KYC Risk Officer

Risk & Compliance - Dar es salaam

Role Overview:

The KYC (Know Your Customer) Risk Officer is responsible for overseeing the KYC process to ensure that the institution complies with regulatory requirements and internal policies related to customer due diligence (CDD) and risk management. The officer will assess and mitigate customer-related risks, especially those tied to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF), by conducting thorough KYC reviews, risk assessments, and ongoing monitoring of customer activities.

Key Responsibilities:

KYC Due Diligence:

• Conduct comprehensive KYC reviews for new and existing customers to ensure proper identification, verification, and classification of customer risk.
• Ensure that all required customer information and documentation are obtained, validated, and maintained as per regulatory and internal policy standards.
• Assess the risk level of customers by applying the appropriate risk rating methodology based on factors such as geography, business activities, and transaction behavior.

Risk Assessment and Mitigation:

• Analyze customer profiles and transactions to identify potential AML/CTF risks and determine if Enhanced Due Diligence (EDD) is necessary.
• Develop and implement risk mitigation strategies for high-risk customers and provide recommendations for onboarding, account continuation, or account closure based on the level of risk.
• Conduct ongoing monitoring of customer accounts and transactions to ensure compliance with risk management standards.

Regulatory Compliance:

• Ensure that KYC processes adhere to the latest regulations, including local and international AML/CTF laws and guidelines.
• Stay up to date with regulatory changes and incorporate any new requirements into the KYC procedures.
• Work closely with the AML, Compliance, and Legal teams to ensure that KYC processes are aligned with the overall compliance framework of the institution.

Enhanced Due Diligence (EDD):

• Perform EDD on high-risk customers, including politically exposed persons (PEPs), customers from high-risk jurisdictions, or clients with complex ownership structures.
• Gather and verify additional information for EDD cases, including source of wealth, source of funds, and business purpose, to better understand customer risk.

Customer Risk Reporting:

• Prepare regular reports for senior management and relevant committees on KYC risk-related issues, including the number of high-risk customers, outstanding reviews, and any emerging risks.
• Maintain detailed records of risk assessments, due diligence actions, and decisions for audit and regulatory purposes.

KYC Policy and Procedure Management:

• Develop, review, and update KYC policies, procedures, and controls to ensure that they remain effective and compliant with evolving regulations.
• Work with relevant teams to enhance and optimize the KYC workflow, identifying areas for process improvement and automation where applicable.
• Participate in the implementation of new KYC tools and technologies to improve risk assessment and customer due diligence processes.

Training and Awareness:

• Provide ongoing training and support to staff on KYC-related topics, including risk identification, documentation requirements, and regulatory updates.
• Foster awareness of KYC obligations across the organization to ensure adherence to internal and external requirements.

Collaboration with Stakeholders:

• Liaise with internal departments, including AML, Compliance, Risk, and Business Units, to resolve any issues related to customer risk assessments or documentation deficiencies.
• Engage with external stakeholders, such as auditors and regulatory bodies, during reviews or audits to provide necessary information on KYC compliance.

Key Qualifications and Skills:

Educational Background:

• Bachelor’s degree in Finance, Accounting, Business Administration.

Experience:

• NIL

Interpersonal Skills:

• Excellent communication skills, both written and verbal, for reporting and collaboration.
• Ability to work under pressure, prioritize tasks, and meet deadlines.
• Strong attention to detail and high level of integrity when handling sensitive information.