Compliance Specialist - (Anti-Money Laundering)

About the role

The incumbent will oversee the Anti-Money Laundering portfolio for the RMA Group, and other allocated portfolios. Performing periodic compliance monitoring reviews to identify issues of non-compliance. The outcome of monitoring reviews will assist the business unit to identify areas of non-compliance and improvement and aid the business unit in executing its responsibility to comply with all regulatory codes and legislative requirements. The incumbent will also be required to ensure that the business is operating within the prescribed legal and regulatory frameworks by facilitating and periodically monitoring compliance with internal policies and procedures embedded within the company via manual and electronic formats.

What will you do?

• Oversee the Anti-Money Laundering Portfolio for Group Compliance
• Oversee the FIC Reporting requirements for RMA Group
• Ensure regulatory reports are submitted via goAML as required
• Manage users on goAML as and when required
• Ensure adequate record-keeping for reports lodged
• Ensure Umoja AML reports are submitted timeously
• Manage and oversee the AML Software System from RMA Group perspective
• Facilitate the AML Forum for the RMA Group
• Plan and execute compliance monitoring activities timeously
• Complete online reviews for each business unit
• Interact quarterly with stakeholders in each business unit gathering information
• Execute the monitoring plan as allocated by the Compliance Manager
• Business unit compliance report
• Implement an organization-wide reporting procedure to ensure compliance with the reporting responsibilities as required by the Regulator(s)
• Analyze, collate and interpret organization-wide compliance reports
• Submit detailed and summarized reports on areas covered, findings and appropriate recommendations for improvement to management and other Board-Sub Committees
• Conduct independent compliance monitoring e.g., Control Adequacy Assessments and Control Effectiveness Assessments / testing, special reviews and risk indicator monitoring via the compliance software system
• Monitor new regulatory developments and assist with interpreting regulatory requirements for impact assessments
• Provide each business unit with their compliance report highlighting areas of non-conformance
• Agree deadlines/responsibilities and required improvement
• Update Combined Assurance Findings Tracking document to monitor progress on a monthly basis, to track findings closure
• Monitor the efficiency and consistency of compliance controls
• Consolidating business unit reports to reflect companywide compliance
• Consolidating tracking documents and progress report
• Company report
• Company tracking document
• Facilitate resolution of compliance breaches
• Provide ongoing guidance and advice to Divisions / Departments
• Assist with the training of staff on compliance related matters, and review of training programme
• Promote compliance awareness and participate in initiatives to enhance the RMA compliance culture

Qualifications

• Relevant business-related degree (Essential); with an accompanying Compliance related qualification
• B. Com Law / LLB (Advantageous)
• Registered as a Member with the CISA (Essential)
• FSCA Regulatory Exam (RE1) (Advantageous)
• Professional Compliance Designations i.e., AML CPRAC(SA) or CPRAC(SA) (Advantageous)

Experience

• 5-7 years' experience working in a compliance environment
• 3-5 years' experience in an AML role within the insurance industry or financial services industry
• Excellent working knowledge of the AML legislation is a must, and good working knowledge of all Insurance related legislation will be an added advantage
• Good working knowledge of the GACP will be an added advantage

Knowledge and skills required

• Excellent working knowledge of AML will be an added advantage
• Practical knowledge of applicable insurance and related legislation
• Ability to interface with Regulators
• Functional Knowledge of COIDA
• Excellent verbal communication and writing skills
• Ability to work under pressure and meet deadlines
• Good presentation skills and ability to interact with senior management
• Experience in compiling compliance reports and regulatory submissions
• Professional Compliance Designations i.e., AML CPRAC(SA) or CPRAC(SA) an advantage

Benefits

• Great opportunities for personal and professional development in a stable company that's 133 years strong
• Competitive salary package
• Flexible work arrangements (combination of remote and in the office)
• Part of a dedicated group of colleagues who value teamwork and collaboration

This response is AI-generated, for reference only.