Job Description (JD):

Department: Operation
Location: [HO, A.A.]
Reports to: COO

Job Purpose:

To Manage the KYC (Know Your Customer) and Anti-Money Laundering (AML) functions within the Microfinance Institution (MFI), ensuring compliance with local and international regulatory requirements, by verifying the identity of clients and assessing their risk profiles, and minimizing the risk of financial crimes. This role involves the oversight of the customer onboarding process, regular monitoring, due diligence, and reporting of any suspicious activities.

Key Responsibilities:

1. KYC and AML Compliance:
   • Oversee the development, implementation, and maintenance of the KYC/AML policies and procedures in line with the regulatory requirements.
   • Conduct periodic reviews of KYC/AML programs to ensure they meet regulatory expectations and internal standards.
   • Ensure that the organization adheres to applicable financial regulations, including Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) processes.
   • Lead the KYC team to perform effective customer verification, monitoring, and reporting.
2. Team Management:
   • Supervise and mentor a team of KYC analysts and associates.
   • Provide training and support to staff on the latest KYC/AML regulatory requirements, risk assessment processes, and best practices.
   • Set clear performance goals for team members and ensure the timely completion of KYC-related tasks.
3. Customer Onboarding and Monitoring:
   • Oversee the onboarding process for new clients, ensuring that all required documents are collected, verified, and stored securely.
   • Perform periodic customer reviews and risk assessments to ensure compliance with KYC regulations.
   • Manage the screening of customers against sanctions lists, and other regulatory databases.
4. Risk Management and Reporting:
   • Identify, assess, and manage potential financial crime risks associated with customer accounts, ensuring appropriate due diligence is conducted.
   • Prepare reports on suspicious transactions or high-risk clients for senior management and regulators.
   • Collaborate with internal stakeholders (e.g., Risk, Compliance, Legal, and Operations) to address KYC-related issues and enhance procedures.
   • Evaluate the risk associated with potential clients to prevent fraud and money laundering.
5. Regulatory Liaison:
   • Stay up to date with regulatory changes and industry trends related to KYC, AML, and financial crime prevention.
   • Serve as the primary point of contact for regulatory authorities regarding KYC matters and audits.
   • Coordinate with external auditors or regulatory bodies for inspections or compliance checks.
6. Process Improvement:
   • Continuously improve the KYC processes to increase efficiency and reduce risks associated with onboarding new customers.
   • Suggest improvements in technology and tools to enhance KYC screening and monitoring activities.
7. Customer Verification:

• Conduct thorough checks to verify the identity and background of clients.
• Maintain accurate records of client information and transactions.
• Update internal databases with customer information, keeping it current.