qualifications and Experience:
  • Education: Legal or commercial degree required.
  • Certifications: AML compliance certificate / ACAMS preferred.
  • Experience:
    • 1-2 years in performing enhanced customer due diligence and report preparation.
    • 2-3 years in customer onboarding and ongoing due diligence.
  • Knowledge: In-depth knowledge of the AML legal framework in South Africa, including the FIC Act; understanding of FATF recommendations and Guernsey AML requirements is preferable.
Skills:
  • Exceptional report-writing skills; ability to communicate complex information clearly.
  • Strong analytical and critical thinking abilities.
  • Attention to detail and ability to identify ML/TF/PF risks with proposed mitigating actions.
  • Proficiency in data analysis and presentation of findings.
Systems Competency:
  • Experience with BPM onboarding systems, screening software, transaction monitoring algorithms, and proficiency in MS Office Suite (Excel, Word, PowerPoint).

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