Compliance Specialist

Watershed Consulting; KwaZulu-Natal; On-site; ZAR 550,000 - 850,000; Full time

Job summary

Watershed Consulting is seeking a Compliance Specialist in Umhlanga to enhance regulatory compliance functions within a banking environment. The role focuses on AML/CFT and FAIS, providing advisory support, monitoring, investigations and reporting.

You will collaborate with branches and management to identify compliance risks, strengthen controls and support sound regulatory practices. Five to seven years’ experience and a related degree are required, with strong Excel skills and knowledge of

Qualifications

• Five to seven years’ experience in a banking compliance role covering FAIS and AML/CFT.
• Qualification in law, finance or a related discipline, supported by relevant compliance courses or qualifications.
• Thorough knowledge of the FIC Act and FAIS Act, including their subordinate legislation.

Responsibilities

• Provide practical guidance to branches on AML/CFT and FAIS obligations.
• Deliver compliance training and awareness sessions in line with the training plan.
• Perform compliance monitoring and testing, recommending corrective actions and improvement plans.
• Assist with cash threshold reporting to the Financial Intelligence Centre (FIC) through goAML.
• Support projects relating to FIC reporting requirements.
• Investigate suspicious activity and submit suspicious transaction and activity reports through goAML.
• Assess high-risk account applications, make approval recommendations and complete related reporting.
• Review and close transaction monitoring alerts, ensuring clear commentary and timely resolution.
• Compile monthly and quarterly management reports covering suspicious activity reports, high-risk accounts, frozen accounts and compliance monitoring.
• Use Microsoft Excel to analyse compliance data, investigate anomalies and highlight emerging risks and trends.
• Regularly assess the effectiveness of compliance monitoring, including the quality of commentary and turnaround times.
• Maintain and update the SWIFT KYC Registry.

Skills

AML/CFT

KYC

Regulatory compliance

Analytical skills

Investigation

Education

Law/Finance related degree

Tools

Microsoft Excel

Job description

Compliance Specialist

Location: Umhlanga

A banking institution is seeking an experienced Compliance Specialist to strengthen its regulatory compliance function. This role combines advisory support, monitoring, investigations and reporting, with a particular focus on AML/CFT and FAIS requirements.

You will work closely with branches and management to identify compliance risks, improve controls and support sound regulatory practices.

Key responsibilities

• Provide practical guidance to branches on AML/CFT and FAIS obligations.
• Deliver compliance training and awareness sessions in line with the training plan.
• Perform compliance monitoring and testing, recommending corrective actions and improvement plans.
• Assist with cash threshold reporting to the Financial Intelligence Centre (FIC) through goAML.
• Support projects relating to FIC reporting requirements.
• Investigate suspicious activity and submit suspicious transaction and activity reports through goAML.
• Assess high-risk account applications, make approval recommendations and complete related reporting.
• Review and close transaction monitoring alerts, ensuring clear commentary and timely resolution.
• Compile monthly and quarterly management reports covering suspicious activity reports, high-risk accounts, frozen accounts and compliance monitoring.
• Use Microsoft Excel to analyse compliance data, investigate anomalies and highlight emerging risks and trends.
• Regularly assess the effectiveness of compliance monitoring, including the quality of commentary and turnaround times.
• Maintain and update the SWIFT KYC Registry.

Experience and qualifications

• Five to seven years’ experience in a banking compliance role covering FAIS and AML/CFT.
• A qualification in law, finance or a related discipline, supported by relevant compliance courses or qualifications.
• Thorough knowledge of the FIC Act and FAIS Act, including their subordinate legislation.

Skills and attributes

• Strong understanding of AML/CFT, KYC and regulatory compliance requirements.
• Confident presentation and facilitation skills, with the ability to communicate regulatory requirements clearly.
• Strong analytical and investigative ability, supported by sound IT skills and proficiency in Microsoft Excel.
• Excellent attention to detail and accuracy when reviewing complex information.
• Ability to translate compliance findings into clear insights and practical recommendations for management.