Compliance Officer

Job Summary

The Compliance Officer is responsible for identifying, assessing, monitoring, and mitigating compliance risks within the Bank. The role ensures that the institution complies with all applicable regulatory requirements, internal policies, anti-money laundering (AML) regulations, and corporate governance standards.

The officer serves as the primary compliance advisor within the subsidiary and acts as a liaison with regulators, law enforcement agencies, and the Group Chief Compliance Officer.

---

Job Objectives

The Compliance Officer will:

• Identify and evaluate compliance risks within the country of operation.
• Organize and coordinate compliance controls and monitoring activities.
• Monitor the effectiveness of risk mitigation measures.
• Report compliance issues and regulatory developments to the Group Chief Compliance Officer.
• Advise management and staff on compliance-related matters.
• Develop frameworks for monitoring compliance with applicable laws and regulations.
• Conduct compliance training and awareness programs for staff.
• Liaise with AML enforcement agencies and regulators.
• Strengthen KYC and AML controls to minimize financial crime risks.

---

Key Duties and Responsibilities

Regulatory Compliance Management

• Identify and assess compliance risks associated with existing and proposed business activities.
• Review compliance implications of new products, services, and business relationships.
• Maintain an inventory of relevant laws, regulations, and regulatory requirements applicable to the Bank.
• Monitor regulatory changes and advise management accordingly.

---

Policy Development and Implementation

• Adapt and implement Group compliance policies within the local regulatory environment.
• Ensure effective implementation of:
  • Compliance Manual
  • Code of Conduct
  • Corporate Governance Policies
  • AML/CFT Policies
• Recommend policy updates where necessary.

---

Advisory and Training

• Provide guidance to management and staff on compliance matters.
• Conduct compliance awareness and training programs.
• Promote a strong culture of ethics and regulatory compliance.

---

AML/CFT and KYC Compliance

• Monitor compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations.
• Report suspicious transactions to relevant authorities.
• Conduct customer risk assessments.
• Classify customers according to risk categories:
  • High Risk
  • Medium Risk
  • Low Risk
• Monitor customer transactions and account activities.

---

Regulatory Liaison

• Maintain relationships with regulators and external stakeholders.
• Coordinate regulatory inspections and examinations.
• Respond to regulatory inquiries and requests.
• Liaise with AML enforcement agencies on financial crime matters.

---

Monitoring and Control

• Perform compliance reviews and control testing.
• Monitor compliance with:
  • Internal policies
  • Regulatory requirements
  • Ethical standards
  • Corporate governance principles
• Follow up on identified deficiencies and ensure corrective actions are implemented.

---

Compliance Reporting

• Consolidate compliance information and exception reports.
• Prepare monthly compliance reports for the Group Chief Compliance Officer.
• Track breaches, incidents, and regulatory exceptions.

---

Key Performance Indicators (KPIs)

The Compliance Officer will be evaluated based on:

• Effectiveness in reviewing and tracking regulatory returns.
• Accuracy and timeliness of compliance reporting.
• Efficiency in collecting and consolidating exception reports.
• Effectiveness in monitoring individual and corporate accounts.
• Timely resolution of compliance exceptions.
• Customer satisfaction levels.
• Reduction in regulatory infractions.
• Compliance with internal and regulatory requirements.

---

Minimum Qualifications

Education

Required

• Bachelor’s Degree in any discipline.

Added Advantage

• Master’s Degree in:
  • Business Administration
  • Banking
  • Accounting
  • Strategic Management
  • Related field
• Relevant professional certifications in compliance, risk management, banking, or financial services.

---

Experience

Required

• Minimum of 3 years’ experience in a bank or financial institution in a similar compliance role.

---

Required Knowledge

Candidates should possess knowledge of:

• Banking regulations and compliance requirements.
• Prudential Guidelines issued by banking regulators.
• AML/CFT regulations.
• Corporate Governance principles.
• Internal controls and risk management frameworks.
• Banking operational processes.
• Regulatory reporting requirements.

---

Required Skills and Competencies

Technical Skills

• Compliance monitoring and testing
• Regulatory reporting
• AML and KYC management
• Risk assessment
• Internal control evaluation
• Policy review and implementation
• Data analysis and reporting
• Computer proficiency

---

Professional Skills

• Strong communication skills
• Excellent report writing skills
• Attention to detail
• Analytical thinking
• Problem-solving ability
• Stakeholder management
• Investigation and monitoring skills

---

Industry Knowledge

• Banking industry developments
• Basel II and related risk management frameworks
• AML and KYC trends
• Financial crime prevention
• Regulatory compliance best practices

---

Ideal Candidate Profile

The ideal candidate should have:

✔ At least 3 years of banking compliance experience

✔ Strong understanding of AML, KYC, and financial crime regulations

✔ Experience dealing with regulators and compliance examinations

✔ Strong analytical and investigative skills

✔ Excellent communication and report-writing abilities

✔ Knowledge of banking laws, corporate governance, and risk management frameworks

✔ Ability to provide practical compliance advice to management and staff

---

Suitable Career Backgrounds

This role is particularly suitable for professionals currently working as:

• Compliance Officer
• AML Officer
• Risk and Compliance Analyst
• Internal Control Officer
• Regulatory Compliance Officer
• Financial Crime Compliance Officer
• KYC Analyst
• Operational Risk Officer
• Internal Auditor (Banking Sector)

The position offers an excellent opportunity for banking professionals interested in regulatory compliance, risk management, AML/CFT, corporate governance, and financial crime prevention within the financial services industry.

Applications must be channeled through recruitment.tanzania@ubagroup.com

• Subject title must be Application for (name of the role).

• Please attach your Cover letter, CV & all Academic Certificates.

• Only shortlisted candidates will be contacted