Anti-Money Laundering Officer Job ICEA Lion

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Job Purpose

The overall purpose of the job is to lead and coordinate the Anti-Money Laundering, Counter Financing of Terrorism, and Counter Proliferation Financing (AML/CFT/CPF) compliance program within ICEA LION Life Assurance. The role holder will be responsible for developing, implementing, and maintaining a robust AML/CFT/CPF framework in accordance with the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), Prevention of Terrorism Act (PoTA), Insurance Regulatory Authority (IRA) guidelines, Financial Reporting Centre (FRC) requirements, and international standards set by the Financial Action Task Force (FATF). This includes conducting risk assessments, ensuring regulatory reporting obligations are met, managing customer due diligence processes, overseeing transaction monitoring, and fostering a culture of financial crime prevention across the organization.

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Responsibilities

• Develop, implement, and maintain the AML/CFT/CPF compliance framework, policies, and procedures in line with POCAMLA, PTA, IRA guidelines, and FATF recommendations.
• Conduct periodic reviews and updates of AML/CFT/CPF policies to ensure alignment with evolving regulatory requirements, including amendments to POCAMLA and related legislation.
• Assist the MLRO as a liaison between ICEA LION Life Assurance and the Financial Reporting Centre (FRC), Insurance Regulatory Authority (IRA), and other relevant regulatory bodies on AML/CFT/CPF matters.
• Conduct enterprise-wide AML/CFT/CPF risk assessments to identify, assess, and document money laundering, terrorism financing, and proliferation financing risks.
• Develop and maintain risk matrices, risk appetite statements, and key risk indicators (KRIs) for AML/CFT/CPF compliance monitoring.
• Monitor and assess emerging financial crime risks, including those arising from new products, services, delivery channels, and geographic exposure.
• Oversee the implementation of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, ensuring compliance with regulatory requirements for customer identification and verification.
• Establish and maintain Know Your Customer (KYC) standards, including beneficial ownership identification and verification processes in line with the Companies Act and POCAMLA requirements.
• Develop and implement procedures for handling Politically Exposed Persons (PEPs), high-risk customers, and customers from higher-risk jurisdictions as defined under POCAMLA.
• Oversee transaction monitoring systems and processes to detect suspicious activities, unusual patterns, and potential financial crime indicators.
• Manage customer and transaction screening against sanctions lists, including UN Security Council sanctions, and ensure compliance with Targeted Financial Sanctions (TFS) requirements.
• Review and investigate AML alerts, escalate findings appropriately, and maintain comprehensive case management documentation.
• Prepare and submit Suspicious Transaction Reports (STRs), any Cash Transaction Reports (CTRs), and other mandatory reports to the Financial Reporting Centre within prescribed timelines.
• Ensure timely submission of Annual Compliance Reports, reports on customers from higher-risk countries, and other regulatory returns as required by the FRC and IRA.
• Maintain registration and compliance with goAML reporting system requirements and ensure accurate, complete record-keeping as mandated under POCAMLA regulations.
• Design, develop, and deliver comprehensive AML/CFT/CPF training programs tailored to various business units, including underwriting, claims, business development, and agency networks.
• Promote and reinforce a strong culture of financial crime prevention throughout the organization, emphasizing the importance of AML/CFT/CPF obligations and reporting responsibilities.
• Stay current with regulatory developments, industry best practices, FATF guidance, and emerging financial crime typologies relevant to the insurance sector.
• Prepare comprehensive AML/CFT/CPF reports for the Board Audit and Risk Committee, senior management, and regulatory authorities as required.
• Coordinate and facilitate internal and external AML/CFT/CPF audits, regulatory inspections, and examinations, ensuring timely closure of identified issues.
• Maintain accurate and complete AML/CFT/CPF records for a minimum period of seven years as required under POCAMLA, ensuring accessibility for regulatory audits and inspections.
• Collaborate with the Group Risk and Compliance function to ensure alignment of AML/CFT/CPF practices across other ICEA LION Group subsidiaries.
• Liaise with internal stakeholders including Legal, Internal Audit, IT, Operations, and Business Development on AML/CFT/CPF related matters.
• Conduct due diligence reviews on intermediaries, business partners, and third-party service providers to assess AML/CFT/CPF risks.

Qualifications

• A Bachelor’s degree in Finance, Economics, Law, Actuarial Science, or a Business-related field. A postgraduate Master’s degree and professional qualification in Compliance, Risk Management, or Anti-Money Laundering will be an added advantage.
• Professional certification in AML/CFT such as Certified Anti-Money Laundering Specialist (CAMS), ICA International Diploma in Anti-Money Laundering, or equivalent certification from a recognized body is highly desirable.
• Demonstrated in-depth understanding of the Kenyan regulatory environment including the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), Prevention of Terrorism Act (PoTA), Insurance Act, Insurance Regulatory Authority (IRA) guidelines, and Financial Reporting Centre (FRC) requirements.
• Strong knowledge of FATF Recommendations, international AML/CFT/CPF standards, sanctions regimes, and emerging financial crime typologies.
• Comprehensive understanding of life insurance operations, products, distribution channels, and associated money laundering and terrorism financing vulnerabilities.
• Proficiency in AML screening tools, transaction monitoring systems, and regulatory reporting platforms.
• Excellent analytical, investigative, and problem-solving skills with the ability to identify and assess complex financial crime risks.
• Strong written and verbal communication skills, including the ability to prepare comprehensive reports and deliver effective training programs.
• Demonstrated high integrity, ethical standards, and commitment to confidentiality.

Experience

• Minimum of 5 years of progressive working experience in AML/CFT compliance, financial crime prevention, risk management, or related regulatory compliance roles within the financial services sector.
• At least 3 years of hands-on experience specifically in AML/CFT/CPF program management, including policy development, risk assessment, and regulatory reporting.

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How to Apply

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