Money Laundering Reporting Officer (MLRO) at Moniepoint Inc.

About The Role

• The Money Laundering Reporting Officer (MLRO) is responsible for ensuring that the organization complies with legal and regulatory obligations concerning money laundering prevention. The MLRO manages and oversees the company's anti-money laundering (AML) policies and procedures, assesses risk, performs investigations, reports suspicious transactions, and ensures that the business follows all relevant laws, regulations, and internal standards.
• This role requires a highly responsible and vigilant professional capable of safeguarding the financial institution from risks related to money laundering and ensuring adherence to regulatory frameworks. The MLRO plays a critical part in preventing illicit financial activities while maintaining the reputation and integrity of the organization.

Key Responsibilities

• Develop, implement, and maintain the organization’s anti-money laundering (AML) policies, procedures, and controls.
• Ensure compliance with circulars, directives and rules of Regulators (CBN, NDIC), Law Enforcement Agents (EFCC, Police, NFIU, DSS etc) as well as the local laws.
• Monitor and interpret any changes in AML laws and regulations, ensuring timely adaptation of company procedures.
• Perform regular AML risk assessments for the company, identifying and assessing potential risks associated with money laundering and terrorist financing.
• Evaluate and monitor the customer base for high-risk clients and activities.
• Implement effective risk management strategies, particularly with regard to customer onboarding, monitoring, and reporting.
• Monitor and investigate suspicious activities or transactions and evaluate whether they are indicative of money laundering or other financial crimes.
• Prepare and submit Suspicious Activity Reports (SARs) and Suspicious Transaction Report (STR) to the NFIU.
• Maintain confidentiality regarding any ongoing investigations or reports filed.
• Develop and deliver training programs for staff across all departments to raise awareness about AML regulations, policies, and procedures.
• Ensure that AML records are properly kept, including transaction monitoring logs, due diligence records, SAR/STR filings, and internal reports.
• Generate regular reports for senior management on AML compliance and suspicious activity.
• Maintain up-to-date records and documentation to facilitate regulatory audits or inspections.
• Oversee the implementation and monitoring of Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and Know Your Customer (KYC) procedures.
• Review high-risk client profiles and transactions to ensure compliance with AML regulations.
• Ensure accurate and comprehensive client records are maintained for regulatory reporting and auditing purposes.
• Act as the point of contact between the organization and external regulators, law enforcement agencies, and other relevant bodies.
• Respond to requests for information and cooperate with investigations regarding suspected money laundering activities.
• Ensure the timely filing of reports to the regulatory authorities and the appropriate handling of legal issues arising from investigations.
• Oversee internal and external audits related to AML compliance, ensuring that findings are addressed and corrected promptly.
• Continuously monitor internal processes and controls to identify potential weaknesses and implement corrective actions.
• Review and update the company’s AML policies and procedures regularly, ensuring they reflect evolving legal and regulatory requirements.
• Report to senior management on the effectiveness of AML controls and provide recommendations for improvement.

Requirements

• Significant experience (typically 10+ years) in a financial institution, regulatory body, or similar setting, with a focus on anti-money laundering compliance.
• Strong knowledge of money laundering regulations, KYC, CDD, and EDD procedures.
• Proficiency in AML software and transaction monitoring systems.
• Excellent analytical, investigative, and problem-solving skills.
• Proficiency in AML software and transaction monitoring system to assess and mitigate financial risks.
• In-depth knowledge of financial products and services, especially in digital banking space
• Strong knowledge of money laundering regulations, KYC, CDD, and EDD procedures.
• Proficiency in AML software and transaction monitoring systems.
• Excellent analytical, investigative, and problem-solving skills.