Reference Number: RSB
A leading Commercial bank in Mauritius is looking to hire a Head of Regulatory Affairs to be based at their head office in Port Louis. The main purpose of this position is to develop compliance regulatory tactical strategy plans, integrate practice formulation and to ensure operational implementation and adaption across multiple practices for methodology, governance, and delivery objectives.
Requirements: Qualification and Skill
- Ensure there is end-to-end design and implementation of AML/CFT specific regulatory requirements and controls
- Oversee Anti-Money Laundering Compliance Risk Management in the Bank which include:
- Providing overall strategic direction, oversight, coordination, and cooperation in respect of the AML/CFT Core functions.
- Oversee independent Compliance Risk Management (Program and Product/Service/Function focused) by
- Providing direction and oversight in supporting the AML/CFT function to determine local requirements and the applicable extraterritorial laws, regulations, relevant policies, standards, and procedures to effectively discharge the bank of its legal obligations and mitigate ML/TF risk
- Ensure that the AML/CFT functions deliver consistent application of AML/CFT programs and procedures and be accountable to program owners consistent with the enterprise wide risk methodology and CRM Framework.
- Contribute to the development of programs but are not limited to: Sanctions; Anti Bribery; Privacy and Information Compliance; Third Party Management and Conduct Risk; Ethics; Surveillance, Compliance Assurance; Compliance Monitoring; Prudential Regulatory Compliance.
- Sign-off on the annual AML/CFT risk management plan
- Setting out how ML/TF risk will be managed within Mauritius and its constituent parts, and the role to be played by AML/CFT Core Functional Leads and other regulatory compliance to achieve the plan
- Identification of the jurisdictional AML/CFT requirements, accountabilities and the process ownership and monitoring and testing ownership, as well as the determination of suitable staffing, hours required and secured budget in order to achieve the state of the AML/CFT function within risk appetite will be set out in the plan, which will be reviewed quarterly
- Preparing quarterly, in accordance with the approved format, and in adherence to all established requirements for the Board/Committee reporting
- Enhancing Governance by:
- Providing a valued interactive program of support and compliance risk management services covering the assessment and reporting of Key ML/TF Risks across products, services, functions, legal entities, service centers and the jurisdiction as a whole.
- Providing stakeholders with insight and practical solutions as well as credible challenge to improve the ethical control culture, and conduct risk environment.
- Timely reporting of significant local AML/CFT regulatory issues to local, overseas, regional, and global stakeholders
- Maintaining on-going assessment and reporting of the of the AML/CFT function through the relevant governance committees
- Providing Stakeholder Support and Building Strong Relationships by:
- Developing senior management relationships, inclusive of non-executive directors, the CEO, COO as well as product functional and entity/service line management
- Ensuring that the regulatory change management requirements and processes, along with the regulatory AML/CFT control framework for existing requirements, are effectively operating within the country with respect to the identification, impact assessment and implementation of all applicable AML/CFT laws, regulations, rules and related processes, controls and reporting on impact of the Bank.
- Informing the Banks senior management and directors, and the business management of significant AML/CFT compliance matters that require their attention or action
- Proactively anticipate and help the business and AML/CFT core functions plan for changes in the compliance and regulatory environment in the country.
- Provide support to AML/CFT compliance programs and business management on policy interpretation and “grey area” exposures
- Be the “tone at the top” who sets AML/CFT compliance culture in the Bank
- Build and maintain strong relationships with other department heads, including Legal, Risk
- Management, including Operational Risk Management, and Internal Audit to create a supportive and seamless compliance and ethical control culture and an appropriate ML/TF risk environment
- Management and development of regulatory relationships. Coordinating as the key interface with regulators on compliance risk management issues and supervisory exam management matters.
- Endeavor to elevate ML/TF risks to the status of key risks within the Bank.
- First point of contact for regulatory authorities on all AML/CFT issues
- Coordinator of all external inspections, i.e. external audit and regulatory authorities and making compliance recommendations based on their findings
- Postgraduate degree or equivalent for the relevant field
- Professional qualification i.e. Attorney preferred
- ACAMS certificate or equivalent
- Minimum 10 years working experience in banking, external auditing, risk and compliance or consulting in financial services sector with a minimum of 5 years in a senior management role
- Experience in dealing with senior officials in government, senior management, and industry
- Extensive knowledge of AML/CFT compliance environment
- Key competencies include:
- Supporting and Co-operating
- Interacting and Presenting
- Analyzing and Interpreting
- Creating and Conceptualizing
- Organizing and Executing
- Adapting and Coping
- Enterprising and Performing
- Language proficiency in English & French is mandatory
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