Financial Crime Surveillance & Assurance Manager at Absa April, 2023

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Job Summary

To support the Country MLRO in implementing a robust Financial Crime Regime;
• Implement AML compliance processes and methodology as prescribed in the group Enterprise Risk Management framework (EMRF) and Risk Management and Compliance Program (RMCP).
• Ensure that all activities are carried out in full compliance with regulatory requirements and internal Absa Policies and Policy standards.
• Champion delivery of the ABSA annual rules optimization/tuning on the Transaction monitoring.
• Understand and manage Fin Crime risks and risk events (incidents) relevant to the role.
• Enforce strong Compliance standards, commensurate with the Absa group and country’s local conditions
• Execute and manage monitoring assignments in accordance with the Financial Crime Monitoring plan and relevant policies, procedures, and quality standards.
• Support the Country MLRO in the delivery of programs related to financial crime risks
• Act as a point of liaison between Absa, FIU and other regulators
• Monitor suspicious alerts escalated to MLRO and perform further investigations to discount or confirm if they are STR to be filed to the regulator.
• To implement Risk Management and Compliance Program (RMCP) related matters including policy/standards reviews and localization, and trainings on all matters patterning to Financial Crime
• Champion in Collaboration with AIA, Ops risk team, FCAT, Central bank; all the reviews and/or assurance, audit that relates to FinCrime compliance.
• Support MLRO in developing action plans based on findings in FinCrime reviews and monitor execution
• Drive all Compliance related projects and ensure that all FinCrime parameters and conditions are adhered in all bank products

Job Description

Effective and timely investigations and SAR reporting
Perform Quality Assurance on the completed reviews including PEP/HRR/Medium/Low-risk relationships, manual triggers, Suspicious Transaction alerts closed by Analyst as per the TM standard, etc.
Address all issues identified in AIA audits, QA of AML and monitor completion of remedial activities, and inform the Line Manager on the progress.
Effective and timely reporting of KYC / AML and sanctions MI, discounting alerts, and any other related activity as assigned by the Country MLRO
Provide full support to the business in AML, sanctions, ABC and KYC-related queries.
Carry out volume/ value analysis to determine appropriate thresholds to be used for suspicious transaction alert monitoring.
Support the MLRO in driving the implementation of Risk Based Approach (RBA) throughout the business.
Guide the business in understanding the RBA to AML compliance and assist them in compiling appropriate customer profiles.
Develop action plans based on findings in suspicious transaction reviews and monitor the execution of such plans.
Support in performing annual reviews of suspicious transaction limits set across each of the business types.
Obtain annual coverage plans on KYC, AML, and Sanctions and monitor status on a continuous basis and report any deviations to MLRO/Head of Compliance.
Support in Cash Transactions Reports (CTR), and Electronic Fund Transfers (EFTs)
Provide appropriate information to the Line Manager by collating appropriate, accurate, and reliable MI to effectively manage compliance risks on FinCrime reviews.
Evaluate and challenge information received from the business with the objective of achieving continuous improvement in AML compliance.
Rule tuning and optimization
Support in conducting AML/CFT risk assessment as required by AML regulations
Support in AML/CFT prudential submissions
Support in responding to various requests from competent authorities
Support business in providing Financial Crime NAPA approvals.

Maintain excellent relationships with the business team to ensure the achievement of business goals.

Collate and draft consolidated AML compliance report and other reports as required by the MLRO within deadlines set and submit to MLRO.
Conduct periodic and effective trainings to business and other stakeholders in respect to FinCrime related matters.
Report and escalate all AML compliance risks and issues arising from the Tanzania business promptly and appropriately in accordance with Group and local legal and regulatory requirements.
Report any deviations to the MLRO.
Keep the MLRO informed on compliance matters which may pose financial or reputational risks for the business.
Provide appropriate information on a daily, weekly and monthly basis by collating appropriate, accurate and reliable information to aid effective management of compliance risks.

In the event of major issues in the business unit, act as crisis coordinator and allocate tasks to the crisis teams.
Review the risk and compliance profiles of the business unit on a regular basis and provide consultative support to the business on changes that are required to rebalance risk and reward where required.
Adhere to Absa’s policies and procedures applicable to own role, demonstrating sound judgment and responsible risk management.
Keep up to date on all regulatory changes and have the ability to articulate the impact to the Business, be well informed on the industry thinking.
All mandatory training completed to deadline.

Absa’s Values and Behaviours represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded: