Brief description
The main purpose of this position is to investigate basic, intermediate and complex matters involving alleged contraventions of the Exchange Control Regulations (Regulations) and specifically to proactively identify illegal Money and Value Transfer Services (MVTS) and operators with a view to recoup capital exported from South Africa in contravention of the Regulations and enforce anti-money laundering legislation under limited supervision of a more senior investigator.
Detailed description
The successful candidate will be responsible for the following key performance areas:
- Proactively identify illegal MVTS operators in the current exchange control environment by finding alternative ways of identifying such operators through, among other measures, researching local and foreign jurisdictions.
- Investigate, with limited supervision, basic, intermediate and complex matters involving alleged contraventions of the Regulations.
- Recoup/recover/regularise capital lost as a result of alleged contraventions of the Regulations.
- Administer the collection, preservation and distribution of money and/or goods seized in terms of the provisions 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 a signing officer/manager on the contraventions committed by such individuals/entities.
- Assist, under supervision, legal practitioners and law enforcement agencies with investigations and litigation.
- Engage internal and external stakeholders by providing clear and timely assistance and support, listening to and accommodating stakeholder needs.
- Stay current with developments, policies, procedures and legislation as well as apply any relevant changes to own work.
- Record all relevant information and correspondence regarding allocated investigations and provide investigative administrative support when required.
- Collate, report and link data on all matters identified (i.e. matters under investigation and/or sanctioned).
- Provide accurate reporting to all levels within the South African Reserve Bank (SARB) and external stakeholders.
- Participate in meetings and provide written reports linked to the above processes.
Job requirements
To be considered for this position, candidates must be in possession of:
- a minimum of a Bachelor’s degree in Law, Commerce, or Forensics (in the accounting or financial fields); or an equivalent qualification at NQF-level 7;
- a minimum of two to five years’ experience in financial or related investigations in the banking, financial sector and/or law enforcement environment; and
- knowledge of and experience in the application of the Currency and Exchanges Act 9 of 1933, the Regulations, Currency and Exchanges Manuals and other relevant legislation.
Additional requirements include:
- building and managing relationships;
- resilience and perseverance;
- good verbal and written communication skills;
- good analytical and judgement skills;
- knowledge and skill in:
- investigations report writing;
- analysis and problem-solving;
- sound judgement and decision making; and
- planning and organising;
- advanced skill level in Microsoft Excel and Word;
- ability to work under pressure; and
- a valid driver’s license and the ability to travel from time to time to perform duties away from the SARB Head Office.
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.
