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Job Description
The Risk & Compliance Specialist is responsible for supporting and overseeing the regulatory compliance, AML/CTF, risk management and governance framework of Digitec PNG Financial Services Limited (DPFS). The position will help ensure that the Company's payment services and mobile money operations comply with applicable laws and regulatory requirements in Papua New Guinea, including requirements of the Bank of Papua New Guinea (BPNG) and other relevant regulatory authorities. The role is responsible for identifying, assessing, monitoring and mitigating regulatory and compliance risks; supporting the Company's AML/CTF framework; coordinating regulatory reporting; and promoting a strong culture of compliance across the business. The position reports to the General Manager and the nominated Board Committees.
1. Ensure timely and accurate submission of all regulatory reports and responses to requests from relevant authorities.
2. Monitor compliance with applicable legislation, including the National Payments System Act 2013, Anti-Money Laundering and Counter Terrorist Financing Act 2015, applicable AML/CTF Compliance Rules, including requirements relevant to money or value transfer services and relevant regulations and guidelines.
3. Identify, assess and mitigate compliance risks, maintaining and regularly reviewing the DPFS Compliance Risk Register.
4. Oversee the identification, assessment and reporting of suspicious transactions and monitor customer and transaction activity to support fraud detection and prevention.
5. Coordinate regulatory inspections, examinations and compliance audits, ensuring findings are addressed and corrective actions implemented within agreed timelines.
6. Conduct regular compliance reviews and audits to assess adherence to internal policies, procedures and regulatory requirements across DPFS.
7. Assess compliance requirements for new products, services, partnerships and business initiatives before implementation.
8. Develop, review and update compliance policies, procedures and governance frameworks, ensuring relevant teams understand their obligations.
9. Monitor compliance by partners and other relevant external stakeholders, addressing identified gaps and regulatory concerns.
10. Prepare compliance reports and provide advice, training and guidance to management and staff to strengthen compliance awareness and promote continuous improvement.
Desired Skills and Experience
1. Bachelor’s degree in Economics, Commerce, Finance, Banking, Business or a related discipline; a relevant postgraduate qualification is an advantage.
2. Minimum of three to five years’ experience in compliance, risk management, financial services or a similar role.
3. Professional certification in AML/CTF, compliance or risk management, such as ACAMS, or another relevant professional qualification, would be an advantage.
4. Strong understanding of financial services regulations, anti-money laundering (AML), counter-terrorism financing (CTF), fraud prevention and regulatory reporting requirements.
5. Proven ability to identify, assess and mitigate compliance risks and implement effective corrective actions.
6. Strong analytical, investigative and problem-solving skills, with excellent attention to detail.
7. Demonstrated ability to prepare accurate reports, manage regulatory requests and meet strict deadlines.
8. Excellent communication and stakeholder management skills, with the ability to engage effectively with regulators, senior management and cross-functional teams.
9. Proven leadership, training and coaching skills, with the ability to influence stakeholders and promote a strong compliance culture.
10. Proficient in Microsoft Office and standard business systems, with the ability to work independently, manage complex situations and drive continuous process improvement.