Banking Expert – Mogadishu, Somalia

Banking Expert

Job Locations SO-Mogadishu

:Job ID : 2023-1290 : # of Openings : 1 : Category : Programmes : Band Level : Single Engagement Agreement

Overview & Responsibilities

The Financial Reporting Center (FRC) was established under Article 20 (1) of Somalia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2016 to serve as Somalia’s Financial Intelligence Unit (FIU) responsible for receiving, requesting, analyzing and appropriately disseminating information concerning money laundering and terrorist financing.

The role of the FRC is to help rebuild the trust in the Somali financial system and promote the confidence level of international banks and governments in the Banks and Money Transfer Businesses (MTBs) that operate in Somalia by preventing Banks and MTBs from being used for money laundering and terrorism financing. The FRC does this by:

• Issuing regulations, providing guidance and feedback to relevant ministries and agencies as well as reporting entities in AML/CFT regime;
• Designing and implementing compliance monitoring and enforcement systems for sectors that lack designated supervisory authorities;
• Imposing proportionate, dissuasive and effective administrative sanctions and penalties;
• Representing the country in national, regional and global meetings, forums and organizations that focus on AML.CFT issues;
• Signing and implementing memorandum of understanding and other agreements with foreign financial intelligence units;

IDLO and FRC seek to recruit Banking Expert/Mentor that will be recruited into and embedded within the Financial Reporting Centre’s Office in Mogadishu for an initial duration of 12 months with possibility of further extension subject to performance and availability of funding. She/he will work under the primary supervision of the Director of the FRC and will be responsible for the following deliverables:

• Provide technical assistance, training and mentoring advice and support capacity development of FRC Supervisory Review Division staff in line with FRC capacity development plans;
• In close collaboration with the FRC Supervisory Review Division staff, ensure staff from Banks, MTBs and other reporting entities receive the necessary training to comply with the FRC reporting regulations;
• Provide specialised advice and support to the FRC Supervisory Review Division to strengthen their capacity to support Banks, MTBs and other reporting entities in the development of their compliance functions and policies;
• Provide technical assistance and support to the FRC in the formulation of FRC AML/CFT regulations and reporting guidelines for Mobile Money Network Operators and Designated Non-Financial Businesses and Professionals;
• In close collaboration with other FRC Departments support the FRC with the operationalization of the FRC reporting systems and procedures including the deployment and usage of goAML system by reporting entities;
• Support the FRC in strengthening relationships with financial institutions and in particular newly established banks and reporting entities including through the organization of high-level meetings with senior management;
• Support and facilitate meetings of the National Compliance Forum co-chaired by the FRC with Bank and MTB compliance focal points to review compliance developments and provide mutual support to members to enhance compliance;
• Prepare a variety of written outputs and file monthly reports concerning the work and performed activities; and
• Perform other work-related duties as required.

Duration of consultancy assignment– 360 days

Timeframe of consultancy delivery: August 2023-August 2024

Deadlines – by agreement with the hiring manager

Job Requirements

Education

• University degree in Economics, Finance, Law or related field;
• Minimum 8 years of relevant professional experience with public/private, national and international banks, MTBs or FIUs;
• Strong professional AML/CFT compliance training experience;
• Proven experience of working with government institutions/regulators, executive committees or similar leadership; and
• Proven experience of conducting of trainings and institutional capacity development;

Languages

• Fluency in written and spoken Somali and English.

Specific knowledge, skills and competencies

• Experience in Somalia or in similar contexts is highly desirable;
• Sound understanding of Somali development needs and political environment;
• Strong communication and interpersonal skills, and the ability to develop excellent relations with Somali counterparts and donor officials;
• Ability to live, work, and travel in Somalia.

Terms & Conditions

Applications will be screened on regular basis; a qualified applicant might be recruited before the deadline. In the interest of making most effective use of resources, only the short-listed candidates will be contacted during the selection process.

IDLO is an Equal Opportunity Employer and values diversity in all areas of its operations. We welcome applications of qualified and diverse candidates.

IDLO is committed to achieving 50/50 gender balance at all levels within its workforce. Female candidates are strongly encouraged to apply for IDLO vacancies.

IDLO does not tolerate sexual exploitation or abuse, any kind of harassment, including harassment of a sexual nature, or discrimination. As such, IDLO will conduct careful reference and background checks of all selected candidates as part of its selection process.

Application Deadline: August 31, 2023

Apply Here