Compliance and Internal Review Officer

Compliance and Internal Review Officer

Primary Responsibilities - Compliance

• Develop, implement, and maintain an effective compliance monitoring programme, including creating and regularly updating policies and procedures, compliance matrices, checklists, and other monitoring tools to ensure adherence to relevant laws, regulations, and internal policies.

• Develop and maintain anti-money laundering, counter-financing of terrorism, and counter-proliferation financing (AML/CFT/CPF) programmes, risk-based assessments and ensure compliance with all applicable laws.

• Ensure the timely submission of AML/CFT/CPF-related reports and other required documentation to regulatory bodies.

• Conduct reviews to assess compliance levels in the Credit Union, including document reviews of loans, onboarding, source of funds and due diligence forms. Evaluate adherence to policies, procedures, and regulatory requirements.

• Receive and review reports of suspicious transactions, or suspicious activities made by the staff and report the same in accordance with the Acts, Regulations and Guidelines issued by the relevant Supervisory Authority;

• Participate in projects as the compliance subject matter expert and provide guidance on new products, services, systems, and initiatives to ensure compliance considerations are integrated throughout development and implementation.

• Coordinate training for all stakeholder annually and as required during the year.

• Serve as the primary point of contact for regulatory bodies on all compliance-related matters.

• Prepare, review, and submit monthly reports to the Boards of Directors.

• Perform any other duties related to this role in accordance with the Acts and Regulations.

Primary Responsibilities – Internal Review  

Conducts operational and financial review and special assignments to assess the adequacy, efficiency, effectiveness in achieving desired objectives and compliance with relevant laws, regulations.

• Reviews and reports on such matters of internal controls.  This involves:

-          Review internal controls in the loans and accounting operations, investigates deficiencies and make recommendations.

-          Investigates cases of reported irregularities;

-          Conducts checks on shares and deposit accounts to ensure that lodgments and disbursements are conducted in accordance with the policy;

• Review Bank Reconciliation. Test samples to ensure that deposits and payments are made to the appropriate accounts. Ensure that bank reconciliation reports are appropriately signed. 

• Review Financial Transactions (Cashier) using the Cashiers’ report. Conduct cash count and ensure compliance with procedures.

• Review Fixed Assets Register. Tests to ensure that a fixed asset register is completed and up to date. Compare fixed asset register and actual fixed assets. Ensure that depreciation is calculated in accordance with the policy.

• Review Investments: Ensure the approval process has been followed. Test that investments are recorded in the accounts at the correct market value. Review extract of Board Minutes to verify authority for investments made. 

• Review Loans Portfolio to ensure that approved loans comply with Board policies and procedures. 

• Review Delinquency Portfolio. Test accuracy and follow-up action of the Delinquency Control systems which will verify compliance with Board Policy. Review loan loss provision calculation. 

• Review Monthly Management Accounts including payables and receivables and income and expenses. 

• Review Employees’ Salaries. Verification of NIS/Health Surcharge/PAYE and other deductions. Review overtime and authorizations. 

Minimum Qualification, Experience, Knowledge and Skills

• Bachelor’s Degree in Management Studies, Finance, Accounts, or equivalent.
• Compliance certification (e.g., Certified Anti-Money Laundering Specialist).
• Five to six years’ experience in compliance (preferred), internal audit, or operations in the financial sector.
• Knowledge of the Regulations and Acts governing the Financial Services Industry.
• Knowledge of regulations governing Anti-Money Laundering and the Prevention of Terrorist Financing.
• Thorough understanding of the principles and application of good corporate governance, business and operational risks and control processes and procedures.
• Comprehensive knowledge of internal auditing procedures, including risk driven planning techniques and sampling methods involved in conducting internal audits.
• Working knowledge of international financial reporting standards and how they affect auditing procedures.
• Working knowledge of accounting principles and standards
• Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint).
• Strong communication and presentation skills.
• Ability to develop policy and procedure documentation.
• Excellent interpersonal and analytical skills.
• Ability to maintain a high level of integrity and confidentiality.