Senior Manager: Transaction Monitoring

Empowering Africa’s tomorrow, together…one story at a time.

Job Summary

To lead a team of Financial Crime Transaction Monitoring Specialists responsible for Transaction Monitoring oversight and execution for Absa's Africa Regions countries.

Job Description

Be accountable and take responsible for all aspects of transaction monitoring (“TM”), surveillance, and reporting. The incumbent will be responsible for implementing the strategic direction and appropriate intelligence-led TM activity across the Absa Group (South Africa and the Absa Regional Operations (“ARO”) countries) (“Group”) to ensure a top in class capability which enables the Group to appropriately manage financial crime and terrorist financing risk and which ensures the Group is compliant with all related regulatory, policy and standards

• Lead the establishment and continued improvement of an effective TM control environment comprised of both an automated transaction monitoring system (“ATMS”) and non-ATMS referral streams.

• Expand the non-ATMS control environment in effectiveness, efficiency and coverage, across the Group..

• Develop and implement data-driven methods to assess the end-to-end effectiveness of the TM control environment.

• Lead the work related to regulatory reporting meetings, information requests, queries and findings from regulatory inspections as it relates to TM.

• Lead the creation of a work environment in which all TM colleagues display the Financial Crime Values.

• Lead the creation of a work environment where all TM colleagues know exactly what is expected of them and they are empowered to deliver on these expectations.

• Lead the creation of a work environment based on flexibility allowing the necessary autonomy within which colleagues can focus on delivering against objectives.

• Lead the creation of a culture and environment that encourages the proactive and deliberate delivery beyond what is expected from a role profile, but to delivering output that positively impacts the overall delivery of financial crime control measures across the Financial Crime function.

• Ensure that appropriate TM Standards are compiled and approved by the Head: TM.

• Ensure that the TM Standards are implemented and complied with by way of oversight of the appropriate management information reports (daily and monthly) as well as quality assurance reports.

• Ensure that appropriate processes are designed and implemented to oversee the daily distribution of TM alerts for investigation and reporting purposes by the TM Analysts.

• Ensure that daily monitoring is performed on the status of all TM alerts to comply with the regulatory timeframe for transaction monitoring investigations and reporting.

• Ensure that appropriate processes and controls are designed and implemented to comply with all regulatory requests and instructions.

• Ensure that sufficient resources/capacity exists within the team to comply with the standards, processes and reporting timeframes pertaining to TM.

• Ensure that an annual leave programme for team leaders and team members are compiled and that sufficient capacity exists during the peaks and valley periods.

• Document, socialise, agree and contract PD objectives for the team leaders and ensure that all analysts have contracted PD objectives.

• Document and agree development plans, talent profiles, and retention plans for Team Leaders and ensure that the same exists for all Analysts.

• Ensure that all compulsory training is completed timeously by Team Leaders and Analysts.

• Conduct comparative analysis of reporting statistics to assess whether the non-ATMS and ATMS processes and reporting systems are efficient and operate optimally.

• Propose updates, revisions or changes as and when detected.

• Report and escalate all TM risks and issues arising from the businesses promptly and appropriately.

• Inform the Head: TM with regards to all TM risks that pose financial or reputational risks for the business.

• Ensure that all daily, weekly and monthly TM related reporting is provided to the Head: TM.

• Ensure that comprehensive action plans are developed and agreed with regards to problematic matters as confirmed by the reporting.

• Ensure that all TM Assurance and or Internal Audit findings and issues are tracked and closed within the agreed due dates.

• Attend all TM related governance forums and provide valuable input, guidance and problem resolution.

• Ensure the timeous, complete and accurate reporting of all KRI/KRO information monthly.

• Stay abreast of all new developments in the field of expertise and execute on own development as defined in the development plan compiled by the Head: TM.

• Take decisions and lead the team in respect of the recruitment of staff and HR related matters pertaining to the area under control.

• Ensure that an appropriate training programme is designed and approved by the Head: TM and that all newly appointed Team Leaders and Analysts are trained in Absa's policies and procedures that are relevant to TM.

• Contract and monitor job specific training and development of team leaders and analysts to enable continuous development.

• Provide guidance to all analysts with regard to complex investigations.

• Participate in the development, distribution and regular review of training material and processes related to Financial Crime Compliance.

• Engage team members and peers in team building initiatives to nurture a co-operative one team ethos within Intelligence & Surveillance.

• Ensure timeous completion and delivery of statistics to the Line Manager for the consolidation of reports to the South African Reserve Bank, Group Risk & Compliance, Board, Group Money Laundering Control Forum and internal status report, etc.

• Document new trends and typologies related to Money Laundering to ensure growth and development of team members and promote the awareness with the Money Laundering Control representatives within the Group.

• Supervise and/or execute all ad hoc requests from Management that are related to Suspicious Transaction Reporting for Group and Internal projects and initiatives.

• Establish and maintain good working relationships with the Financial Intelligence Centre to enhance and maintain Absa's image as a benchmark to other Financial Institutions in South Africa.

• Establish and maintain relationships with the Group Money Laundering Control Representatives appointed within the Business Units by providing guidance where required.

• Establish and maintain excellent working relationships with key stakeholders such as IT and system owners.

• Take accountability and responsibility for all aspects of risk management within the TM team, including, but not limited to, the identification and effective management of issues, risk events and breaches.

Requirements and Qualification:

• B Degree or relevant qualification in Legal, Governance, Risk management, Investigations or Compliance qualification and NQF6 level or higher.

Preferred Experience

• Minimum of 6 - 8 years’ experience in a similar environment, e.g., in Transaction Monitoring, Financial Crime, Compliance, Fraud, Forensic Investigations

• Minimum 6 - 8 years’ experience in banking or financial institutions.

Education

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

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised