Senior Supervision Officer (AML) - 3 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

Duties and responsibilities will entail:

• Continuously review the data base of reporting institutions and ensure it is in line with the list maintained by FRC.
• Analysing data and information for ML/TF/PF risk profiling of reporting institutions.
• Analysing reports on the independent review of the reporting institution’s AML Compliance programs.
• Conducting AML/CFT/CPF onsite inspections of reporting institutions as per the approved onsite inspection schedule, draft inspection reports and oversee development of remedial action plans by the reporting institutions.
• Assessing compliance of individual reporting institutions with their AML/CFT/CPF obligations under the law and prepare reports.
• Reviewing ML/TF/PF risk assessment reports from individual reporting institutions.
• Participating in ML, TF and PF sectoral risk assessment of the insurance industry.
• Identifying and assess ML/TF/PF risks in the individual institutions.
• Assessing the adequacy and effectiveness of controls put in place by individual reporting institutions to mitigate the identified ML/TF/PF risks.
• Participating in the development and implementation of 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.
• Monitoring the ML/TF/PF risks on an ongoing basis to identify new trends and red-flag indicators.
• Participating in the development of the necessary AML/CFT/CPF instructions, rules, guidelines, standards and guidance notes.
• Participating in the review of the AML/CFT/CPF supervisory framework and tools on an annual basis and recommend updates when necessary.
• Participating in the development of 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.
• Planning and participating in the AML/CFT/CPF outreach and sensitization activities.
• Conducting research on emerging trends in the AML/CFT/CPF regulatory framework, emerging trends, techniques and typologies.
• Participating in the review of AML/CFT/CPF guidelines, standards, instructions and guidance notes.
• Planning and participating in the training of members of staff of the Authority on AML/CFT/CPF.

Person Specifications

• Three (3) years’ cumulative relevant work experience at the grade of Supervision Officer (AML) or in a comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in any of 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.
• Proficiency in computer applications.

Competencies and skills

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