Our client, a privately owned provider of a select range of bespoke services, focussing on personalised fiduciary and advisory services, is looking for a. Compliance Officer / MLRO.
Job Purpose
The Compliance Officer / MLRO is responsible for overseeing the organisation’s compliance framework and ensuring adherence to applicable laws, regulations and internal policies. The role involves monitoring compliance risks, overseeing anti-money laundering and counter-terrorist financing (AML/CFT) controls, and ensuring that suspicious transactions are appropriately assessed and reported to the relevant authorities.
The successful candidate will provide compliance support, maintain effective regulatory oversight and ensure continuity of compliance operations throughout the assignment.
Key Responsibilities
Compliance and Regulatory Oversight
- Monitor compliance with applicable laws, regulations, regulatory guidelines and internal policies.
- Maintain and update compliance policies, procedures and controls in line with regulatory requirements.
- Conduct periodic compliance reviews and risk assessments to identify potential gaps and areas of non-compliance.
- Monitor regulatory developments and advise management on their potential impact on the business.
- Assist with regulatory inspections, audits, reporting and requests for information from relevant authorities.
- Provide compliance guidance and support to management and operational teams.
- Ensure that regulatory filings and compliance reports are completed and submitted within the required deadlines.
Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
- Oversee the implementation and effectiveness of the organisation’s AML/CFT framework.
- Ensure appropriate customer due diligence (CDD), enhanced due diligence (EDD) and Know Your Customer (KYC) procedures are followed.
- Review and monitor client risk assessments, customer profiles and ongoing transaction monitoring activities.
- Ensure that suspicious transactions or activities are investigated, documented and reported to the relevant authorities where required.
- Maintain appropriate records of suspicious transaction assessments and reporting.
- Monitor compliance with applicable sanctions, politically exposed persons (PEP) screening and other financial crime controls.
- Provide guidance and training to staff on AML/CFT obligations and suspicious activity identification.
MLRO Responsibilities
- Receive and assess internal suspicious transaction reports or referrals.
- Determine whether a suspicious transaction report (STR) should be submitted to the relevant authority, in accordance with applicable legislation.
- Ensure that external reporting is completed within the required timeframes.
- Maintain confidentiality and appropriate records of internal referrals, investigations and external reports.
- Act as the main point of contact for relevant financial intelligence and regulatory authorities on AML/CFT matters, where applicable.
- Escalate significant compliance and financial crime risks to senior management or the Board as appropriate.
Requirements
Qualifications and Experience
- Degree in Law, Accounting, Finance, Business Administration or a related field.
- Professional qualification or certification in compliance, AML/CFT or financial crime would be an advantage.
- Proven experience in compliance and AML/CFT within the financial services sector.
- Previous experience as a Compliance Officer, MLRO or Deputy MLRO.
- Good knowledge of the applicable regulatory framework in Mauritius, including relevant Financial Services Commission (FSC) requirements and AML/CFT legislation.
- Experience with KYC/CDD, client risk assessments, sanctions screening, transaction monitoring and regulatory reporting.
- Experience in a management company, trust company, fiduciary services provider or other regulated financial institution would be an advantage.
Key Competencies
- Strong knowledge of compliance and AML/CFT requirements.
- Excellent analytical, investigative and risk-assessment skills.
- High level of integrity, independence and professional judgement.
- Strong attention to detail and documentation skills.
- Ability to manage sensitive and confidential information.
- Strong communication and stakeholder-management skills.
- Ability to work autonomously, prioritise urgent matters and meet regulatory deadlines.
- Ability to operate effectively in a fast-paced environment and deliver results within a short-term assignment.