Head of Regulatory Affairs [HORA]



Head Office

Reporting Line: Board and relevant governance committees Roles reporting to the position Lead : Surveillance and Inquiries /MLRO Lead : Policies, Advisory and Training Lead: Governance, Risk and Reporting Lead : Monitoring, Testing and Quality Assurance Objective / Purpose of the Department The Compliance department of Bank One discharges the bank’s obligations as second line of defence (2LOD). Its main function is to identify risks that the bank potentially could face and advise on these risks and efforts to mitigate. By designing and implementing controls, the department protects Bank One from those risks and act in a preventative manner. Monitoring and execution are only effectively performed if Compliance adequately and regularly report on the effectiveness of these controls in the management of the bank’s exposure to risks. The department is resolution focused and resolve compliance difficulties as they occur. Lastly, the department’s purpose is also to advise business on rules and controls effectively laying the foundation of and embedding the bank’s compliance culture. To effectively embed an AML/CFT risk management function to discharge their responsibilities relating to the AML/CFT compliance risk as required by the relevant Legislation (Financial Intelligence and Anti-Money Laundering Act), Regulations (Financial Intelligence and Anti-Money Laundering Regulations), Code (Code on the prevention of Money Laundering and Terrorist Financing) and Handbook (The Anti Money Laundering and the Countering the Financing of Terrorism Handbook). Objective / Purpose of the Job The focus is here on AML/CFT functional responsibilities of the HORA. The HORA primary role to develop compliance regulatory tactical strategy plans, integrate practice formulation and to ensure operational implementation and adaption across multiple practices for methodology, governance and delivery objectives. The HORA’s specific AML/CFT responsibilities include:
  • Ensure there is end-to-end design and implementation of AML/CFT specific regulatory requirements and controls
  • Oversee Anti-Money Laundering Compliance Risk Management in Bank One which include:
    • Providing overall strategic direction, oversight, coordination and cooperation in respect of the AML/CFT Core functions.
  • Oversee independent Compliance Risk Management (Program and Product/Service/Function focused) by
    • Providing direction and oversight in supporting the AML/CFT function to determine local requirements and the applicable extraterritorial laws, regulations, relevant policies, standards, and procedures to effectively discharge the bank of its legal obligations and mitigate ML/TF risk
  • Ensure that the AML/CFT functions deliver consistent application of AML/CFT programs and procedures and be accountable to program owners consistent with the enterprise wide risk methodology and CRM Framework.
  • Contribute to the development of programs but are not limited to: Sanctions; Anti Bribery; Privacy and Information Compliance; Third Party Management and Outsourcing; Employee Activities; Conduct Risk; Ethics; Surveillance, Compliance Assurance; Compliance Monitoring; Prudential Regulatory Compliance.
  • Sign-off on the annual AML/CFT risk management plan
  • Setting out how ML/TF risk will be managed within Mauritius and its constituent parts, and the role to be played by AML/CFT Core Functional Leads and other regulatory compliance in order to achieve the plan
  • Identification of the jurisdictional AML/CFT requirements, accountabilities and the process ownership and monitoring and testing ownership, as well as the determination of suitable staffing, hours required and secured budget in order to achieve the state of the AML/CFT function within risk appetite will be set out in the plan, which will be reviewed quarterly
  • Enhancing Governance by:
    • Providing a valued interactive program of support and compliance risk management services covering the assessment and reporting of Key ML/TF Risks across products, services, functions, legal entities, service centres and the jurisdiction as a whole.
    • Providing stakeholders with insight and practical solutions as well as credible challenge to improve the ethical control culture, and conduct risk environment.
    • Timely reporting of significant local AML/CFT regulatory issues to local, overseas, regional, and global stakeholders
  • Maintaining on-going assessment and reporting of the of the AML/CFT function through the relevant governance committees
  • Providing Stakeholder Support and Building Strong Relationships by:
    • Developing senior management relationships, inclusive of non-executive directors, the CEO, COO as well as product functional and entity/service line management
  • Ensuring that the regulatory change management requirements and processes, along with the regulatory AML/CFT control framework for existing requirements, are effectively operating within the country with respect to the identification, impact assessment and implementation of all applicable AML/CFT laws, regulations, rules and related processes, controls and reporting on impact of Bank One.
  • Informing Bank One’s senior management and directors, and the business management of significant AML/CFT compliance matters that require their attention or action
  • Proactively anticipate and help the business and AML/CFT core functions plan for changes in the compliance and regulatory environment in the country.
  • Provide support to AML/CFT compliance programs and business management on policy interpretation and “grey area” exposures
  • Be the “tone at the top” who sets AML/CFT compliance culture in Bank One
  • Build and maintain strong relationships with other department heads, including Legal, Risk Management, including Operational Risk Management, and Internal Audit to create a supportive and seamless compliance and ethical control culture and an appropriate ML/TF risk environment
  • Management and development of regulatory relationships.
  • Coordinating as the key interface with regulators on compliance risk management issues and supervisory exam management matters.
  • Endeavour to elevate ML/TF risks to the status of key risks within Bank One.
  • First point of contact for regulatory authorities on all AML/CFT issues
  • Coordinator of all external inspections, i.e. external audit and regulatory authorities and making compliance recommendations based on their findings
Essential Educational and / or Training Qualifications & Certificates  
  • Postgraduate degree or equivalent for the relevant field
  • Professional qualification i.e. Attorney preferred
  • ACAMS certificate or equivalent
Preferred Experience and Knowledge
  • Minimum 10 years working experience in banking, external auditing, risk and compliance or consulting in financial services sector with a minimum of 5 years in a senior management role
  • Experience in dealing with senior officials in government, senior management and industry
  • Extensive knowledge of AML/CFT compliance environment

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