Senior Exchange Control Specialist
5 days ago
At Edge Executives, we are seeking a highly skilled Senior Exchange Control Specialist to join our team. In this role, you will be responsible for ensuring overall adherence to the South African Reserve Bank exchange control and cross-border reporting requirements.
Job OverviewThis position is administratively housed in Legal and Compliance. Your key responsibilities will include training, monitoring, and reporting on Exchange Control policies, requirements, and regulations to relevant staff, departments, and senior management. You will also maintain and update Exchange Control policies and rules, ensuring all relevant staff and departments are advised accordingly.
You will support the Branch and clients with applications to the South African Reserve Bank to obtain approval for transactions not permissible in terms of the Currency and Exchanges Manual for Authorized Dealers. Your professional solutions will create methods, strategies, or concepts when dealing with client queries and applications. Building and maintaining relationships with regulators and other authorized dealers is also essential.
You will participate as a member of the Branch's Capital and Risk Committee, LPRC, New Product, and ALCO meetings. Presenting the foreign exchange risk report in the Branch's quarterly Capital and Risk Committee meeting and the monthly KRI report on Operational Risk is crucial. Attending Financial Surveillance Department Authorized Dealer Committee Meeting and BASA meetings where relevant is also required.
You will coordinate the FinSurv Reporting System, development, optimization, testing, and manage production implementation in terms of the SARB Business and Technical Specifications and Operations Manuals. Ensuring transaction reporting is done via FinSurv Reporting System in accordance with the FinSurv Reporting System manuals and acting as a dual control function on the reconciliation application is vital.
You will ensure that the Branch's Exchange Control and FinSurv Reporting System risks as well as onsite and offsite audits are managed accordingly with no Reputational, Financial, or Regulatory implications. Adhering to all Compliance guidance and rules as well as other Regulatory requirements outside that of the Financial Surveillance Department of the South African Reserve Bank is critical.
Driving industry reforms relating to exchange control and cross-border reporting is an important aspect of this role. Implementing the 1Finsurv Project and the New Capital Flow Management Framework over the next 4 to 5 years is also required.
Other related work assigned by regulators and the department must be completed.
To succeed in this role, you will need:
- A minimum of a Bachelor's degree in a relevant field
- +/-10 years' experience in banking and exchange control, with knowledge of treasury back-office operations and Exchange Control requirements
We offer a competitive salary of $120,000 - $150,000 per annum, commensurate with your experience. This role is subject to FSD/PA approval.
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