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Head of Compliance
- Head of Compliance, International Bank, Durban based
- Head of Compliance, Commercial Trade Finance, International Bank, Durban
About Our Client
Our client is an international Swiss Bank that operates in 9 countries on 4 continents. The total employee count globally is standing currently at approximately 5,500 employees with 143 being situated in their offices in South Africa. Head offices are based in Durban however 60% of all business is done in Johannesburg.
Our client has been rated 1st in terms of returns on assets and 4th in terms of soundness (capital-asset-ratio) of all Swiss Banks. They focus primarily on Trade Finance for commercial and business clients with smaller elements focusing on Private Banking, Treasury Solutions and Islamic Banking.
Our client's aim, as well as the candidate's responsibility, is to drive the organisation to a modernised approach to compliance with will help the Bank to drive its strategy to growth (opening 4 additional branches) forward.
- Will be required to liaise with the Regulators and the Group Head of Compliance (Zurich) Must have experience in AML, KYC and FATCA etc.
- Set KPI's for compliance and conduct their performance appraisals.
- Provide guidance on new product & delivery channel development; and sign off prior to launch.
- Guide and advise the EXCO, Department Heads & BM's on Compliance requirements.
- Ensure updating of Policy & Procedure Manuals by the CCGD due to regulatory changes.
- Stay abreast of regulatory change and developments through the CISA and Sentinel system.
- Serve as Project manager on the implementation of new compliance requirements.
- Attend the group's annual compliance conference.
- Financial Intelligence Centre reporting.
- Control and Manage all GoAML reporting to the FIC for the:
- Daily Cash Threshold Reporting (CTR),
- Daily International Funds Transfer reporting (IFTR) for EFT Cross Border transactions,
- Reporting of Suspicious Transaction Reports (STR).
- Manage all projects relating to the above reporting to the FIC.
FATCA and CRS reporting:
- Control and Manage all reporting to the SARS for FATCA and CRS.
- Manage all projects relating to FATCA and CRS requirements.
Re-KYC of client accounts:
- Control and manage the re-kyc and Enhanced Due Diligence (EDD) process, including ensuring that:
- All High Risk accounts are completed annually,
- Medium Risk accounts every 3 years, and
- Low risk accounts every 5 years.
Reports & Reporting:
- Compile an annual Compliance Activity Plan for approval by the BoD.
- Review the Legislative Risk Matrix on an annual basis and submit to the BoD.
- Complete reports as requested by the SARB.
- Table reports to the Audit Committee on the levels of compliance.
- Prepare and submit all required reports to HO on a quarterly basis.
- Prepare & circulate the CCC Agenda, Committee Pack and Minutes.
- Manage the Sentinel Regulatory Change Monitoring system and keep the Regulatory Change Tracker updated.
Compliance Monitors & suspicious transactions:
- Clear the Blacklist Filter of blocked entries.
- Regularly review the Compliance Monitor's functioning, quality of commentary and timeliness of clearing.
Compliance Risk Managements Plans:
- Manage the process of documenting Internal Controls into the CRMP's.
- Monitor the levels of Compliance by utilizing the Lex Manager system.
- Compile an annual Compliance Training Plan.
- Provide guidance and formal training to compliance staff on new and existing Regulatory Compliance Requirements.
- Update training manuals to stay abreast of regulatory changes and policy requirements.
- Conduct quarterly branch inspections and inspections of Centralised Departments and produce reports timeously.
- Conduct an annual FinSurv Inspection and issue a Letter of Comfort to the SARB's FinSurv Department.
- Conduct an annual NCA inspection and issue a NCR Compliance Report.
- Deal with litigation against the Bank, instruct attorneys and consult with counsel.
- Draft/review MSLA's, SLA's & other contracts.
- Provide legal advice & draft legal opinions when required.
- Interpret legislation and translate into policy requirements.
The Successful Applicant
10-12 years' experience (preferably) in a similar position as Head of Compliance or nr 2/3 of the Compliance department of a tier 1,2 or 3 Banks in South Africa.
2-5 years' managerial experience
Strong understanding of the Trade Finance business in commercial or business Banking
Relevant tertiary qualification
What's on Offer
Market related salary + Performance bonus