Compliance Officer - Banking Regulations

Placements24; Stellenbosch; On-site; ZAR 600,000 - 900,000; Full time

Benefits offered by this job

Medical aid

Pension fund

Training & certification

Career advancement

Job summary

Placements24 is seeking a meticulous Compliance Officer for a leading bank in Stellenbosch, Western Cape. You will develop, implement, and maintain the bank's compliance program, ensuring adherence to banking laws, regulations, and internal policies.

This role focuses on mitigating regulatory risk and fostering a culture of compliance across the organization. Responsibilities include monitoring regulatory changes, updating policies and controls, conducting risk assessments, investigating

Qualifications

• Bachelor's degree in Law, Finance, Business Administration, or related field.
• Post-graduate qualification in compliance or related discipline is preferred.
• Minimum of 5 years of compliance experience in banking/financial services.
• Knowledge of SA banking regulations (Banks Act, FAIS, FICA, POPIA).
• Experience with AML/KYC regulations.

Responsibilities

• Monitor changes in banking regulations and assess impact on operations.
• Develop and update compliance policies, procedures and controls.
• Conduct compliance risk assessments and identify non-compliance areas.
• Investigate potential compliance breaches and advise corrective actions.
• Develop and deliver staff training on compliance.
• Coordinate with regulatory authorities and manage examinations.
• Oversee AML/KYC implementation.
• Review marketing materials for regulatory compliance.
• Maintain compliance records and prepare reports for management.
• Advise business units on compliance matters and best practices.

Skills

Banking regulations

AML/KYC

Analytical skills

Investigative skills

Problem solving

Communication skills

Integrity

Independent work

Multiple priorities

MS Office

Regulatory liaison

Education

Bachelor's degree in Law/Finance/Business Admin

Post-graduate qualification in compliance

Tools

Microsoft Office

Job description

About the Role

Our client, a reputable bank operating in Stellenbosch, Western Cape , is seeking a meticulous and knowledgeable Compliance Officer. This role is essential for ensuring adherence to all applicable banking laws, regulations, and internal policies. The Compliance Officer will play a key role in developing, implementing, and maintaining the bank's compliance program, mitigating regulatory risk, and fostering a culture of compliance throughout the organization. This position requires a deep understanding of the financial services industry and a proactive approach to regulatory challenges.

Key Responsibilities

• Monitor and interpret changes in banking regulations and assess their impact on the bank's operations.


• Develop, implement, and update compliance policies, procedures, and controls.


• Conduct regular compliance risk assessments and identify areas of potential non-compliance.


• Investigate potential compliance breaches and recommend appropriate corrective actions.


• Develop and deliver compliance training programs for bank staff.


• Liaise with regulatory authorities and manage regulatory examinations and inquiries.


• Oversee the implementation of anti-money laundering (AML) and know your customer (KYC) procedures.


• Review marketing materials and product offerings to ensure regulatory compliance.


• Maintain compliance records and prepare reports for senior management and the board.


• Advise business units on compliance-related matters and provide guidance on best practices.

Requirements

• Bachelor's degree in Law, Finance, Business Administration, or a related field.


• A post-graduate qualification in compliance or a related discipline is preferred.


• Minimum of 5 years of experience in a compliance role within the banking or financial services sector.


• In-depth knowledge of South African banking regulations (e.g., Banks Act, FAIS Act, FICA, POPIA).


• Experience with AML/KYC regulations and procedures.


• Strong analytical, investigative, and problem-solving skills.


• Excellent written and verbal communication skills, with the ability to explain complex regulations clearly.


• High level of integrity and ethical conduct.


• Ability to work independently and manage multiple priorities effectively.


• Proficiency in Microsoft Office Suite.


• Experience interacting with regulatory bodies like the Prudential Authority and the FIC is an advantage.

Benefits

This position offers a competitive salary and benefits package, including medical aid, a pension fund, and opportunities for professional development and certification. Our client is committed to fostering a positive work environment within their beautiful Stellenbosch offices. Employees benefit from ongoing training to stay abreast of the ever-changing regulatory landscape. Opportunities for career advancement within the bank are available.