SUMMARY:
Our client in Bellville, a niche long-term insurer operating in the funeral insurance space, is creating a new, dedicated Compliance Officer role focused purely on regulatory compliance under the FAIS and FIC regimes. This is a specialist compliance appointment — it does not carry a legal, contracts or general in-house counsel mandate.
POSITION INFO:
The successful candidate will hold current FSCA Phase I approval as a Compliance Officer for Category I Financial Services Providers and will build and own the FAIS\/FIC compliance function, with Phase II approval to act as Compliance Officer for the Company applied for on appointment. The role is intended to grow into a standalone compliance capability over time, so we are particularly interested in candidates who have acted as an external \/ independent appointed Compliance Officer for multiple entities Responsibilities: Own and drive the FAIS and FIC compliance strategy and framework for the business. Perform the functions of the appointed Compliance Officer, building toward Phase II approval to act as Compliance Officer for the Company. Act as, or oversee, the Money Laundering Reporting Officer (MLRO) function and all FIC obligations, including regulatory reporting under section 43B and related provisions. Develop, implement and maintain the Risk Management and Compliance Programme (RMCP) and compliance risk management\/monitoring plans. Conduct risk-based compliance monitoring and audits across all business lines; produce monitoring reports. Identify, investigate and report compliance breaches; work with business owners on remediation and escalation. Own the FIC \/ AML \/ CFT programme: business risk assessment, customer due diligence and enhanced due diligence, sanctions\/PEP screening, transaction monitoring, and CTR\/STR reporting to the FIC. Maintain compliance records, registers, policies, procedures and manuals. Prepare and submit all statutory and regulatory compliance reports and returns (FSCA, Prudential Authority, FIC), including the Conduct of Business Return (CBR). Oversee FAIS Fit & Proper obligations for Key Individuals and Representatives, including Class of Business training and Continuing Professional Development (CPD). Manage all interactions, inspections and engagements with the regulators (FSCA, PA, FIC). Monitor, interpret and implement new and amended regulation and industry best practice; provide impact analyses, policy updates, business notifications and training. Report regularly to the Board and Audit & Risk Committee on compliance matters. Advise the business on compliance and conduct risks arising from the Company's use of artificial intelligence and other emerging technologies. Use AI-enabled compliance, regulatory-monitoring and GRC tools to improve the efficiency and accuracy of compliance monitoring, reporting and record-keeping Requirements: Current FSCA Phase I approval as a Compliance Officer for Category I FSPs - covering the relevant Long-term Insurance sub-categories (including sub-category 1.1 Long-term Insurance Category A \/ assistance business, and others applicable to the Company's licence). Qualification, regulatory exam, experience and fit-and-proper requirements met. (Essential, non-negotiable.) Phase II approval to act for the Company applied for on appointment. FAIS Regulatory Examination RE1 (Key Individuals \/ Compliance Officers). RE5 where the incumbent is also a representative. Recognised compliance qualification - Postgraduate Diploma or Certificate in Compliance Management. Membership of the Compliance Institute of South Africa (CISA) required or preferred; CPrac(SA) \/ CProf designation, or working towards it, advantageous. An AML credential (e.g. CAMS or AML Prac(SA)) advantageous. At least 5 years' compliance experience within the financial services industry, ideally within long-term \/ life insurance. Experience acting as an external \/ independent appointed Compliance Officer for one or more third-party entities (essential or strongly preferred). Class of Business (Long-term Insurance) training and up-to-date CPD. A legal degree is not required - the focus is regulatory compliance, not legal practice Essential Knowledge - legislation: Financial Advisory and Intermediary Services Act (FAIS), Act 37 of 2002 and subordinate legislation (General Code of Conduct; Fit & Proper, BN 194 of 2017). Financial Intelligence Centre Act (FICA), Act 38 of 2001, as amended (including Act 1 of 2017). Long-term Insurance Act (LTIA), Act 52 of 1998 and regulations. Insurance Act 18 of 2017 and the Prudential Standards (GOI framework). Financial Sector Regulation Act (FSRA), Act 9 of 2017. Protection of Personal Information Act (POPIA). Policyholder Protection Rules (PPR) and Treating Customers Fairly (TCF) outcomes. Conduct of Financial Institutions (COFI) Bill (forthcoming). Essential Behavioural Competencies: Control-focused mindset with a strong grasp of regulatory and reputational risk. Self-motivated, mature and hands-on, able to build a function and work independently to deadlines. Excellent communication and report-writing skills. Discreet and confidential, with the confidence to challenge and influence. Comfortable and effective working with AI tools and technology-enabled compliance\/GRC platforms. Honesty and integrity meeting the personal character requirements determined by the Registrar under the Insurance Act Please note only candidates that meet the minimum requirements will be considered. Please follow our website and social media channels to be the first to know when our clients have new vacancies! Instagram: LinkedIn: website:
