Let's Write Africa's Story Together!
Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.
Job Description
At OM Bank, we strive to attract great people who are passionate about coming together for a higher purpose- building something unique and aspirational, always aiming to be the best they can be. We are rooted in our purpose of inspiring and enabling our customers to grow and sustain their prosperity.
Manage and ensure compliance with exchange control regulations, reporting requirements, and system integrity. The ideal candidate will have experience in data reporting, limit management, transaction evaluation, and will play a critical role in supporting our bank's foreign exchange operations
KEY RESULT AREAS
Transaction Reporting:
- Ensure timely daily reporting of transactions to FinSurv and SARB.
- Identify and remediate unsubmitted transactions and those failing validation due to invalid data.
- Liaise with relevant departments to correct invalid data fields (e.g., addresses, contact information).
- Conduct manual matching for currency discrepancies and address mismatched transactions between accounting and transaction systems.
- Resolve system communication issues with SARB and create incidents for system errors.
SDA Limit Management:
- Monitor transaction limits, identifying customers who reach a limit of R900,000 and communicate necessary warnings regarding potential locks on transactions.
- Address customer inquiries related to SDA usage and enforce SDA locks when limits are exceeded.
Transaction Evaluation:
- Regularly extract reports to evaluate transaction data for invalidities and potential exchange control issues.
- Communicate findings to relevant departments and follow procedures for addressing questionable transactions.
Customer and Call Centre Support:
- Assist the Call Centre with foreign exchange queries.
- Provide support to customers regarding SDA utilization.
Exchange Control Support:
- Assist management and staff with questions related to exchange control regulations.
Training:
- Conduct training sessions for exchange control staff and Call Centre personnel on exchange control matters and SDA limits.
Applications to FinSurv:
- Manage applications related to exchange control for approval or guidance from FinSurv.
- Report any identified contraventions and respond to communications from SARB.
Macro Prudential Returns:
- Submit monthly returns to FinSurv by the specified deadline.
- Collaborate with departments to compile and validate return data.
Meetings Participation:
- Attend relevant meetings concerning cross-border payments, management updates, and system-related discussions.
- Facilitate meetings to address system and operational issues.
Inspections by FinSurv:
- Prepare and provide requested data for on-site and off-site examinations by FinSurv.
- Assist with logistical arrangements during inspections and respond to findings.
Annual Compliance Reporting:
- Generate an annual Managerial Letter of Comfort confirming compliance with SARB requirements.
Staff Management:
- Oversee the performance and development of Exchange Control Department staff, including feedback and disciplinary measures.
System Issue Identification:
- Identify and report system issues requiring updates or amendments, and participate in testing processes for system changes.
New Product Development:
- Participate in the Design Authority Committee, ensuring that new products comply with exchange control regulations before release.
ROLE REQUIREMENTS
- Bachelor’s Degree (Minimum) in Finance, Economics, Accounting, Business Administration, or Law
- Postgraduate Qualification (Preferred) in Finance, Banking, International Trade, or Compliance
- Professional Certifications (Beneficial):
- Chartered Financial Analyst (CFA)
- Certified Anti-Money Laundering Specialist (CAMS)
- Financial Risk Manager (FRM)
- Association of Certified Chartered Accountants (ACCA)
- South African Institute of Financial Markets (SAIFM) certification)
Minimum 8–10 years experience in the financial services or banking industry.
Minimum 5 years specifically in exchange control compliance, foreign exchange operations, or regulatory risk management.
Prior experience in a banking environment, preferably in compliance, treasury, or foreign exchange operations.
Experience in interpreting and applying regulatory frameworks in banking or financial services.
Experience working with regulators, auditors, and internal business units.
Strong knowledge of exchange control regulations and compliance.
Excellent analytical skills with a focus on transaction reporting and validation.
Effective communication skills for liaising with departments and supporting customers.
Experience in training and staff development is advantageous.
Skills
Compliance Software, Data Collection Methods, Engineering Standards, Oral Communications, Policies & Procedures, Presenting Solutions, Quality Assurance Processes, Regulatory Compliance Management, Regulatory Policies, Requirements Verification
Competencies
Education
Bachelors Degree (B) (Required)
Closing Date
21 January 2026 , 23:59
The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.
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