Exchange Control Specialist at Discovery Limited

Job Purpose

The Exchange Control Specialist is responsible for the oversight, development and maintenance of the Reporting System to the Financial Surveillance Department of the South African Reserve Bank (SARB) and is the custodian of all banking matters related to Exchange Controls including the monitoring of Exchange Controls.

Areas of responsibility may include but are not limited to

Reporting of Excon Transactions:

• Must have sufficient knowledge of the FinSurv Reporting System and reporting rules.
• Must have sufficient knowledge of the o FinSurv Reporting System validation rules.
• Must have sufficient knowledge of the BoP categories, BopCus and BopCard and how to apply the categories to transactions.
• Ensure any reporting errors are addressed and rectified to be submitted to SARB
• Ensure all transactional files are submitted and accepted error free by the SARB.
• Request customer files to be amended (where necessary) to comply with the Reporting Standards.
• Communicate with customers related to incomplete customer data in the customer files.

Exchange Control Related Issues

• Must have sufficient Exchange Control knowledge including the contents of the Currency and Exchange Manual for Authorised Dealers.
• Must have sufficient business knowledge to apply the Exchange Control Rules to transactions and provide advisory services to the business
• Submit applications to SARB where required
• Keep record of all applications submitted.
• Follow up with SARB regarding outstanding responses.
• SARB queries raised and inspections to be attended to.
  • R50,000 card transaction limits exceeded to be followed up with customers.
  • Cards to be locked with SARB instructions to be executed and customers to be informed based on information supplied by SARB.
  • Single Discretionary Allowance (SDA)exceptions.
  • Capital allowance exceptions.
  • Provide information requested by the SARB and attend to on-site and off-site inspections by the SARB.
• Verify the R50,000 exceptions monthly and advise customers of any transgressions.
• Monitor SDA and Capital allowance limits across all products.
• Supply advice to customers and Discovery staff related to Exchange Control issues.
• View and authorise corporate customer payments.
• Keep documentation of corporate customer transactions per transaction for a period of 5 years.
• Attend internal meetings, including product development meetings.
• Attend/arrange meetings with the SARB.

Reporting System and other System requirements:

• Must have access to TxStream, MS Office, Teams, Zoom, Internal Excon reports.
• Must have knowledge or be trained with functionalities of TxStream.
• System development specifications and requirements to be attended to.
• Create specifications for new reports required.
• Test new products to ensure correct reporting to the SARB.
• Test reporting to the SARB when required.

Assist the development teams of new products (e.g Forex) to ensure that the product complies with the Currency and Exchanges Manual for Authorised Dealers and that related transactions can be reported via the FinSurv Reporting as per the SARB requirements.

Add value to deliverables with excellent problem solving, idea generation and strategic thinking. Work closely with the wider Development team, Finance, Product Development and System Architects to optimize the best solution for the bank and group.

Personal Attributes and Skills

• Resourceful and tenacious.
• Self-motivated.
• Focused on driving results.
• Detail-oriented.
• Organised and process oriented; ability to multi-task and manage time effectively.
• Ability to convey complex data in a concise understandable manner and distil the key messages.
• Strong problem-solving skills.
• Ability to work effectively across varying levels of Management and multi-disciplinary teams.
• Good and clear written style.
• Strong verbal and written reporting skills.
• Quantitative/qualitative analytical skills.

Education and Experience

• B.Com Accounting (preferable) and Exchange Control experience in the South African market.
• At least 5 years of experience in relevant field.
• Retail banking experience.
• Strong track record of professional performance.
• Skilled in Microsoft products, particularly PowerPoint, Word, and Excel.