Role Overview
BANK OF AFRICA - KENYA LIMITED (BOA-KENYA) is a commercial bank providing banking services to corporate, SME and retail clientele. The Compliance Officer is tasked with ensuring the Bank adheres to all internal policies and procedures, as well as external laws and regulations specifically concerning customer due diligence, anti-money laundering (AML), countering financing of terrorism (CFT), and countering proliferation financing (CPF). The role is vital in controlling and managing financial crime risks related to money laundering, terrorism financing, and compliance with financial embargoes and sanctions.
Key Responsibilities and Accountabilities
Regulatory and Statutory Compliance
- Ensure timely submission of reports to regulators.
- Maintain compliance with due diligence and KYC requirements following regulatory standards and international best practices.
- Communicate and implement any new or amended laws and regulations.
- Continuously review and update the internal Bank blacklist.
- Periodically review the compliance risk management policy and related procedures.
- Cooperate with regulators and law enforcement agents by providing requested information and documentation.
- Monitor media sources daily for high-risk customer information or adverse news.
- Identify and escalate emerging trends in the legislative environment, product issues, or risks.
Customer Due Diligence and AML/KYC Monitoring
- Monitor and treat alerts from screening and monitoring systems or manual triggers.
- Conduct comprehensive analysis and documentation for alerts flagged by the AML tool to ensure proper closure.
- Obtain additional documentation or explanations for transactions identified as suspicious by automated systems.
- Analyze potential money laundering and terrorism financing risks associated with specific customers, jurisdictions, and delivery channels.
- Screen and review customer-initiated transactions (Transfers, Large cash transactions) to ensure compliance with AML/CFT/CPF standards.
- Perform first-level reviews of suspicious transaction reports and escalate to the MLRO when necessary.
- Maintain accurate records related to AML and file detailed suspicious transaction reports with authorities.
Research and Reporting
- Participate in compliance research and offer expert advice to stakeholders.
- Prepare weekly, monthly, quarterly, and annual reports for the MLRO, group, and senior management.
- Ensure timely submission of regulatory reports to the Central Bank of Kenya (CBK) and Financial Reporting Centre (FRC).
Training and System Development
- Participate in and facilitate Bank AML, CFT, and CPF programs through training and attestations.
- Contribute to compliance projects, system testing, and ad-hoc tasks within the MLS unit.
Requirements
- A University Degree in Business or a related field such as Economics from a recognized institution.
- A minimum of 3 years of banking experience specifically within a compliance or risk department.
- A thorough understanding of Bank policies, procedures, and external regulations.
- Demonstrated expertise and in-depth knowledge of AML/CFT/CPF and KYC controls.
- Familiarity with Central Bank Prudential guidelines, POCAMLA, Basel Rules, Banking Act, IFRS, and other relevant banking statutes.
- Evidenced knowledge of the current banking financial services operating environment, trends, and applicable laws.
How to Apply
Interested and qualified candidates should apply online by visiting the Bank of Africa Kenya Limited career portal at boakenya.com via the provided application link: https://www.myjobmag.co.ke/apply-now/1215869
