About this role

To lead the Bank's compliance function and ensure that its operations, products, services and business activities remain compliant with applicable laws, regulations, regulatory directives and internal policies.

The Chief Compliance Officer will provide independent compliance oversight, with particular responsibility for regulatory compliance, AML/CFT, KYC, customer due diligence, sanctions screening and regulatory reporting, helping to protect the Bank's license, reputation and financial integrity.

Key Responsibilities

1. Compliance Framework and Regulatory Governance
Develop,
maintain and continuously improve the Bank's compliance framework,
policies, procedures and regulatory obligations register.
Monitor
changes in applicable laws, regulations, CBN directives, NDIC requirements
and other regulatory expectations and advise Management on their
implications.
Conduct
periodic compliance assessments across the Bank's business and operational
functions.
Identify
regulatory compliance gaps and recommend appropriate corrective actions.
Maintain
appropriate documentation and evidence of compliance activities.
Provide
independent compliance advice to Management and the Board on material
regulatory matters.
1. AML/CFT and Financial Crime Compliance
Lead
the Bank's AML/CFT compliance framework in accordance with applicable
regulatory requirements.
Establish
and maintain appropriate controls for identifying, assessing and managing
money-laundering and terrorist-financing risks.
Oversee
transaction monitoring and ensure unusual and potentially suspicious
activities are appropriately reviewed and escalated.
Coordinate
the investigation and reporting of suspicious transactions and other
reportable activities to the appropriate authorities.
Maintain
appropriate AML/CFT records, documentation and reporting processes.
Monitor
the effectiveness of the Bank's financial crime controls and recommend
enhancements where required.
1. KYC and Customer Due Diligence
Establish
and enforce appropriate customer identification and verification
standards.
Oversee
the Bank's KYC and customer due diligence framework across all customer
segments and channels.
Ensure
enhanced due diligence is applied to higher-risk customers, relationships
and transactions.
Monitor
the completeness, accuracy and currency of customer information and
documentation.
Conduct
periodic reviews of customer risk classifications and due diligence
requirements.
Work
with Operations, Business and Risk to address KYC deficiencies promptly.
1. Sanctions, PEP and Screening Controls
Oversee
sanctions, politically exposed persons and other relevant customer
screening processes.
Ensure
appropriate escalation and investigation of potential screening matches.
Maintain
effective procedures for reviewing and resolving sanctions and PEP alerts.
Monitor
the effectiveness of screening systems and controls.
Ensure
compliance with applicable sanctions and regulatory requirements.
1. Regulatory Reporting and Liaison
Prepare,
review and coordinate timely submission of compliance-related regulatory
returns and reports.
Maintain
a regulatory reporting calendar and ensure all compliance submissions are
completed within prescribed timelines.
Serve
as a principal compliance contact for regulators, working alongside the
MD/CEO and other relevant executives.
Coordinate
responses to regulatory enquiries relating to compliance and AML/CFT
matters.
Support
regulatory examinations and ensure identified compliance issues are
appropriately addressed.
1. Compliance Monitoring and Testing
Develop
and implement a risk-based compliance monitoring programme.
Conduct
periodic reviews and testing of business processes, customer files,
transactions and regulatory controls.
Identify
compliance breaches, control deficiencies and emerging regulatory risks.
Escalate
material compliance issues to Management and, where appropriate, the
Board.
Track
remediation of compliance findings to closure.
Maintain
an appropriate record of compliance incidents, breaches and corrective
actions.
1. Compliance Training and Awareness
Develop
and deliver regular compliance, AML/CFT and regulatory training programmes
for employees.
Ensure
employees understand their responsibilities regarding KYC, AML/CFT,
sanctions, customer protection and regulatory compliance.
Maintain
training records and monitor completion rates.
Provide
targeted training where specific compliance weaknesses or regulatory
changes are identified.
Promote
a culture of regulatory compliance and ethical conduct throughout the
Bank.
1. Product and Business Advisory
Advise
Management and business functions on the regulatory implications of new
products, services, digital channels and partnerships.
Review
proposed products, customer journeys and third-party arrangements from a
compliance perspective.
Participate
in relevant product and technology development processes to ensure
compliance considerations are incorporated from inception.
Provide
practical recommendations for managing regulatory risks without
unnecessarily restricting legitimate business activities.
1. Management and Board Reporting
Provide
regular compliance reports to the MD/CEO and relevant Board committees.
Report
significant compliance breaches, AML/CFT risks, regulatory developments
and unresolved issues promptly.
Present
compliance trends, monitoring results and remediation status to Management
and the Board.
Provide
recommendations for strengthening the Bank's compliance environment.

Requirements

First degree in Law, Accounting, Finance, Economics,
Banking, Business Administration or another relevant discipline.
Professional certification in compliance or AML/CFT, such as CAMS or an equivalent recognised certification, is desirable.
CIBN membership or relevant professional banking
certification is an advantage.
A relevant postgraduate qualification is an added advantage.
Experience
Minimum of 10 years' relevant professional experience,
with at least 3 years in a senior compliance, regulatory, AML/CFT or
financial crime role within financial services.
Experience in a Microfinance Bank, commercial bank, fintech,
payments institution or other regulated financial institution is strongly
preferred.
Demonstrable experience in AML/CFT, KYC, transaction
monitoring, regulatory reporting and regulatory examinations is required.
Core Competencies
AML/CFT
and financial crime compliance
KYC
and customer due diligence
Transaction
monitoring and investigations
Sanctions
and PEP screening
Regulatory
interpretation
Compliance
monitoring and testing
Regulatory
reporting
Risk
assessment and control evaluation
Investigative
rigour and attention to detail
Regulatory
stakeholder management
Ethical
judgement and professional integrity
Clear
communication and advisory skills
Performance Measures
Timely
and accurate submission of regulatory and AML/CFT-related reports.
Effective
KYC and customer due diligence compliance across the customer base.
Timely
identification, investigation and escalation of suspicious activities.
Completion
and effectiveness of AML/CFT and compliance monitoring programmes.
Compliance
training completion and employee awareness levels.
Timely
closure of compliance findings and identified regulatory gaps.
Effective
management of regulatory examinations and compliance requests.
No
material regulatory sanctions attributable to preventable compliance
failures.
Effective
implementation and continuous improvement of the Bank's compliance
framework.

Benefits

An opportunity to establish and lead a critical compliance
function within a growing Microfinance Bank, with significant responsibility
for regulatory compliance, AML/CFT, customer protection and the preservation of
the Bank's regulatory standing. The role offers broad exposure to financial
services regulation and executive decision-making, together with a competitive
compensation package aligned with the responsibilities and importance of the
position.

Chief Compliance Officer

About this role

Key Responsibilities

Requirements

Benefits

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