Brief description
The main purpose of this position is to investigate basic, intermediate and complex alleged contraventions of the Exchange Control Regulations (Regulations), recoup capital exported from South Africa in contravention of the Regulations and/or 419 fraud schemes, and enforce anti-money laundering (AML) legislation on Authorised Dealers in foreign exchange with limited authority (ADLAs).
Detailed description
The successful candidate will, among other duties, be responsible for the following key performance areas:
- Investigate basic, intermediate and complex matters involving alleged contraventions of the Regulations and/or 419 fraud schemes and AML enforcement investigations for the approval of the Signing Officer.
- Support the signing officer or manager with targeted Financial Intelligence Centre Act 38 of 2001 (FIC Act) inspections and assist other divisions when required.
- Recoup, recover or regularise capital lost as a result of alleged contraventions of the Regulations and/or administer the collection, preservation and distribution of money and/or goods seized during investigations of alleged contraventions of the Regulations.
- Conduct and/or facilitate research relevant to investigations and/or requests for information from internal and external stakeholders, submit reports on findings and make recommendations to the manager and relevant stakeholders, furnishing management with information.
- Assist legal practitioners with matters under litigation, including research, compiling reports and making recommendations when required.
- Engage and assist internal and external stakeholders, providing advice and training as well as support to the signing officer or manager when representing the division, the Financial Surveillance Department (FinSurv) or the South African Reserve Bank (SARB).
- Stay current with developments, policies, procedures and legislation, and propose and implement the refinement and continuous improvement of tools, methods and processes.
- Coach and provide on-the-job training to team members to expand their investigative knowledge and practice.
- Record all relevant information and correspondence regarding allocated investigations.
- Serve on relevant divisional, departmental or SARB project teams, based on experience, skill and ability.
To be considered for this position, candidates must have:
- a Bachelor’s degree in Law, Commerce or Forensics (in the accounting/financial or policing fields);
- knowledge of, and experience in:
- the Currency and Exchanges Act 9 of 1933;
- Exchange Control Regulations and Rulings;
- law of evidence;
- law of contract;
- civil and criminal procedure;
- Banks Act 94 of 1990;
- interpretation of statutes; and
- constitutional law;
- a minimum of five to eight years’ relevant administrative, forensic and investigative experience, preferably in the banking or financial environment;
- excellent communication skills; and
- a valid driver’s licence.
Additional requirements include:
- building and managing relationships;
- flexibility;
- skills in:
- verbal and written communication;
- analysis and problem-solving;
- judgement and decision-making;
- planning and organising;
- computer literacy;
- ability to work under pressure; and
- ability to travel from time to time to perform duties away from the SARB Head Office.
In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.
The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.
About SARB
Primary mandate of the SARB
Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:
The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.
The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.
WHAT WE DO
Monetary Policy
The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.
Financial Stability
The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.
Prudential Regulation
The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.
Financial Markets
Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.
Financial Surveillance
The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.
Payments and Settlements
The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.
Statistics
The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.
Research
Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.
Banknotes and Coin
The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.
