Anti-Money Laundering (AML/CFT/CPF) Officer

ROLES AND RESPONSIBILITIES

• Develop, implement, and maintain the AML/CFT/CPF compliance framework, policies, and procedures in line with POCAMLA, PTA, IRA guidelines, and FATF recommendations.
• Conduct periodic reviews and updates of AML/CFT/CPF policies to ensure alignment with evolving regulatory requirements, including amendments to POCAMLA and related legislation.
• Assist the MLRO as a liaison between ICEA LION Life Assurance and the Financial Reporting Centre (FRC), Insurance Regulatory Authority (IRA), and other relevant regulatory bodies on AML/CFT/CPF matters.
• Conduct enterprise-wide AML/CFT/CPF risk assessments to identify, assess, and document money laundering, terrorism financing, and proliferation financing risks.
• Develop and maintain risk matrices, risk appetite statements, and key risk indicators (KRIs) for AML/CFT/CPF compliance monitoring.
• Monitor and assess emerging financial crime risks, including those arising from new products, services, delivery channels, and geographic exposure.
• Oversee the implementation of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, ensuring compliance with regulatory requirements for customer identification and verification.
• Establish and maintain Know Your Customer (KYC) standards, including beneficial ownership identification and verification processes in line with the Companies Act and POCAMLA requirements.
• Develop and implement procedures for handling Politically Exposed Persons (PEPs), high-risk customers, and customers from higher-risk jurisdictions as defined under POCAMLA.
• Oversee transaction monitoring systems and processes to detect suspicious activities, unusual patterns, and potential financial crime indicators.
• Manage customer and transaction screening against sanctions lists, including UN Security Council sanctions, and ensure compliance with Targeted Financial Sanctions (TFS) requirements.
• Review and investigate AML alerts, escalate findings appropriately, and maintain comprehensive case management documentation.
• Prepare and submit Suspicious Transaction Reports (STRs), any Cash Transaction Reports (CTRs), and other mandatory reports to the Financial Reporting Centre within prescribed timelines.
• Ensure timely submission of Annual Compliance Reports, reports on customers from higher-risk countries, and other regulatory returns as required by the FRC and IRA.
• Maintain registration and compliance with goAML reporting system requirements and ensure accurate, complete record-keeping as mandated under POCAMLA regulations.
• Design, develop, and deliver comprehensive AML/CFT/CPF training programs tailored to various business units, including underwriting, claims, business development, and agency networks.
• Promote and reinforce a strong culture of financial crime prevention throughout the organization, emphasizing the importance of AML/CFT/CPF obligations and reporting responsibilities.
• Stay current with regulatory developments, industry best practices, FATF guidance, and emerging financial crime typologies relevant to the insurance sector.
• Prepare comprehensive AML/CFT/CPF reports for the Board Audit and Risk Committee, senior management, and regulatory authorities as required.
• Coordinate and facilitate internal and external AML/CFT/CPF audits, regulatory inspections, and examinations, ensuring timely closure of identified issues.
• Maintain accurate and complete AML/CFT/CPF records for a minimum period of seven years as required under POCAMLA, ensuring accessibility for regulatory audits and inspections.
• Collaborate with the Group Risk and Compliance function to ensure alignment of AML/CFT/CPF practices across other ICEA LION Group subsidiaries.
• Liaise with internal stakeholders including Legal, Internal Audit, IT, Operations, and Business Development on AML/CFT/CPF related matters.
• Conduct due diligence reviews on intermediaries, business partners, and third-party service providers to assess AML/CFT/CPF risks.

ACADEMIC AND PROFESSIONAL QUALIFICATIONS AND KNOWLEDGE

• A Bachelor’s degree in Finance, Economics, Law, Actuarial Science, or a Business-related field. A postgraduate Master’s degree and professional qualification in Compliance, Risk Management, or Anti-Money Laundering will be an added advantage.
• Professional certification in AML/CFT such as Certified Anti-Money Laundering Specialist (CAMS), ICA International Diploma in Anti-Money Laundering, or equivalent certification from a recognized body is highly desirable.
• Demonstrated in-depth understanding of the Kenyan regulatory environment including the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), Prevention of Terrorism Act (PoTA), Insurance Act, Insurance Regulatory Authority (IRA) guidelines, and Financial Reporting Centre (FRC) requirements.
• Strong knowledge of FATF Recommendations, international AML/CFT/CPF standards, sanctions regimes, and emerging financial crime typologies.