Role Purpose

The compliance function is responsible for enforcing Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements. Additionally, it establishes Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures, aimed at preventing the bank’s systems, channels, products, and services from being exploited for illicit purposes. It also safeguards against employees being used as accessories for money laundering, terrorist financing, and related offenses.

The Compliance Manager (Regulatory, Policy & Reporting) has the responsibility of ensuring the bank operates in accordance with various statutes, regulations, directives, notices, guidelines, and standards set forth by Ghana’s parliament, the Bank of Ghana, the Securities and Exchange Commission, and other regulatory agencies. This includes adherence to Acts such as the Companies Act 2019 (Act 992), Banks and Specialized Deposit Taking Institutions Act 2016 (Act 930), Securities Industries Act 2016 (Act 929), Anti-Money Laundering Act, 2020 (Act 1044), and Anti-Terrorism Act 2008 (Act 762), among other relevant laws and regulations.

Duties and Responsibilities

•   Report all Statutory and Regulatory activities to the Head of Department.

•   Oversee Regulatory functions in the department, ensuring effective execution of statutory and regulatory requirements.

•   Coordinate the preparation of Compliance and AML/CFT&P reports for Management, Board, and Regulators, subject to review by the Head of Department.

•   Manage Compliance liaison with Regulators, Correspondent Banks, Law Enforcement, Major Shareholders, and other Counterparties for Compliance and AML/CFT&P engagements.

•   Manage the Bank’s Regulatory Compliance Universe, updating with new releases, and monitoring all regulatory and statutory requirements for full compliance.

•   Manage the Bank’s Regulatory Reporting Tool, updating with reporting requirements, ensuring timely submission of all regulatory/statutory reports, and ensuring full compliance.

•   Coordinate the review and update of existing compliance-related policies as directed by the Head of Compliance, submitting for review by the Head of Department.

•   Coordinate the development of new compliance-related policies as directed by the Head of Compliance, submitting for review.

•   Generate and submit all regulatory compliance and AML/CFT&P reports to relevant regulatory entities (BOG, FIC, FATCA, CRS, etc.).

•   Coordinate the Bank’s annual Enterprise-wide AML/CFT&P Risk Assessment for submission to regulators after management approval, with the assistance of the Compliance Manager (Due Diligence and AML/CFT&P).

•   Conduct regulatory risk assessments for new and existing products, delivery channels, and services, preparing reports for submission to regulators and management.

•   Coordinate the development of the Bank’s annual Compliance and AML/CFT&P Program and Training Program for approval and subsequent submission to regulators, with the assistance of the Compliance Manager (Due Diligence and AML/CFT&P).

•   Coordinate the development and review of Procedures and Process Maps for the Department.

•   Ensure the Compliance Portal under the Risk and Control Library is updated with relevant resources, such as Laws, Regulations, Guidelines, Directives, Notices, Policies, Procedure Manuals, Process Maps, AML/CFT&P Dashboards, and Publications (Compliance and AML/CFT&P local and international publications), and other training materials.

•   Conduct regulatory compliance visits and audits of Branches and Departments according to the annual compliance audit plan, submitting related reports to the Head of Compliance/AMLRO.

•   Assist the Compliance Manager (Due Diligence and AML/CFT&P) in coordinating and executing bank-wide AML/CFT&P training and assessment.

•   Participate in the Bank’s Policy and Procedure Oversight Committee Meetings, providing a regulatory perspective for Policies and Procedures.

•   Collaborate with HoD to identify and recruit competent people for critical roles within the unit and develop capabilities of staff to meet operational requirements.

•   Work with HoD to set objectives, assess staff performance, and implement coaching/development measures for the team.

•   Collaborate with HoD to identify and develop potentials for the future of the business, ensuring adequate succession planning.

•   Perform any other duties assigned by the Head of Compliance/AMLRO.

Qualification and Experience

•   Bachelor’s degree in Finance, Business Administration, Law, or a related

•   Master’s Degree in a relevant field is a plus.

•   Minimum of 8 years of overall work experience, with at least 4 years in a supervisory role in Compliance, AML/CFT&P, Risk Management, or related fields within the financial industry or banking sector.

•   Professional membership in the Association of Certified Anti-Money Laundering Specialists (ACAMS), the International Compliance Association, or any other recognized related professional body.

•   Professional certifications in compliance, such as Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or equivalent, is highly desirable

•   Experience in preparing and submitting Compliance and AML/CFT&P reports to Management, Board, and Regulators.

•   Experience in developing and updating compliance-related policies and procedures.

•   Proficiency in Microsoft Office tools (Excel, PowerPoint, Word, etc.).

•   Track record of liaising with Regulators, Correspondent Banks, Law Enforcement, Major Shareholders, and other Counterparties on compliance matters.

•   Proficiency in working with regulatory bodies and handling compliance visits and audits.

•   Excellent communication skills, both written and verbal, with the ability to provide regulatory perspectives for policies and procedures.

•   Leadership experience, including managing teams and setting performance objectives for staff.

•   Sound knowledge of risk management principles and practices related to compliance activities.

•   Strong analytical and problem-solving skills with an eye for detail and accuracy.