Transactional Monitoring Officer

Risk & Compliance - Dar es salaam

Role Overview:

The Transactional Monitoring Officer is responsible for ensuring the effective monitoring and analysis of transactions to detect and report suspicious activities that may indicate money laundering, fraud, terrorist financing, or other financial crimes. The officer works closely with compliance, risk, and anti-money laundering (AML) teams to ensure the institution’s compliance with regulatory requirements and internal policies related to financial crime.

Key Responsibilities:

Transaction Monitoring and Analysis:

• Monitor customer transactions (manual and automated) for suspicious activities, unusual patterns, or deviations from expected behavior.
• Conduct detailed investigations on flagged transactions to assess the risk of money laundering, fraud, and other financial crimes.
• Review and analyze transaction monitoring alerts generated by systems to ensure timely and accurate identification of potentially suspicious activity.
• Escalate any suspicious activities in line with established procedures and recommend actions to mitigate risks.

Suspicious Activity Reporting (SAR):

• Prepare and submit Suspicious Activity Reports (SARs) to regulatory authorities in a timely manner.
• Ensure the completeness, accuracy, and confidentiality of reports submitted.
• Maintain a log of SARs and ensure proper follow-up and resolution of reported cases.

AML Compliance:

• Work closely with the Anti-Money Laundering (AML) team to support ongoing compliance with local and international AML regulations and standards.
• Ensure adherence to Know Your Customer (KYC) and Enhanced Due Diligence (EDD) processes during investigations.
• Assist with the development and updating of transaction monitoring policies and procedures to comply with evolving regulations.

Risk Assessment:

• Collaborate with the Risk and Compliance teams to assess the risk exposure from various transactional behaviors and customer activities.
• Identify trends and emerging risks from transaction monitoring reports and provide feedback to improve the efficiency of monitoring systems.

System Improvements:

• Assist in the calibration, testing, and enhancement of transaction monitoring systems to improve detection and reduce false positives.
• Provide feedback and suggestions for improving monitoring tools based on observed trends and investigation outcomes.

Reporting and Documentation:

• Maintain accurate and detailed records of all investigations, decisions, and actions taken for audit and compliance purposes.
• Generate periodic reports on monitoring activities, outcomes, and trends for senior management and relevant committees.

Training and Awareness:

• Assist in training staff across the institution on transaction monitoring processes and the identification of suspicious activities.
• Keep up to date with the latest trends in financial crime, fraud techniques, and regulatory developments.

Key Qualifications and Skills:

Educational Background:

• Bachelor’s degree in Finance, Accounting, Business, or a related field.

Experience:

• NIL

Interpersonal Skills:

• Strong written and verbal communication skills for report writing and interaction with internal teams and regulators.
• Ability to work independently and collaboratively with various departments.
• High level of integrity and confidentiality when handling sensitive information.