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- Assist in overseeing the Bank’s Regulatory and Compliance activities, Training & Management Information Reporting to drive a strong compliance culture in the business and management of compliance risks. Develop, review and implement the bank’s Compliance program, as the Bank’s Money laundering Reporting officer (MLRO).
1.KEY MEASURABLE GOALS
- Assist in developing, implementing and reviewing of Compliance Risk Management Policies and processes in line with regulatory bodies’ requirements.
- Assist in overseeing the monitoring of compliance to policies and procedures and ensure corrective action is taken where there are deviations to minimize exposure.
- Undertake compliance checks on adherence to policies and processes in all business units
- Carry out training to all staff with regards to KYC/AML and other regulatory requirements. This includes new developments in regulations.
- Ensure adherence to Principles of Corporate Governance & best practices.
- Act as a focal point for compliance issues across the Bank
- Act as a link between the bank, CBK and other regulatory bodies on compliance issues.
- Develop, review and implement the bank’s Compliance program, as the Bank’s Money laundering Reporting officer (MLRO).
- Ensuring the bank has in place effective reporting systems for violations or potential violations to relevant authorized enforcement agencies.
- Assist in formulating & reviewing the Compliance/Regulatory Function’s Policies, Procedures, Templates, Job Descriptions & Objectives
- Measure compliance risk (e.g. by using key risk indicators) and use such measurements to enhance the institutions’ risk assessment. Champion the Management of Compliance Risk.
- Monitor developments in legislation and regulation and assess their impact on the Banks’ business operations and its policies and procedures.
- Monitor compliance to the Old Mutual Group Risk Policies and Standards.
2. KEY RESPONSIBILITIES
- Manage, assess and co-ordinate to enable the Bank to comply with the regulatory requirements so as to avoid violations or non-conformance with, laws, regulations, prescribed practice, or ethical standards.
- Develop and manage mechanisms which will ensure adherence to principles of good corporate governance and ethics. These to include the establishment and adherence to Board and Directors’ Charters, Board and Sub-board composition, Board of Directors’ Performance Evaluation, Meetings and Minutes.
- To act as a focal point for all compliance issues.
- Provide reports (MI) on a regular basis, and as directed or requested, that supports the head of Risk and Compliance to report to Management and the Board, the operations and progress of compliance efforts.
- Ensure proper reporting of violations or potential violations to relevant authorized enforcement agencies as appropriate or required to prevent further penalties/fines.
- Formulate and review the Compliance/Regulatory Function’s Policies, Procedures, Templates, Job Descriptions and Objectives to make sure they are in tandem with the changing operational environment.
- Conduct compliance checks and other assurance exercises, bank-wide to identify areas on regulatory non-compliance or control weaknesses that have the potential to lead to non-compliance. Monitor implementation of agreed management actions.
- Any other duties assigned by the Head of Risk and Compliance from time to time.
Money Laundering Reporting Officer Duties
- Develop, implement and review the Banks AML, KYC & CFT Policy
- Sensitize all staff of the Bank on all acts, regulations, internal policies & guidelines in relation to Money Laundering as well as the Bank’s policies, procedures and standards.
- Monitor and report any suspicious transactions or activities to the Financial Reporting Center (FRC)
- The contact point within the Bank to whom staff report all suspicious transactions.
- Cooperate with national law enforcement agencies by taking appropriate measures which are consistent with the law in all matters in relation to Money Laundering
- Ensure screening of all customers, staff and service providers against the required ML sanctions lists, before being onboarded.
- Ensure timely and accurate submission of the required AML / CFT reports to both the Financial Reporting Centre and the Central Bank of Kenya.
- Furnish a report to the Board and Management on a periodic basis providing the compliance status to AML / CFT / KYC laws regulations, policies and procedures.
- Ensure that any subsidiary companies of the Bank comply to statutory requirements on AML, KYC & CFT
- Business degree
Knowledge and Skills
- Extensive / in depth knowledge of the laws and regulations governing banks or the financial sector.
- At least 5 years’ experience in compliance in a bank or financial institution
- Good decision-making skills.
- Good communication skills
- Attention to detail.
- Keen follow up
- Master’s degree
- AML / compliance certification.