Verification Officer, ANSA Bank Limited

The Verification Officer is responsible for providing an independent audit vouching and verification service on branch transactions to ensure that the Bank’s standards, policies, procedures, internal controls and other regulatory standards are adhered to.

Job Summary:

• The Verification Officer is responsible for providing an independent audit vouching and verification service on branch transactions to ensure that the Bank’s standards, policies, procedures, internal controls and other regulatory standards are adhered to and investigate/ report on any major operational lapses to Management for immediate action, thereby allowing the Bank to take proactive measures to address any issues before they become significant problems.

Job Description:

• In order to ensure that the branches are complying with formalized policies and procedures and associated regulations in day-to-day operations, the Verification Office will:
  • Perform periodic audits including spot checks on the key functions within the branch including:
    • Customer Accounts (New ,Closed, Changes): Ensure that all required, valid documentation and signatures have been obtained, all regulatory requirements such as SOFD, KYC and FATCA have been fulfilled with all required documentation, all approvals obtained in accordance with ABL’s Authority Limits, monitoring activities on inactive or dormant accounts, ensuring that changes to account statuses have been duly authorised and that all required, and ensuring that valid documentation and signatures and regulatory requirements have been fulfilled for accounts relating to Bank officials and related parties.
    • Deposits: Ensure that Deposit slips have been completed and signed by the customer and initialled and stamped by Teller, that all approvals obtained in accordance with ABL’s Authority Limits, that SOFD with all required documentation has been obtained for all deposits over$50,000 TTD or foreign equivalent, where the deposit was a TTD cheque issued by another bank, it was logged and sent to Processing Centre for verification and where the deposit was a USO cheque issued by another bank, it was logged and sent to Bank of Baroda for clearing.
    • Withdrawals: Ensure that all withdrawal slips have been completed and signed by the customer and initialled and stamped by Teller, all withdrawal transactions must be supported by a valid picture ID or authorisation letter where required, and that all approvals obtained are in accordance with ABL’s Authority Limits
    • Wire Transfers (Incoming and Outgoing): Ensure that Wire transfers are authorised in accordance with AB L’s Authority limits, and are accompanied by required supporting documentation. Further ensure that transactions that are greater than$ 50,000 TTD are accompanied by a ‘Source of Funds Declaration’ (SOFD), that any Nostro A/C is reconciled for incoming and outgoing transfers;  and that discrepancies are actioned in a timely manner and evidence retained.
    • Forex: Ensure that all required, valid documentation and signatures have been obtained, that all approvals obtained are in accordance with ABL’s Authority Limits, that USO sales greater than USO$ 1,000 are approved by Executive Management and that all FX selling transactions that are greater than$ 5,000 USO are accompanied by a ‘Source of Funds Declaration’ (SOFD) Form.
    • Loans: Ensure that all required, valid documentation and signatures have been obtained, that all regulatory requirements have been fulfilled with all required documentation and that the required collateral is in place, all approvals obtained are in accordance with ABL’s Authority Limits, all loan files contain an approved documentation checklist which must be completed and evidenced prior to loan disbursement .
    • Manager’s Checks: Ensuring that cheque requests are supported by a valid picture ID, that service fees are charged, that cheques have two (2) authorised Bank signatories, and that issues of Manager’s cheques have been approved in accordance with ABL’s Authority Limits. Further perform random spot check/ physical reconciliations of Manager’s cheques
    • ATM Balancing: Reconcile the Cash Position to the Cash Reconciliation
    • ACH Payments (Incoming): Ensure that unpasted/invalid transactions are returned to the respective bank by the following day.
    • Surprise Cash Counts
• Identify discrepancies and investigate and resolve them in a timely manner.
• Track issues to monitor the progress towards resolution.
• Make recommendations to proactively mitigate identified risk(s).
• Report to management monthly on the status of the audits as well as key issues and related recommendations.
• Pay attention to trends around recurring issues to address the root causes rather than the symptoms when developing the recommendations.
• Analyze raw data from the core banking system to assist with the determination of trends, inappropriate/fraudulent activities and the source of internal control weaknesses.

Education and Experience Requirements:

• Bachelor’s Degree in a Banking/Finance/Auditing/Management or related field.
• Professional certification (e.g., ACAMS, Certified Compliance, Ethics Professional, LLB) is an asset.
• At least three to five years working experience in Banking /Financial Institutions.
• 2 – 3 years proven experience in AML/CFT/CPF / Quality Assurance Monitoring & Testing or a related compliance role.
• Good knowledge of legal and regulatory requirements (POCA, ATA & FOR), standard operating procedures, and internal controls.