Divisional Head: AML/CFT



Job Title

Divisional Head: AML/CFT



Organization Name

FCS – Anti-Money Laundering

Department Description

Financial Conglomerate Supervision

Brief Description

The purpose of this position is to assist the Prudential Authority (PA) in discharging its supervisory duties, as defined in the Financial Intelligence Centre Act 38 of 2001 (FIC Act), as amended, to strategically lead and direct the operations and staff of the Anti-Money Laundering Division of the Financial Conglomerate Supervision Department.

Detailed Description

The successful candidate will be responsible for the following key performance areas:

·       Provide strategic leadership to teams responsible for assessing compliance with the provisions of the FIC Act and the Financial Action Task Force Recommendations.

·       Oversee the development and maintenance of a risk-based anti-money laundering and combating the financing of terrorism (AML/CFT) supervisory plan, which will include, inter alia, to conduct onsite inspections and thematic reviews, in order to discharge the supervisory responsibilities as outlined in the FIC Act.

·       Build, manage relationships and lead engagements with internal and external stakeholders.

·       Liaise with senior management of supervised institutions and other regulatory authorities, both nationally and internationally.

·       Represent the PA at relevant national and international fora and committees, this includes representing the PA at Parliamentary sessions, when applicable.

·       Provide strategic leadership and guidance insofar as it relates to the development of highly skilled technical staff.

·       Ensure compliance with legislative and regulatory requirements of the South African Reserve Bank (SARB), and ensure that divisional risks are identified, assessed and that adequate and effective risk mitigating measures are implemented.

·       Contribute to high-level deliberation on the Prudential Authority Management Committee and the Financial Conglomerate Supervision Departmental Management Committee in relation to AML/CFT-related matters.

·       Provide strategic direction in the development, implementation and monitoring of the divisional strategy in accordance with the overall PA strategy, and ensure alignment with the departmental strategy.

·       Develop and continually refine the supervisory approach for AML/CFT supervision, taking into account consideration the current, emerging, systemic and supervised entity specific risks.

·       Manage the supervisory oversight of the AML teams within the division.

·       Manage performance and development of direct reports, create a performance culture, coach and manage the career development of employees in the division.

Job Requirements

To be considered for this position, candidates must be in possession of:

·       a post-graduate degree in Law, Finance, Business Management or an equivalent qualification;

·       10 to12 years’ experience in the banking sector, financial sector or risk management environment; and

·       at least five years in a managerial role.

Additional requirements include:

·       in-depth knowledge and a strong technical understanding of the provisions of the FIC Act;

·       AML/CFT systems, products and risk management practices within the financial services sector;

·       PA supervision, regulation and legislation;

·       financial sector and key developments in banking, insurance and collective investment schemes, both domestically and abroad;

·       leadership skills;

·       planning and organising;

·       advanced verbal and written communication;

·       problem-solving and analysis;

·       excellent negotiation skills;

·       interpersonal skills; and

·       ability to work under pressure.

How To Apply

All interested parties are invited to apply.

Internal applicant: Please note that internal applicants MUST apply through the ERP system.

External applicant: External applicants MUST apply online, via www.resbank.co.za

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Do not enclose copies of your identity document or qualifications with your application.

Shortlisted applicants will be subjected to a psychometric assessment, an appropriate reference check and a security clearance as part of the selection process.

The closing date for applications is 26 February 2021. Late applications will not be considered.

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her experience and competence.





Ms Sarah Molomo

Senior Manager: Recruitment and Selection

Human Resources Department