Job description

Overview

Mama Money is an innovative, rapidly growing tech company and the world’s first social business money Transfer operator.

We are looking for an experienced exchange control officer to join our team in Cape Town.

Job description

• To lead our exchange control, regulatory licensing, governance, Compliance and AML/CFT (Compliance Teams) prevention teams.
• Develop and Manage processes and practices within compliances teams to ensure the retention of our Authorised Dealer with Limited Authority License
• To proactively engage with international regulators to secure Money Transfer Licenses for the Mama Money Group.

Key role responsibilities

Exchange Control

• To supervise that all Exchange Control related transactions are correctly vetted and reported in accordance with Exchange Control Regulations within processing times.
• To supervise the effective day-to-day management over the BOP System and actioning of related reporting requirements including repair of rejections.
• To assist in identifying and to monitor, control and report all financial flows and transactions applicable to exchange control (i.e. inward and outward flow through cfc accounts)
• To proactively, efficiently and effectively support our finance team to ensure that operational risk is well managed, so that Mama Money does not suffer loss financially or to reputation as a result of incorrect exchange control non-compliance, processing, fraud, delays and errors.
• Understand nature of transactions and partner contracts from an exchange control perspective, thereby ensuring that our administration aligns with current Rules Regulations and Policy.
• Identify and undertake BOP category reporting.
• Ensure BOP balancing module is updated.
• Obtain and vet supporting documentary evidence in respect of cross-border transactions.
• As required, research compile and submit well-motivated applications to SA Reserve Bank. This can be related to existing or new products or regular correspondence.
• Represent Mama Money at SARB, FIC and meetings with EU/International Regulators.
• Be accountable for ensuring the integrity of information or data submitted to the SARB via the Cross-Border Foreign Exchange Transaction Reporting System.
• Ensure that the BOP system and other exchange control related systems are fully operational at all times.

Compliance

• Develop and supervise internal processes to ensure that all regulatory requirements are fulfilled, specifically focused on the Financial Intelligence Centre Acts, EU Regulators and International Regulators
• Be responsible for our Mama Money Internal Rules and ensure they are a living document, accessed and updated regularly.
• Regularly review and improve Mama Money’s Risk-based approach and implementation thereof throughout the company.
• Provide regular training to all Mama Money staff on our Internal Rules.
• Manage and supervise our AML/CFT teams to ensure all requirements are met.
• Manage and supervise regular external reviews of our entire compliance eco-system and implement any recommendations.
• Liaise with all our external parties on compliance requirements, Wolfsberg questionnaires, good governance, etc.
• Report directly and regularly to the Board of Directors on matters related to compliance, regulators, licenses, etc.

Company Description

The environment is relaxed, but driven by results and a strong sense of responsibility towards our customers who are relying on us to safely handle their money and provide a bespoke financial offering.

Some of the additional benefits of this environment include diverse and interesting colleagues, an amazing workspace in Cape Town, free healthy lunches prepared in-house, free coffee and all the table tennis you can play.

Requirements

Qualifications and Skills

• At least five years working knowledge of Exchange Control (Prerequisite)
• Seven years of experience working with the SARB, either directly at the SARB or at a South African financial institution.
• A relevant degree or higher national diploma.
• Experience in interpreting Exchange Control Rules and Regulations, AML/CFT Regulations, the FIC Acts, FATF recommendations on managing and implementing a risk-based approach and general compliance rules and to apply them to transactions and situations emanating from the Internal and External customer base.
• Previous working experience giving rise to an understanding of the Balance of Payment reporting system and related requirements.
• Proficient in MS Office (Word, Excel, Powerpoint) and/or G Suite.
• Knowledge of financial systems and processes.
• Good-natured spirit who wants to take on lots of responsibility in a start-up environment.

Posted on 26 Jan 15:11