Head of Monitoring & Assurance



Port Louis

Job purpose   To support the Head of Regulatory Affairs and the embedded AML/CFT risk management function to discharge their responsibilities relating to AML/CFT risk management process as required by the relevant Legislation (Financial Intelligence and Anti-Money Laundering Act), Regulations (Financial Intelligence and Anti-Money Laundering Regulations), Guideline (Guideline on Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation )and the Handbook (The Anti Money Laundering and the Countering the Financing of Terrorism Handbook).   Monitor and assurance on an ongoing basis in conjunction with the compliance risk management function the adherence to the compliance governance & AML framework, legal and regulatory standards in order to identify further areas of improvement and detect any AML/CFT breaches.   Reporting to senior management and the Head of Regulatory Affairs on assurance and monitoring findings and level of compliance.   Key responsibilities   Create an AML/CFT Compliance monitoring and coverage plan in consultation with the embedded risk management function (includes internal and external audit). This includes:  
  • Develop compliance risk management plan for AML/CFT
  • Develop an internal monitoring and assurance plan aligned to the AML/CFT risk management framework including input from 3LOD (internal audit)
  • Establish risk-based strategic assurance plans that will ensure efficient and effective coverage across both 1LOD (Retail, Commercial, IBD, E-commerce, Private Banking as well as shared services) and 2LOD (Transaction Monitoring)
  • Manage combined assurance by assessing overall assurance provided and the quality of the assurance and develop management information to support combined assurance testing.
  • Manage, coach and develop a monitoring team to conduct and assist with assurance testing.
  • Ensure that the monitoring team conducts sessions to discuss and agree on all findings with stakeholders
  • Evaluate and provide reasonable assurance that functional AML/CFT risk management control, and governance systems are functioning as intended in line with the bank’s strategic objectives and goals.
  • Undertake AML/CFT function (2LOD) specific testing & assurance and report and escalate findings as necessary to senior management governance committees. Specific focus to be placed on Surveillance and Inquiries team
  • Monitor completion of agreed AML/CFT actions, breaches, regulatory findings, audit findings, provide issue assurance and ensure timeous escalations of all issues/ areas of non-compliance.
  • Provide and line oversight over output generated by the AML/CFT Regulatory Operations and KYC cell teams to ensure consistent application of Policy, Process and Standards by conducting ongoing testing and assurance;
  • Partner with business and build effective relationships with all key stakeholders.
  • Contribute to the creation of a compliance culture within the bank.
  • Regular and independent testing to ensure data processes and controls are working effectively and adequately within all core functions as per coverage plan.
  • Provide data to measure key risk indicators against AML/CFT risk thresholds
  • Prepare value-adding reports to senior management, the relevant Committees and Board on AML/CFT risk management issues/ breaches, identified internal controls weaknesses and provide recommendations for improving the organisation's control environment, in terms of both adequate and effective performance
  • Provide senior management and 2LOD an independent view of the effectiveness of AML/CFT controls.
  • Influence and direct AML strategy across the bank.
  Technical & behavioural skills
  • Strong analytical and judgmental skills
  • Ability to make decisions and be solution-driven
  • Strong understanding of the various financial markets
  • Ability to lead, coach and motivate team members
  • Good communication and listening skills
  • Ability to drive business and deliver strong results
  • Excellent oral and written communication skills
  • Very good command of Microsoft tools
  • Keep up-to-date with financial and industry developments
  • Strong knowledge of Central Bank’s guidelines and other relevant local legislation
  Qualifications & Experience  
  • A recognised relevant postgraduate tertiary qualification majoring in Accounting / Auditing/ Legal/ Compliance, specialising in AML/CFT (or equivalent);
  • Minimum of 5 years compliance and auditing/ experience (or equivalent), of which at least 2 years are in a senior management position.
  • Solid understanding of banking products and activities and associated frameworks, including transaction-reporting obligations.
  • Strong working knowledge of financial crime compliance legislation, FATF Recommendations and AML/CFT best practice;
  • A good understanding of Corporate, Retail, Commercial, International, Ecommerce, Private banking, Correspondent banking and Trade Finance transactions.
Incomplete applications will be not be considered and only the best candidates will be called for an interview.   Management reserves the right not to make any appointment following this advertisement.

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