Principal Supervision Officer (AML) - 2 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities will entail:

• Implementing the annual AML/CFT/CPF supervisory action plan for the individual reporting institutions.
• Conducting ML, TF and PF risk profiling of individual reporting institutions and update the risk profiles.
• Reviewing analysis report of the independent reviews of the individual reporting institution’s AML compliance programmes and prepare a consolidate report for the industry.
• Determining the priorities and scope of AML/CFT/CPF on-site inspection for each reporting institution.
• Reviewing individual reports on ML, TF and PF risk assessment reports from reporting institutions and prepare a consolidated report for the industry.
• Conducting AML/CFT/CPF onsite inspections as per the approved inspection schedule.
• Reviewing the draft AML/CFT/CPF onsite inspections reports and remedial action plans from the reporting institutions.
• Monitoring the reporting institution’s compliance with the legal and regulatory framework for AML, CFT and CPF and prepare reports.
• Ensuring that reporting institutions maintain appropriate records to demonstrate compliance, facilitate investigations and freeze funds related to ML, TF and PF.
• Monitoring and following up on the implementation of remedial action plans and offer support to the reporting institutions to ensure that the plans are effectively addressing the identified shortcomings.
• Holding meetings with the management and staff of reporting institutions to support both off-site and on-site supervision.
• Monitoring breaches and violations of the law and other directives by reporting institutions with respect to their AML/CFT/CPF obligations, recommend application of corrective measures to ensure that such violations are addressed.
• Reviewing of the AML/CFT/CPF supervisory framework and tools on an annual basis and recommend updates when necessary.
• Developing dashboards of risk analysis to identify areas of vulnerability to guide AML/CFT/CPF supervision.
• Providing guidance to the industry on conducting ML, TF and PF risk assessment.
• Conducting research on emerging trends in the AML/CFT landscape, techniques and typologies.
• Monitoring the ML/TF/PF risks on an ongoing basis to identify new trends and red-flag indicators.
• Conducting outreach and awareness raising campaigns to the reporting institutions.
• Identifying the training needs of the staff in the department in terms of combating money laundering and terrorism financing, implement the Targeted Financial Sanctions regime, develop, implement and assess effectiveness of ongoing training programs.
• Developing and implement content and training materials for raising awareness for members of staff of reporting institutions to enhance their compliance with the law and their AML/CFT/CPF obligations.
• Participating in the development of the necessary AML/CFT/CPF instructions, rules, guidelines, standards and guidance notes.
• Participating in the induction programs for new employees, employees on contract and interns.
• Participating in the development and review of the Authority’s strategic plan.
• Participate in the implementation, monitoring and evaluation of the risk assessment framework for the department.
• Attending and participating in professional group meetings,
• Participating in departmental/divisional committee meetings.

Person Specifications

• Six (6) years’ cumulative relevant work experience, three (3) of which must have been at the grade of Senior Supervision Officer (AML) or in comparable and relevant position.
• Bachelor’s degree in the following fields: insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA, ACAMS or approved equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate in management course lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Competencies and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills