Executive Head of Department MPESA Regulatory, Compliance and AML Lead at Safaricom Telecommunication Ethiopia

Executive Head of Department MPESA Regulatory, Compliance and AML Lead

Employer: Safaricom Telecommunication Ethiopia

Employment: Full-Time | Permanent

Place of Work: Addis Ababa - Ethiopia

Posted date: 5 hours ago

Deadline: March, 13/2025 (3 days left)

Role purpose:

To lead the Regulatory, Compliance and Anti-Money Laundering (AML) team for Safaricom M-PESA will ensure robust internal compliance with all applicable laws and regulations related to AML and financial crime, in collaboration with the Legal and Compliance functions, and act as the Money Laundering Reporting Officer (MLRO). He is also leading regulatory engagement in collaboration with MPESA external affairs and Safaricom regulatory team.

Key accountabilities and decision ownership:

1. M-PESA Compliance

• Establish and maintain a comprehensive compliance framework that aligns with Ethiopian regulatory requirements and industry standards.
• Perform compliance risk assessments and develop compliance risk management plans for all high-risk legislation.
• Prepare and present compliance reports to the management, including recommendations for improvements.
• Provide training and advice on compliance related matters to both internal and external stakeholders.
• Draft and update compliance-related policies and procedures in response to regulatory changes or trending risks.
• Collaborate closely with Legal and Regulatory and M-PESA Operations teams to ensure alignment with company-wide compliance objectives and to ensure seamless integration of compliance controls.
• Preparation of M-PESA inputs to Safaricom Ethiopia board audit and risk committees. This will include reporting ESG activities to the CEO and Board and communicating with all key Stakeholders.
• Liaise with other M-PESA Business Units and Subject Matter Experts (SMEs) to ensure compliance risks are identified, and mitigation controls are implemented by the business.

2. Anti-Money Laundering

• Develop and implement AML and financial crime frameworks tailored to mobile money operations.
• Serve as the MLRO, managing all financial crime reporting and escalations to FIS. By maintaining a strong working relationship with FIS, ensuring timely and accurate reporting.
• Act as the primary liaison for all financial crime-related queries and investigations by regulatory or enforcement bodies.
• Design, maintain, and improve the AML program, including KYC, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and transaction monitoring processes.
• Lead investigations into suspicious activities and submit Suspicious Transaction Reports (STRs) to FIS.
• Conduct periodic risk assessments to identify vulnerabilities to money laundering, terrorist financing, and other financial crimes.
• Implement and monitor risk mitigation strategies in collaboration with Legal and Risk Management teams.
• Develop and deliver AML training programs for employees, emphasizing mobile money and trending digital payment risks.

3. Regulatory

• Act as the primary liaison for all interactions with National Bank of Ethiopia and other regulatory bodies involved in MPESA fintech activities
• Develop a regulatory engagement plan and build MPESA as a partner and reference for the regulators
• Monitor, review and enforce compliance with all Safaricom M-PESA Policies; laws and regulations; rules, codes and industry standards.
• Liaise with applicable stakeholders to ensure an integrated approach to policy compliance management.

Key performance indicator:

• Maintain full compliance with relevant compliance obligations. 
• Ensure timely completion and board approval of all governance policies annually.
• Develop, review, and update M-PESA compliance policies on an annual basis.
• Maintain full employee awareness and understanding of compliance and AML requirements.
• Quality of reports and compliance risk assessments presented to management, with actionable insights.
• Proactive resolution of compliance inquiries or issues raised by authorities.
• Reduce in financial crime risks based on transaction monitoring outcomes.

Core competencies, knowledge and experience:

• At least 6 years of experience related to compliance and regulatory roles in financial institutions.
• In-depth knowledge of relevant legal frameworks, regulatory requirements, and governance best practices for financial institutions in Ethiopia.
• Strong communication and interpersonal skills to liaise effectively with management and regulatory bodies.
• Experience in preparing and presenting complex information clearly and concisely to stakeholders.