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Transaction Monitoring Officer at Renmoney, Lagos, Nigeria

The Transaction Monitoring Officer is responsible for reviewing, investigating, and escalating unusual or suspicious transactions detected through the bank’s monitoring systems. The role ensures compliance with the Central Bank of Nigeria (CBN) AML/CFT Regulations, the Money Laundering (Prevention and Prohibition) Act, 2022, FATF standards, and other applicable laws to safeguard the bank from money laundering, terrorist financing, fraud, and sanctions breaches.

Transaction Monitoring & Investigations

• Review daily alerts generated by the bank’s transaction monitoring system (TMS).
• Conduct first-level investigations into unusual or suspicious transactions.
• Document rationale for alert closure or escalation, ensuring an audit trail.
• Escalate suspicious cases to the Compliance Manager  for STR filing.
• Monitor compliance with thresholds for Currency Transaction Reports (CTRs).

AML/CFT & Sanctions Compliance

• Conduct screening of customers, counterparties, and transactions against local and international sanctions lists (UN, OFAC, EU, NIGSAC).
• Assist in identifying potential terrorist financing or proliferation financing activities.
• Ensure transactions align with customers’ KYC/CDD profiles and expected behavior.

Reporting & Record Keeping

• Prepare investigation reports for escalated alerts.
• Support the preparation of Suspicious Transaction Reports (STRs) and CTR filings to the Nigeria Financial Intelligence Unit (NFIU).
• Maintain accurate records of investigations in line with regulatory requirements.
• Complete Know Your Customer (KYC) and Know Your Customer Business (KYCB) onboarding reviews for new customers & update existing customers, Political Exposed Person (PEP).
• Establish and maintain an effective Customer Due Diligence/Enhanced Due Diligence risk rating and ensure ongoing assessments
• Maintain BO and PEP list

Compliance Assurance & Risk Management

• Support periodic risk assessments of the bank’s transaction monitoring framework.
• Identify gaps in monitoring rules or scenarios and recommend enhancements.
• Contribute to compliance risk reporting (heat maps, dashboards, quarterly reviews).

Training & Awareness

• Participate in regular AML/CFT training programs.
• Provide feedback to enhance training for front-line staff on suspicious activity recognition.
• Other compliance activities as may be assigned from time to time.

Key Performance Indicators (KPIs)

• % of alerts reviewed within SLA (target ≥95%).
• % of escalated cases investigated and closed within timeline.
• Quality and accuracy of STRs/CTRs prepared.
• Zero regulatory penalties are attributable to transaction monitoring lapses.
• Contribution to reduction in false positives through quality feedback.

Education & Certifications

• Bachelor’s degree in law, Finance, Economics, Business, or related field.
• Certification in AML/CFT or Compliance (e.g., DCP, CAMS, ICA, ACCA,ACA ACAMS ) is an advantage.

Experience

• Minimum of 2–5 years’ experience in banking compliance, AML, or financial crime monitoring.
• Hands-on experience with transaction monitoring systems preferred.

Skills

• Strong analytical and investigative skills.
• Good knowledge of AML/CFT laws, FATF recommendations, and CBN guidelines.
• Attention to detail with ability to identify patterns and anomalies.
• Excellent written and oral communication skills.
• Ability to work under pressure and meet strict deadlines.
• High ethical standards and professional integrity.