Risk and Compliance Officer
VisionFund Tanzania Microfinance Bank Ltd (VFT MFB), formerly known as SEDA, is a fast-growing and reputable Micro Finance Bank (MFB) with a loan book exceeding TZs. 44 billion and over 60,000 customers, including more than 5,000 smallholder farmers. VFT-MFB seeks a dynamic and committed Tanzanian to fill the vacant position below.
Work Reference No. 18/24
Position: Risk and Compliance Officer
Reporting to:
Senior Compliance Officer
Alternate (Administrative reporting line):
Regional Manager
Responsibilities
This role establishes, implements, and enforces a robust bank-wide Compliance Risk Management Framework and systems (policies, processes, and tools) covering Legal and regulatory compliance and AML Compliance. It ensures compliance with Bank policies, guidelines, and procedures; Banking and Financial Institutions Act, BOT Regulations, and other regulatory directives; Anti-Money Laundering Act, Anti-Money Laundering Regulations, and Guidelines. The role ensures the Bank isn't used for money laundering or terrorist financing and protects the Bank's integrity.
Main Tasks
- Work with Senior Compliance to implement a Compliance Monitoring Plan in the respective region.
- Monitor and report all cases of VFT MFB policy, procedure, legal, and regulatory requirement violations.
- Conduct training for VFT-MFB staff on bank policies and procedures, and legal and regulatory requirements (e.g., AML).
- Monthly reporting of VFT staff violating KYC requirements to the Senior Compliance Officer.
- Advise the bank on compliance status with regional operational policies, local policies, procedures, and legal and regulatory requirements (BOT, FIU, TRA, COMPANY, LABOUR, etc.).
- Review and report operational non-compliance issues (e.g., data input, reconciliation, abnormal approvals, and withdrawals).
- Analyze trends in branch reports to detect operational anomalies, including fraud.
- Report confirmed and potential fraudulent activities and monitor fraud recovery status at Business Centers.
- Assist the Senior Risk Officer in identifying risks, updating the risk register, and monitoring and reporting.
- Conduct testing of internal risk and compliance controls, including security devices.
- Act as the focal person for the health and physical security of the regional business center.
- Conduct trainings on risks, physical security and safety, AML, and all compliance matters affecting the bank for new and existing staff.
- Communicate compliance issues to the BCM of specific Business Centers.
Requirements
- University degree in Law, Business Management, Banking, or a related discipline with knowledge of compliance software/applications.
- Experience with Banking/Financial Institution operations.
- Enterprise risk management experience.
- Understanding of money laundering's impact on the economy and financial systems.
- Strong analytical skills, attention to detail, and an investigative mindset.
Other Attributes
- Highly developed sense of reliability and correctness
- Effective trainer
- Very good communication skills
- Innovative and analytical skills
- Very good planning skills
- Good team player
- High level of integrity and ethics
- Above-average skills in using Microsoft Office applications
- Self-starter, highly motivated, organized, and detail-oriented
About Our Working Environment & Organization Culture
VisionFund Tanzania Microfinance Bank offers a calm and harmonious working environment where staff are highly valued. Good work is recognized and rewarded, and opportunities for professional and spiritual growth exist.
VisionFund Tanzania Microfinance Bank takes safeguarding seriously and is committed to a safe environment for adults and children. Candidates undergo criminal record and background/reference checks before employment.
Female applicants are encouraged to apply.
Mode of Application
Interested and qualified individuals should forward their application letter, certified copies of academic and professional certificates, detailed CVs with three referees, and National ID to application@vftz.co.tz. All applications should be addressed to The Chief Executive Officer, VisionFund Tanzania Microfinance Bank Limited, P.O. Box 1546, Arusha, TANZANIA. The position should be the subject of the email application. The application deadline is December 28, 2024.
Only shortlisted candidates will be contacted.
Disclaimer: VisionFund Tanzania Microfinance Bank has not engaged any consultant/agent for recruitment.
