Compliance Manager at FairMoney Nigeria

FairMoney is building the leading mobile bank for emerging markets. We started with a digital microcredit application on Android, and currently roll out additional financial services (current account, savings, debit card) while expanding the product to Western Africa and South-East Asia.

We are recruiting to fill the position below:

Job Title: Compliance Manager 

Location: Lagos
Employment Type: Full-time

About the Role

• The Compliance Manager will lead the development, implementation, and maintenance of a robust AML/CFT compliance program, conducting regular risk assessments and staying abreast of evolving regulations.
• This role involves meticulous analysis of legal and KYC documentation, identification of UBOs and PEPs, and execution of comprehensive due diligence procedures.
• The Officer will also contribute to broader compliance initiatives, ensuring alignment with legal standards and providing valuable insights into regulatory matters.
• Develop, implement, and maintain an effective AML/CFT compliance program.
• Conduct regular risk assessments and review to identify and mitigate potential money laundering and terrorist financing risks.
• Carry out the planning and execution of the AML and Regulatory Due Diligence program.
• Development of the Customer risk assessment Plan.
• Collect, analyze, verify and archive legal and KYC documentation, identify Ultimate Beneficial Owners (UBOs) and Politically Exposed Persons (PEPs).
• Identify potential high-risk customers and perform enhanced due diligence (EDD) reviews of all high-risk customers, including analysis of account activity, CDD, interviews with relationship managers, etc.
• Review and check (potential) clients on international financial sanctions lists.
• Ensure CDD is collected at account inception and is periodically updated during the customer relationship.
• Ensure accurate data collection to comply with the bank's Customer Identification Program (CIP).
• Sending necessary Due Diligence questionnaires for High-Risk customers if applicable.
• Completing in-depth Internet research, including negative news searches; and determining, based on account activity, if the account is transacting as expected for the entity type.
• Thoroughly and professionally document a narrative describing customer’s information obtained during review.
• Maintain high quantity and quality rates of production.
• Contribute to the implementation and controls for daily processes and assist with the update of procedures.
  Identify training needs and provide training to employees on the due diligence process on a periodic basis.
• Address a broad range of compliance matters, including but not limited to data protection, sanctions screening, and regulatory reporting.
• Develop and maintain policies and procedures to address various compliance obligations.
• Assist in legal research and analysis related to compliance matters. Provide guidance on legal implications of compliance-related issues

Requirements

• Bachelor's Degree in Law, Finance, or a related field. Advanced degree or professional certifications (e.g., CAMS, CFE) is a plus.
• Proven experience in compliance roles, with a focus on AML/CFT, customer due diligence, and legal compliance.
• Deep understanding of the front-to-end customer due diligence process and be well versed within fintech banking
• Proven track record in similar function in the financial services industry with at least 5 years’ experience.
• In-depth knowledge of relevant laws, regulations, and industry best practices.
• Regulatory Environment: Knowledge of the compliance regulations and the impact of the regulations on the Bank’s operations.
• Risk Management: Demonstrate strong competent knowledge with current regulatory requirements and relevant financial industry knowhow concerning the Customer Due Diligence standards.

Benefits

• Private Health Insurance
• Pension Plan
• Training & Development
• Paid Time Off

Application Closing Date
Not Specified.