Onboarding Compliance Specialist

7 days ago

Cape Town, Western Cape, South Africa Payfast by Network Full time

The core function of this role is to review and verify the eligibility of new merchant sign-ups, ensuring all KYC vetting adheres to compliance industry standards and that the necessary due diligence checks have been performed.

The job also entails working closely with the AML and Credit Risk teams to ensure the Merchant Onboarding process is a seamless and effortless experience.

Responsibilities
  1. Screening of all new Merchants during the onboarding process, in line with compliance regulations, as per below:
  • Verifying the Legal Entity of Merchants (KYC)
  • Verifying the identity of the beneficial owner/s of the business (UBO)
  • Compliance screening of all merchants i.e. OFAC, MATCH, AML, PEP, Adverse Media etc.
  • Business and operational model analysis – Review and ensure risk is mitigated for the business.
  • Website structure and content analysis - Reviewing the website for non-compliance or missing/incorrect information.
  • Reviewing all Products or Service offerings to ensure compliance with applicable laws and regulations (Prohibited Industry List), as well as PayFast's allowance.
  • Classifying the correct Merchant Category Code (MCC) on the merchant's account.
  • Verification of the Merchant account in the PayFast system once all relevant information has been confirmed.
Screen and re-verify all existing accounts for any changes made, in accordance with compliance rules, regulations, and processes.Ensure all compliance exceptions and discrepancies are escalated to the Credit Risk/AML team for further review and approval.Communicate with merchants via email (Tickets) and telephone, to verify and collect any additional information, ensuring that an excellent merchant experience is achieved during the onboarding process.Utilize all merchant onboarding tools adopted by the Due Diligence team for onboarding screening and verification purposes.Identify High Risk Merchants and ensure enhanced compliance checks and due diligence are performed where necessary.Ensure all reports and systems are updated with the necessary onboarding information.

The duties outlined above are guidelines and not comprehensive. Additional tasks may be added at the discretion of the Financial Operations Manager.

Qualifications
  1. Experience in Merchant onboarding within an ecommerce environment, demonstrating skills in an Operational compliance and Customer-Centric environment.
  2. Risk and compliance focused, capable of reviewing data to form judgments and sound conclusions.
  3. Focus on quality, due diligence, attention to detail, and speed in an Operational environment.
  4. Excellent team player who listens and thrives on collaborating with diversely talented team members.
  5. Able to work under pressure and meet operational targets and deadlines, including both quality and quantity-related metrics.
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