Compliance Officer

The Compliance Officer will be responsible for the following objectives:

Objectives

• Identify and evaluate the compliance risks within the country of domiciliation.
• Organise, coordinate and structure compliance-related controls.
• Control and monitor all measures taken to mitigate the compliance risks.
• Report accordingly to Group Chief Compliance Officer as appropriate.
• Act as an adviser in compliance matters within the country of domiciliation.
• Develop a framework to constantly update the subsidiary on its compliance level with regulatory laws in the country of domiciliation.
• Quality training and sensitization of all staff of the subsidiary on the relevant compliance issues.
• Liaise with Local AML enforcement agencies on AML and financial crime matters.
• Build a strong KYC environment and ensure zero level money laundering infraction.

Responsibilities

• Identify and assess the compliance risks associated with the current and proposed future business activities, including new products and new business relationships the subsidiary might undertake.
• Identify and keep an inventory, available to all staff of the subsidiary, of essential laws and regulation pertinent to the country of domiciliation.
• Advise Group Chief Compliance Officer on the applicable laws, regulation, rules and standards, as it relates to the country of domiciliation, and of any developments in these areas.
• Adapt the Group’s written guidelines to staff and service providers on the appropriate implementation of the laws, regulation, rules and standards through policies and procedures, including Compliance manual and code of conduct, to their country of domiciliation.
• Centralise all information on compliance-related issues, for example breach of regulation, non-respect of procedures, and conflict of interest, within the subsidiary.
• Educate staff of the subsidiary with respect to compliance with the applicable laws, rules and standards and act as advisor on compliance queries from staff members.
• Liaise with relevant external bodies and regulators within the country of domiciliation on compliance matters.
• Exercise any specific legal responsibilities, as it relates to the country of domiciliation, such as reporting suspicious transactions related to money laundering and the fight against terrorism financing.
• Supervise appropriate compliance checks and controls within the subsidiary.
• Co‑ordinate AML/KYC routine examination by the relevant regulators in the country of domiciliation as appropriate.
• Assess the appropriateness of internal policies, procedures and guidelines, as it relates to Corporate Governance, Code of Ethics and professional conduct, ensure a follow‑up of any identified deficiencies, make recommendations for amendments, where necessary, and supervise the implementation of corrective measures to mitigate the identified deficiencies with particular reference to what is obtainable in the country of domiciliation.
• Transaction monitoring and customer profiling of the different customers of the branch. This will include Customer Risk Assessment and profiling of customers into High, medium and low risk accounts.
• Monitor the subsidiary’s compliance level with the Group’s Code of Ethics and professional conduct; Whistle Blowing Policy & Code of Corporate Governance taking into consideration what is obtainable in the country of domiciliation; and prepare monthly compliance status report for the Group Chief Compliance Officer.

Key Performance Indicators

• Effectiveness at reviewing and tracking all regulatory returns.
• Efficiency at collecting and consolidating all periodic exceptions reports.
• Effectiveness at monitoring individual and corporate accounts.
• Effectiveness at following up with Account Officers to regularize exceptions noted.
• Customer satisfaction index.
• % infraction to statutory regulations.
• Additional KPIs as captured on Info pool.

Job Requirements

Education

• A good first degree in any discipline.
• Relevant Masters Degree and professional qualification in business management / banking / accounting and courses in Strategic management will be an added advantage.

Experience

• Minimum of 3 years experience in a bank/financial institution in a similar capacity.

Knowledge

• In depth knowledge of major statutory requirement affecting Kenya’s banking sector.
• CBK Prudential guidelines.
• Kenya Bankers Associations rules and regulations.
• Excellent knowledge of internal policies and procedures.

Skill / Competencies

• Banking industry developments.
• Basel II standards.