EOI - Treasury Compliance and Derivative Documentations Review (FITR) Consultant at the African Development Bank Group (AfDB)

African Development Bank Group (AfDB) - Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.

We invite suitably qualified candidates to indicate their interest in joining the Department in the capacity below:

Title: EOI - Treasury Compliance and Derivative Documentations Review (FITR) Consultant

Location: Abidjan, Cote d'Ivoire
Consultant type: Individual Consultant
Duration: The estimated duration of services is twelve months
Estimated starting date: 20 June 2023

Responsibilities
The services to be provided under the Assignment include:

• The implementation of the Bank Group policies related to Know Your Customer (KYC), Anti Money Laundering (AML), Foreign Account Tax Compliance Act (FATCA), USA PATRIOT Act laws and Office of Assets Control (OFAC) or any other regulatory policies that may affect the Treasury Operations.
• The review of borrowing documentations and the process of derivative contracts to ensure compliance with the Bank’s Asset and Liability Management (ALM) guidelines.

The key activities are as follows:

Anti-Money Laundering and Compliance:

• Liaise with the Legal, Integrity and Anticorruption departments to prepare standard responses to recurrent AML/KYC queries to be used by the treasury department.
• Review and respond to all queries related to AML/KYC in coordination with legal, integrity and anticorruption and ethic departments.
• Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends
• Investigate and assess alerts relating to potential money laundering risks in the organization
• Ensure efficient identification and monitoring of activities and transactions considered suspicious
• Ensure timely and efficient reporting of transactions considered suspicious
• Daily assessment of SWIFT and AML reports relating to potential suspicious activity
• Help in identifying potential weaknesses in processes, analyze the roots
• Act as a subject matter expert to employees, providing guidance on what actions to take in dealing with high-risk accounts
• Assist with addressing queries from corresponding banks relating to money laundering matters
• Conduct proper investigation of money laundering alerts or transactions considered suspicious
• Help with AML compliance training on how to identify and report suspicious transactions
• Collect documentary proof and build and maintain case files for transactions deemed suspicious
• Arrange weekly, bi-weekly, monthly, quarterly, and annual reports
• Ensure proper record-keeping of data collected and analyzed

Review of borrowing documentations:

• Review borrowing documentations in coordination with Legal and Financial risk departments and ensure compliance with the ALM guidelines and the Treasury open mandate’s terms.
• Ensure that a confirmation is received for each derivatives transaction on a timely basis.
• Verify the accuracy of the borrowing and derivative contracts against trade tickets and transaction’s final terms sheets.
• Report discrepancies to the traders or counterparties for regularization.
• Monitor and manage discussions between the Bank’s Legal department, Treasury Risk management’s division, Operations (Private and Public sectors), Accounting department and counterparties to achieve agreement on the financial and legal terms of the confirmation
• Ensure, after Legal’s clearance, that confirmations are signed by the authorized signatory (The Treasurer), archived and subsequently forwarded to the counterparty.
• Maintain an adequate record of the status of all confirmations.

Implement the sanction filtering and SWIFT KYC registry applications:

• Work with the IT, the Legal, Integrity and anticorruption departments to implement sanction filtering IT system to be used for detecting from any entrance point potential suspicious vendor and payment on the sanction designated list or countries or the Bank own group sanction list.
• Work with the IT team, the Legal, Integrity and anticorruption to implement Know Your Customer application (SWIFT KYC registry) that will enable the Bank exchange KYC information with correspondent banks on a secured and automated manner.
• This tool will enhance the Bank’s current paper-based procedure of bilateral exchanges of KYC data and reduce operational and reputational risks.
• Work with the Legal, Integrity and anticorruption departments to investigate and assess alerts relating to potential money laundering risks in the organization
• Implement detailed research of client expected activity in order to monitor payment patterns or unusual movement
• Manage the queues for sanction and uncommon activity alerts everyday
• Confirm the suitable action is undertaken where a true positive match is recognized; sanction matches must be raised with the treasury management immediately
• Providing advice and training on anti-money laundering, sanctions and privacy matters including carrying out AML risk assessments.
• Support with the provision of training and raising attentiveness of new staff members to their responsibilities.

Essential Specialized Skills / Competences

• The consultant shall be a professional of high repute, who has at least 10 years operational experience on anti-money laundering, counter terrorist financing and counter illicit financial flows.
• He/she shall have a Master's Degree in Anti-corruption, Compliance, Law, Public Policy or related fields in the Social Sciences.
• Professional certificate in compliance is an added advantage
• He/she shall have at least 10 years of work experience in areas of anti-money laundering, counter terrorist financing or combating illicit financial flows in international organizations, multi-lateral development banks, financial institutions and corporations or government institutions with thorough experience in:
  • Integrity, prevention, investigation into money laundering, terrorist financing, illicit financial flows.
  • Combating money laundering, terrorist financing, illicit financial flows in operations of Multilateral Development Banks /Institutions, global banks or large financial institutions.
  • Reviewing ISDA/CSA and derivative transactions documentation.
• He/she should be fluent in English or French with working knowledge in one of them.

Establishment of the Shortlist
A shortlist of three to six individual consultants will be established at the end the request of expressions of interest. The consultants on the shortlist will be judged on the following criteria on the basis of their updated resume.

• Level of education in general 20%
• Educational level compared to the field of mission 20%
• Years of experience in general 20%
• Number of years of experience relevant to the mission 40%.

Application Closing Date
15th April, 2023 (24h00 local time).