AML / CFT Research and Risk Analyst at South African Reserve Bank

Brief Description        

• The main purpose of this position is to undertake extensive money laundering (ML) risk research and sector risk assessments relevant to the PA to ensure that current ML risk trends and typologies for SA and other relevant jurisdictions are maintained by the PA and that pertinent information feeds into the risk rating tools and scoping documentation for on-site supervision.

Detailed Description        

• The successful candidate will be responsible for the following key performance areas:
•  Conduct research as well as identify new and emerging ML risks (threats, vulnerabilities and consequences), trends, including those in jurisdictions where SA banks have international operations (information must feed into the risk returns and inform the frequency of supervision);
• Ensure that the PA is adopting international best practice in terms evidencing understanding of ML risk, reflective in the ML/TF risk assessments.
• Maintain and continually enhance the life insurance and banking risk based tools;
• Provide training and briefings on ML risk related matters, draft guidance as may be required, and provide input into pertinent documentation for relevant stakeholders;
• Ensure that the onsite inspections scoping adequately take into account the ML risks relevant to the respective supervised institutions.
• Develop, implement and maintain an automated sector risk assessment process whereby data is received via institutions and update the sector risk assessment methodologies utilised and conduct sector risk assessments.
• Ensure that banking and life insurance sector risk reports are issued to the public and ensure that stakeholder engagement sessions take place in this regard;
• Analyse the risk returns received from institutions and ensure the information is being correctly fed into the risk-based tool, and that the tool is updated as and when required when new information is received;
• Update inspection procedures with relevant questions pertaining to ML risk mitigation and control assessment and ensure that best practice and supervisory practices are adequately captured in the supervisory manual or risk assessment tools adopted;
• Compile statistics useful for ML sector risk assessments;
• Provide inputs to the national risk assessments and to contribute to the work of the national risk assessment committee; and
• Ensure that ML/TF/PF risk assessments are conducted periodically for the banking and life insurance sector, with inputs from the PF/TF analyst.

Job Requirements        
To be considered for this position, candidates must be in possession of:

• A Postgraduate qualification (NQF 8) in the fields analytics, law, data science, commercial law, audit, international relations, international security, international law or other fields related to financial crime risk is required;
• five to eight years experience in financial crime control within a bank, audit or consulting firm.

Additional requirements include: 

•  Industry, organisational and business awareness Knowledge and Skill           
•  Data analysis and reporting Knowledge and Skill
•  In depth technical knowledge
•  Excellent writing skills
•  Good drafting and interpretation of legislation skills
•  Data mining, modelling and predictive analytics and business intelligence reporting experience advantageous;
•    Experience in conducting ML risk assessments; research and practical experience as well as good understanding of international best practice and technological developments in the AML sphere.