Unit Head, MSB Off-Site Monitoring, Money Service Business Regulatory Department, Payment System and Money Services Oversight Division

Applications are invited from suitably qualified professionals to resource the position of Unit Head, MSB Off-Site Monitoring, Money Service Business Regulatory Department, Payment System and Money Services Oversight Division.

Applications are invited from suitably qualified professionals to resource the position of Unit Head, MSB Off-Site Monitoring, Money Service Business Regulatory Department, Payment System and Money Services Oversight Division. 

Reporting to the Head, Money Service Business Regulatory Department, the successful candidate will be responsible for:

General Management 

1. Supervising the work and staff of the MSB Off-Site Monitoring Section, continually reviewing and updating procedures and guidelines for the Section and identifying areas for improvement in efficiency and effectiveness.
2. Continuously review and recommend upgrade of the skill sets, resources and data inputs required for data mining, to support the Bank’s ability to maximise available data to inform risk analysis in a dynamic financial system.
3. Organizing and supervising the daily activities of the Team to ensure achievement of assigned objectives and adequate resource allocation.
4. Collaborating with the Head of Department in identifying strategic or operational priorities and developing work programme and quantifiable objectives for assigned area to guide achievement of Team goals.

Money Services Business 

1. Managing the assessment of applicants’ suitability and capacity to offer cambio and/or remittance services and the making of recommendations for submission to the Divisional management for consideration on the refusal or issuance of a licence, including appropriate conditionalities, where applicable.
2. Managing the assessment of applications in relation to changes in operations, the establishment of sub-agents/sub-agencies, group restructuring, new overseas providers/partners, changes in ownership of licensees, mergers, acquisitions, strategic alliances and joint venture and co-branding, initiatives and making the appropriate recommendations.
3. Managing the preparation and communication of responses/decisions, regarding the granting or refusal of licences and approvals, within the specified timeline and requirements.
4. Contributing to the deliberations of governing committees of the Division including the Fit and Proper Committee, through attendance at meetings and provision of technical input on relevant regulatory issues in furtherance of the objective of the division.
5. Leading the conduct of data mining and overseeing timely and thorough analyses of cambio and remittance transaction data to identify trends and typologies which pose financial system risks and making recommendations for remedial action, given that remittance inflows and FX trading activity have significant economic impact.
6. Liaising with the On-Site Examination Section providing timely and up to date assessments of licensees’ risk framework and compliance regimes to inform scheduling and planning the scope of on-site examinations.
7. Overseeing the preparation of management reports, on foreign exchange trading activities of cambios and on transaction activities of remittance companies to provide pertinent information to inform policy.
8. Ensuring maintenance of updated records of the grant, refusal and/or revocation of licences and providing timely updates to the Head of Department on the status of pending approvals/licenses assessments.
9. Recommending/triggering, enhanced KYC due diligence and notifications to the Designated Authority (the Financial Investigations Division) where analyses indicate AML/CFT typologies which pose risks to the money service sector.
10. Providing reports of analyses conducted on relevant entities regarding observed risks to aid the On-site Examinations Section in the implementation of the risk-based approach to regulation.
11. Leading the off-site monitoring team to ensure effective systems are implemented to identify and promptly address errors in the reporting of cambio FX trades and remittance transaction activities, recognizing the implication of errors for the integrity of the data published by the Bank.
12. Liaising with senior management of MSBs to clarify requirements, requesting additional documentation, as necessary and/or agreeing on additional engagement requirement prior to finalization of the recommendations to the Divisional management.
13. Continually reviewing the system for transaction reporting and overseeing the implementation of enhancements to facilitate the provision of timely and comprehensive data to aid effective monitoring.
14. Collaborate with the ITRM in identifying, Implementing and managing the ongoing maintenance of automated systems which support the off-site regulatory process.
15. Leading the preparation and provision of analytical reports required to ensure the Bank is compliant with requirements for National Risk Assessment (NRA) and is able to respond in a timely way to information requests from relevant agencies.

Representation

1. Representing the Bank at meetings of the Cambio Association of Jamaica (CAJ), Jamaica Money Remitters Association (JMRA) and the BOJ.
2. Interfacing with external bodies such as the Jamaica Constabulary Force (JCF) and the Financial Investigations Division (FID) of the Ministry of Finance in the event of requests for information to aid investigations related to operators of Cambios and Remittance Companies.

Qualifications and Experience

Undergraduate Degree in Accounting, Economics, and Business Administration, Management Studies or any related discipline with six years’ experience, with three (3) years at the supervisory level. 

Experience and training in data analytics and money laundering detection techniques/AML/CFT compliance are mandatory. 

Certification or experience in risk analysis/assessment would be an asset.

Key Functional and Behavioral Competencies

• Sound knowledge of the Proceeds of Crime Act (POCA) and affiliated legislation, Financial Action Task Force (FATF) recommendations, the Bank of Jamaica Act (BOJA), BOJ AML/CFT/CFP Guidance Notes and the regulatory framework which guides the Money Service Businesses (MSBs) industry.
• Sound knowledge of risk based supervisory methodology.
• Sound knowledge of auditing procedures.
• Sound knowledge of the foreign exchange market operations, historical development and trends and the nexus between that market and the successful implementation of monetary policy.
• Sound knowledge of the cambio and remittance sector, historical development and trends and the nexus between that sector and the financial system.
• Sound knowledge of the role of MSBs and their relevance to the efficient functioning of the foreign exchange market.
• Knowledge of the local and global context within which MSBs operate, and the linkages between MSBs and other entities in the financial sector.
• Strong financial analysis and forecasting techniques.
• Excellent quantitative, analytical and report writing skills.
• Good working knowledge of computer applications including familiarity with specific job-related software such as word processing and spreadsheet preparation, the FXTP and database management tools.
• Sound analytical thinking and problem solving.
• Ability to communicate effectively both orally and in writing.
• Excellent human relations and supervisory skills.

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 20 June 2025.