Financial Crime Surveillance Officer - Mercantile Bank Ltd, Sandton

  • Sandton
  • Salary: Market Related
  • Job Type: Permanent
  • Posted by Mercantile Bank Ltd on Sunday, February 16, 2020
  • Reference: 1656173
  • Employment Equity Position
  • Apply before Thursday, April 16, 2020 - 13 Days left

Vacancy Details

Employer: Mercantile Bank Ltd


The incumbent is primarily charged with the responsibility to identify suspicious and or unusual transactions through the automated transaction monitoring system and referring these transactions with supporting information to the Money Laundering Reporting Officer. The role must identify opportunities to develop new monitoring rules in conjunction with the AML/CFT Compliance Team, drive the implementation of new rules and review the current monitoring rules to ensure their accuracy and effectiveness.


 Action all alerts raised by the automated transactions monitoring system (ATMS) on a daily basis within the agreed output delivery time frames

 Critically consider each alert created by the ATMS with the aim to eliminate unnecessary alerts in the future

 Identify opportunities to develop new rules and raising it with the Money Laundering Reporting Officer / Money Laundering Control Officer in the prescribed manner

 Driving the implementation of new rules with the ATMS system owner

 Conducting tests on the effectiveness of the client name and transaction screening systems on a quarterly basis

 Preparing reports on the result of the screening systems’ tests for presentation to the Head of Compliance

 Reviewing the accuracy of customer data captured on the Bank’s core system and compiling a report in the prescribed manner and in line with the Compliance Plan deliverables

 Assist the AML/CFT Compliance team to action potential client name screening and transactions screening matches

 Maintain daily, weekly and monthly statistics for reporting purposes as may be required

 Ensure that all account opening documentation is in order and that all relevant checks have been completed

 Perform checks to ensure that prospective customers’ passports and photos (face images) are loaded on the Bank’s on-boarding system

 Perform checks on whether a prospective customer’s passport/identity document is authentic and valid (current/unexpired)

 Perform checks to ensure the prospective customers’ information (e.g. ID type, ID country, identity/passport number, expiry date, contact details, nationality, country of birth, country of residence, full names, surname, date of birth and gender is correctly captured on the application form

 Ensure that all FICA documentation are held as records

 Check if mandates are kept as records and are duly signed

 Check if the correct limits were loaded

 Ensure that the entire end-to-end customer on-boarding process is efficiently completed, perform the required checks and provide approval where required

 Liaise with Alliance Partners as required

 Ensure that all relevant administrative and operational functions are fulfilled as required

 Perform other duties as may be required from time to time



 Knowledge and compliance with Bank policies, procedures and FICA legislation.

 Knowledge and understanding of relevant anti money laundering and combating of terrorist financing legislation and international standards.

 Knowledge of cross border remittances.

 Good understanding of the entire MBL product and service range

 Good knowledge and understanding of CIV requirements


  • Attention to detail
  • Computer Literacy (Intermediate MS Word, MS Excel, MS Outlook)
  • Communication skills
  • Analytical skills
  • Problem solving skills
  • Accuracy
  • Time management
  • Ability to work under pressure
  • Planning and organising
  • Superior Customer Service Delivery
  • Computer literacy: MS Office Suite – Intermediate
  • Good telephone techniques
  • Results and goal oriented
  • Relationship building
  • Resilient and driven
  • Astute observation
  • Ability to liaise with external and internal customers


Candidate Requirements


Grade 12 National Certificate / Vocational



 2 – 3 years retail banking experience

 1 – 2 years cross border remittance experience would be advantageous.

 Experience with FICA

This position reports to: Money Laundering Reporting Officer Apply before Thursday, April 16, 2020 - 13 Days left Companies may expire jobs at their own discretion. If you have not received a response within two weeks, your application was most likely unsuccessful.
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About Mercantile Bank Ltd

Mercantile Bank provides a wide range of international and domestic banking services to SME (Small, Medium Enterprises), Commercial and Alliance banking Markets in South Africa through highly personalised relationships and tailored banking solutions. 

Mercantile Bank is a wholly-owned subsidiary of Mercantile Bank Holdings, whose major shareholder is Caixa Geral de Depósitos S.A. - based in Portugal.  Mercantile Bank (Ltd) has been listed on the Johannesburg Stock Exchange for 11 years and is one of 6 clearing and settlement banks.

We offer our staff the opportunity to experience high levels of personal and career growth as a result of wide exposure to different aspects of banking.

Mercantile Bank Limited.   Registration No 1965/006706/06
An Authorised Financial Services and Credit Provider NCRCP19