MSB Licensing Officer

Summary

Applications are invited from suitably qualified professionals to resource the position of MSB Licensing Officer, Off-Site Examination, Money Service Businesses Regulatory Department, Payment System and Money Services Oversight Division.

Responsibilities

• • Continually reviewing and updating the MSB application processing database to ensure efficiency in the maintenance of comprehensive records of each cambio and remittance Company, overseas remittance service provider and relevant sub-agents.
• • Processing the application for cambio and remittance licenses to ensure consistent adherence with the Bank’s Service Level Standards (SLS).
• • Ensuring all required documents are received from applicants, including those needed to facilitate the fit and proper due diligence process.
• • Liaising with the Fit & Proper Processing Unit to ensure the timely processing of relevant Operators under the ‘fit and proper’ criteria, to ensure processing of licences in keeping with the Bank’s SLS.
• • Conducting the relevant due diligence to ensure applicants fully satisfy the requirement to be granted approval at the designated location(s) and through the stated operational arrangement, exercising judgment and initiative in determining how to treat with, or verify information received.
• • Ensuring the renewal process, including the timely dispatch of renewal notices and all licensing requirements are met to facilitate the dispatch of licenses in keeping with the Bank’s SLS.
• • Liaise with the onsite examination section to confirm whether licensees demonstrate compliance with operating and reporting requirements and continually meet the criteria for continued operations and/or renewal of licence.
• • Ascertaining appropriate corrective actions to be taken by MSB Operators in respect of breaches and/or irregularities and following up on recommended actions, in keeping with the ladder of enforcement for breaches, as a condition for maintaining licensee status.
• • Alerting supervisor of critical deadlines and developments and initiating the necessary follow up action.
• • Keeping abreast of developments and policies that affect the operations of cambios and remittance companies and the wider financial system.
• • Maintaining appropriate data recording, maintenance and retrieval systems to facilitate efficiency in the discharge of the monitoring functions.

Qualifications

• • Postgraduate Degree in Business Administration, Economics, Management Studies or any other related discipline with one (1) year related experience.
• • OR: Undergraduate degree in Business Administration, Economics, Management Studies or any other related discipline, with at least four (4) years’ working experience.
• • Training in money laundering detection techniques would be an asset.
• • Sound knowledge of the Operating Directions and the relevant internal procedures relating to remittance companies.
• • Sound knowledge of the Bank of Jamaica Act, the Proceeds of Crime Act (POCA), Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, Proliferation and Managing Related Risks (AML/CFT/CFP Guidance Notes), FATF Recommendations and other relevant legislation.
• • A very good understanding of the role of cambios and remittance companies and their relevance to the efficient functioning of the financial system;
• • Good working knowledge of computer applications including familiarity with specific job related software including the Microsoft Access, Word and Excel, e-Gate and Crystal Report Writer.
• • Excellent administrative skills and the ability to manage and prioritize multiple tasks effectively.
• • Good quantitative and analytical skills.
• • Ability to communicate effectively both orally and in writing.
• • The ability to work well on own initiative with minimum supervision.
• • Understanding of the architecture of the Jamaican financial system.
• • Good communicator with highly developed oral and written communication and presentation skills.
• • Sound quantitative and qualitative analysis skills.
• • Excellent supervisory skills.
• • Excellent problem solving and analytical skills.
• • Strong ability to manage change and support improvements in organisational effectiveness.
• • Results orientation - setting challenging goals and focusing on meeting or exceeding them.
• • Ability to work co-operatively within the team/work group and across the organisation to achieve group and organisational goals.

Additional Information and Instructions

SPECIAL CONDITIONS ASSOCIATED WITH THE JOB: ⮚ Office based environment. ⮚ Privy to sensitive information. ⮚ Exposed confidential information. ⮚ High level of integrity and professionalism. ⮚ Working beyond normal working hours if required Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 11 October 2024.

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