Supervision Officer (AML) - 4 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities entail:

• Creating a database of the reporting institutions in the industry and ensure that it is accurate and up to date.
• Participating in the collection and collation of data and information for ML/TF/PF risk profiling of reporting institutions.
• Undertaking preliminary analysis of the reports on the independent review of the reporting institution’s AML Compliance programs.
• Conducting preliminary analysis on the compliance of individual reporting institutions with their AML/CFT/CPF obligations under the law.
• Participating in the AML/CFT/CPF onsite inspections of reporting institutions and draft inspection reports.
• Conducting preliminary review of the ML/TF/PF risk assessment reports from individual reporting institutions.
• Participating in ML, TF and PF sectoral risk assessment of the insurance industry.
• Conducting preliminary assessment of the effectiveness of the measures put in place by reporting institutions to mitigate ML/TF/PF risks.
• Handling logistics and initial planning for AML/CFT/CPF outreach and sensitization activities for the insurance industry.
• Preparing reports following the AML/CFT/CPF outreach and sensitization workshops.
• Conducting desktop review on trends, methodologies and development in the AML/CFT/CPF landscape to aid in the review and development of AML/CFT/CPF guidelines, standards, instructions, rules and guidance notes.
• Participating in the review of AML/CFT/CPF guidelines, standards, instructions, rules and guidance notes.
• Collecting and analysing data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Participating in the review of the law to align with developments in AML/CFT/CPF international standards and regulatory methods for the anti-money laundering, combating terrorism financing and the proliferation financing of weapons of mass destruction.
• Participating in the review supervisory of AML/CFT/CPF supervisory framework including reporting templates to ensure they remain appropriate and up to date.
• Conducting initial research on emerging trends in the AML/CFT/CPF landscape, techniques and typologies.
• Handling logistics and planning for AML/CFT/CPF outreach and sensitization activities.
• Facilitating logistics and administrative issues in the department such as organization for meetings, workshops and smooth flow of information.

Person Specifications

• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Proficiency in computer applications.

Competencies and Skills

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