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AML/CFT Compliance Officer/Senior Officer (2 position) – Mogadishu, Somalia

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  • Full-Time

Job Description


البنك المركزي الصومالي
bankiga dhexe ee soomaaliya
Job Description
Post Title AML/CFT Compliance Officer/Senior Officer (2 position)
Duty Station CBS Headquarter
Expected starting date January ,2021
Status Permanent
Appointment period   Full-time
Reports to Head of Licensing, Regulation and Compliance
Supervises      None
1-    Role
The role of the AML/CFT Compliance officer is to execute core function of the Division by applying surveillance techniques to determine a financial institution’s overall AML/CFT compliance with appropriate laws/regulations that include Anti-Money Laundering and Counter financing terrorism (AML/CFT) Laws, regulations and guidance. Periodic review and assessment on the financial institution’s AML/CFT compliance regime. Ensure pre-emptive measures are taken to address AML/CFT corrective actions and emerging weaknesses/ concerns on a timely. The AML/CFT Compliance officer will support the Head of the division in the day-to-day division activities.
2-    General Description
The Central Bank of Somalia’s (CBS) main objective is to promote and maintain a safe, stable, sound, efficient and competitive financial Sector.   Also, CBS is responsible to develop and implement AML/CFT regulations and policies that restore and strengthen the nascent financial industry. CBS executes its tasks by establishing a robust AML/CFT supervisory mechanism and tools. As well, CBS ensures financial stability and soundness through regulation and supervision of the financial institutions that are aligned with the Central Bank of Somalia’s strategic goals and objectives.
3-    Main Duties and Responsibilities
Ø  Provide analysis and assessment on the safety and soundness of financial institutions in term of Compliance and Anti-money laundering and Counter financing terrorism.

Ø  Perform continues AML/CFT surveillance to test the adequacy of the AML/CFT and compliance systems of the financial institutions.

Ø  Works in line with CBS function in promoting a sound, progressive and inclusive financial sector and enforce CBS’ strategic focus on driving financial inclusion and AMLCFT regulatory regime.

Ø  Ensure the Financial Institutions complies with the various AML/CFT laws, regulations and policies issued by Central bank of Somalia and other competent authorities.

Ø  Ensure pre-emptive measures are taken to address AML/CFT corrective actions and emerging weaknesses/ concerns on a timely.

Ø  Annually review of the Licensing and re-licensing applications from Financial Institutions specially in the AML/CFT components.

Ø  Periodic review and assessment on the financial institution’s AML/CFT compliance regime.

Ø  Closely monitor rectification actions taken by the financial institutions in addressing CBS concerns.

Ø  Plan, organize, and control compliance activities.

Ø  Help to assess the robustness and effectiveness of the financial institution’s AML/CFT compliance and Assist in drafting policies and procedures concerning the AML/CFT.

Ø  Help to monitor, investigate and advice on areas related to money laundering and counter financing terrorism.

Ø  Develop compliance strategies including plans to effect corrective action and monitor progress in coordination with other experts.

4-    Qualifications

·      Master’s degree in Finance, Accounting, Banking, Islamic Banking and Finance, Business Administration, Law or relevant professional certifications are highly advantageable (ACAMS, ACCPA, CIA and etc) .


·      At least 5 years of professional experience as Compliance Officer, Internal Auditor or equivalent experience with a leading Financial Institutions (Commercial Banks, Remittance and etc) is required.


·      Operationally fluent in both Somali and English.

5-    Functional and Organizational Skills
a.    Possess solid and broad understanding of Somali Financial Institution in all its components, and of the Somali regulatory and legal environment.

b.    Possess strong and subtle knowledge of AML/CFT Standards, principles and standards issued by the Financial Action Task Force (FATF), the Office of Foreign Assets Control , European Union Directives and relevant best practices.

c.     Possess strong compliance and auditing skills.

d.    Possess advanced competency in conducting analysis and eliciting meaningful and important deductions. Strong ability and understanding of qualitative and quantitative analysis.

e.    Behave consistently with the CBS codes of ethics and ensure that the behaviour of others is consistent with these codes.

f.      Establish and maintain positive working relationships with other partners both internally and externally.

g.     Possess effective written, oral, and interpersonal communication skills.

h.    Operationally fluent in both Somali and English, in both speaking and writing.

i.      Good knowledge of PC software packages including those for compliance and risk management.

Application Procedure:
Only qualified national applicants with completed applications are invited to submit their electronic applications/Cover Letters, updated resumes supported with copies of professional, academic certifications and any other evidence demonstrating the required experience and three referees through email; recruitment@centralbank.gov.so and copy to jibril@centralbank.gov.so not later than 22nd December, 2020 at midnight Mogadishu time.   Incomplete Applications and those received after deadline will not be considered. Per newly approved human resources policy, Central Bank is equal opportunity employer, female applicants are highly encouraged to apply. Please note Only shortlisted candidates will be contacted.

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