Head of Financial Crime Compliance / MLRO

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Job Summary

The Head of Financial Crime Compliance / Money Laundering Reporting Officer (MLRO) at Vice President level is a critical leadership role responsible for overseeing the financial crime compliance function within Absa Mauritius. This role ensures that the organization adheres to all relevant laws and regulations, implements robust anti-money laundering (AML) and fraud prevention measures, and fosters a culture of integrity and transparency.

Job Description

Leadership and Strategy

• Develop Financial Crime Risk Management Strategies: Formulate and implement comprehensive strategies to manage and mitigate financial crime risks, including AML, fraud prevention, and sanctions compliance. This involves setting clear objectives, defining key performance indicators (KPIs), and ensuring alignment with the overall business strategy.
• Drive Compliance Culture: Foster a culture of compliance and ethical conduct within the organization by promoting awareness and understanding of financial crime risks among employees. Lead by example and ensure that compliance is integrated into the daily operations of the business.
• Strategic Planning: Collaborate with senior management to develop long-term plans for financial crime compliance, ensuring that the organization is prepared to address emerging threats and regulatory changes.

Policy Development

• Create and Update Policies: Develop, review, and update policies and procedures related to AML, fraud prevention, and sanctions compliance. Ensure that these policies are in line with local and international regulations and best practices.
• Policy Implementation: Oversee the implementation of financial crime compliance policies across the organization, ensuring that all employees understand and adhere to these policies.
• Policy Communication: Communicate policy changes and updates to all relevant stakeholders, including employees, management, and external partners. Provide clear guidance on how these policies should be applied in practice.

Risk Assessment

• Conduct Risk Assessments: Perform regular risk assessments to identify potential financial crime risks within the organization. This includes evaluating the effectiveness of existing controls and identifying areas for improvement.
• Risk Mitigation: Develop and implement risk mitigation strategies to address identified financial crime risks. This may involve enhancing internal controls, implementing new technologies, or providing additional training to employees.
• Risk Reporting: Prepare and present risk assessment reports to senior management and the board of directors, highlighting key findings and recommendations for action.

Compliance Programs

• Design Compliance Programs: Develop and implement comprehensive compliance programs to address financial crime risks. These programs should include training, monitoring, and reporting mechanisms to ensure ongoing compliance.
• Monitor Compliance: Continuously monitor the effectiveness of compliance programs, making adjustments as necessary to address new risks or regulatory changes.
• Internal Controls: Ensure that robust internal controls are in place to prevent and detect financial crime. This includes implementing systems for transaction monitoring, customer due diligence, and suspicious activity reporting.

Investigations

• Lead Investigations: Oversee investigations into suspicious financial activities, ensuring that they are conducted thoroughly and in accordance with regulatory requirements.
• Reporting Findings: Report investigation findings to relevant authorities, including regulatory bodies and law enforcement agencies. Ensure that all reports are accurate, timely, and comply with legal requirements.
• Corrective Actions: Implement corrective actions based on investigation findings to address identified weaknesses and prevent future occurrences of financial crime.

Training and Guidance

• Provide Training: Develop and deliver training programs on financial crime prevention for employees at all levels of the organization. Ensure that training is tailored to the specific needs and risks of the business.
• Offer Guidance: Provide ongoing guidance and support to compliance professionals, helping them to understand and apply financial crime prevention best practices.
• Awareness Campaigns: Conduct awareness campaigns to educate employees about the importance of financial crime compliance and the role they play in preventing it.

Monitoring and Reporting

• Monitor Financial Crime Risks: Continuously monitor financial crime risks, using data analytics and other tools to identify trends and patterns.
• Timely Reporting: Ensure timely reporting of financial crime risks to senior management and the board of directors. Provide clear and actionable insights to support decision-making.
• Corrective Actions: Implement corrective actions based on monitoring and reporting findings to address identified risks and improve the overall effectiveness of the financial crime compliance program.
• Any other tasks deemed necessary and as will be required by the Head of Compliance

Leadership and Team Management

• Lead and develop a team of financial crime professionals compliance professionals, ensuring they have the necessary skills and resources to perform their roles effectively.

Duties for the MLRO as per Regulatory GuidelinesGuidelines on AML/CFTP issued by Bank of Mauritius

• Reporting Obligations: Ensure timely reporting of suspicious transactions to the Financial Intelligence Unit (FIU) as required by the Bank of Mauritius guidelines.
• Risk-Based Approach: Implement a risk-based approach to AML/CFTP, ensuring that higher-risk areas receive greater scrutiny and resources
• Customer Due Diligence (CDD): Oversee the implementation of robust CDD measures, including the identification and verification of customers and beneficial owners
• Record Keeping: Ensure that records of transactions and customer information are maintained for the required period as stipulated by the guidelines

FSC AML/CFT Handbook

• Internal Controls: Develop and maintain effective internal controls to prevent and detect money laundering and terrorist financing activities.
• Independent Audit: Ensure that the AML/CFT program is subject to regular independent audits to assess its effectiveness and compliance with regulatory requirements
• Training Programs: Implement ongoing training programs for employees to ensure they are aware of their AML/CFT obligations and can identify and report suspicious activities
• Business Risk Assessment: Conduct regular business risk assessments to identify and mitigate potential AML/CFT risks

FIAMLA (Financial Intelligence and Anti-Money Laundering Act)

• Suspicious Transaction Reporting: Ensure that all suspicious transactions are reported to the FIU within the prescribed time frame.
• Compliance with FIAMLA: Ensure that the organization complies with all provisions of the FIAMLA, including the reporting of cash transactions and electronic transfers above the prescribed threshold
• Regulatory Engagement: Engage with regulatory authorities to ensure compliance with AML/CFT regulations and to address any issues or concerns raised by the authorities
• Policy Implementation: Oversee the implementation of policies and procedures to ensure compliance with FIAMLA and other relevant regulations

Role/person specificationPreferred Education :

• Bachelor’s in Economics, Finance, law and Master’s degree in Finance, Law, or a related field

Certifications :

• Relevant certifications in AML, fraud prevention, sanctions compliance, and anti-bribery and corruption measures

Preferred Experience :

• Extensive experience in financial crime compliance and risk management (more than 10 years and 5 years in a similar senior leadership role), with a proven ability to engage, collaborate, influence, and negotiate with key senior stakeholders

Knowledge and Skills :

• Strong analytical skills, ability to interpret complex regulations, and leadership capabilities to drive a culture of compliance and ethical conduct.
   

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)