Foreign Exchange Control Manager
7 months ago
Job Title: Foreign Exchange Control Manager
Job Purpose:
The Foreign Exchange Control Manager is responsible for overseeing and ensuring compliance with foreign exchange regulations and policies. They are responsible for managing and mitigating risks associated with foreign exchange transactions and maintaining strong relationships with regulatory bodies and financial institutions.
Key Responsibilities:
1. Regulatory Compliance:
- Ensure compliance with all foreign exchange regulations and guidelines, including monitoring changes in regulations and updating internal policies accordingly.
- Develop and implement procedures and controls to ensure compliance with foreign exchange laws and regulations.
- Maintain up-to-date knowledge of local and international laws and regulations related to foreign exchange controls.
2. Risk Management:
- Assess and mitigate any potential risks associated with foreign exchange transactions.
- Develop risk management strategies and protocols to minimize exposure to currency fluctuations and market uncertainties.
- Regularly review and evaluate foreign exchange processes to identify areas for improvement and implement appropriate measures.
3. Policy Development and Implementation:
- Develop and update foreign exchange policies in line with regulatory requirements and business needs.
- Communicate and train employees on foreign exchange policies, procedures, and best practices.
- Monitor adherence to policies and ensure consistent implementation across the organization.
4. Reporting and Documentation:
- Prepare and submit reports to regulatory bodies as required.
- Maintain accurate and up-to-date documentation related to foreign exchange transactions, including contracts, confirmations, and related correspondence.
- Ensure proper record-keeping and archiving of all foreign exchange documents and files.
5. Relationship Management:
- Establish and maintain strong relationships with regulatory bodies, financial institutions, and other relevant stakeholders.
- Collaborate with internal departments, including Treasury, Finance, and Legal, to address foreign exchange control requirements.
- Act as the main point of contact for inquiries, audits, and inspections related to foreign exchange controls.
Qualifications and Requirements:
- Bachelor's degree in finance, Business Administration, or a related field. A Master's degree in a relevant discipline is preferred.
- Minimum of 3 years of experience in foreign exchange controls or a similar role in a financial institution or multinational corporation.
- In-depth knowledge of foreign exchange laws, regulations, and best practices.
- Strong analytical and problem-solving abilities.
- Excellent communication skills, both written and verbal.
- Proven ability to develop and maintain effective relationships with regulatory bodies and financial institutions.
- Attention to detail and ability to work under pressure and meet deadlines.
Note: The above job description is not comprehensive and may evolve according to business needs.
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