Job description
Role :
This role is responsible for ensuring that the company adheres to all regulatory requirements and maintains the highest standards of ethical behavior. This role involves staying updated on the latest RBI, FIU-IND, and NPCI guidelines, implementing necessary changes in policies, and overseeing compliance-related systems and processes. Also ensures effective coordination across departments and prepares the organization for external audits and inspections.
Objectives :
To ensure that the Forex Division adheres to all relevant laws, regulations, and policies, maintaining the highest standards of compliance and ethical behavior.
To manage and implement regulatory updates, ensuring alignment with RBI, FIU-IND, and NPCI guidelines.
To oversee the development and execution of compliance-related technology systems, interdepartmental coordination, and business continuity planning.
Role & Responsibility
Roles & Responsibilities:
Develop and update internal policies related to forex operations, ensuring alignment with RBI’s evolving regulations. Ensure policies cover due diligence, transaction monitoring, and reporting requirements.
Act as the primary point of contact between the company and regulatory authorities. Handle all communications and submissions related to compliance queries, audits, and inspections.
Continuously monitor the forex market and regulatory environment to anticipate changes that may impact operations. Evaluate the effectiveness of existing compliance programs and implement necessary improvements.
Ensure all transaction records, reports, and related documents are maintained accurately and are easily retrievable for audit purposes. Implement a robust system for document management to comply with statutory requirements.
Participate in strategic planning to enhance the company’s forex services and expand its market reach while ensuring compliance. Advise senior management on regulatory risks and opportunities in the forex market.
Implement measures to prevent, detect, and address fraud and other financial crimes. Conduct regular reviews and audits to identify and mitigate potentially fraudulent activities.
Conduct thorough CDD for all clients to prevent money laundering and terrorist financing. Ensure that EDD is performed for high-risk customers and transactions.
Ensure adherence to all regulatory requirements under the Foreign Exchange Management Act (FEMA) and guidelines issued by the RBI. Oversee the implementation of AML and CFT measures, including KYC procedures.
Develop and maintain internal controls to mitigate operational and compliance risks. Regularly review and update risk management policies and procedures in alignment with RBI guidelines.
Supervise all forex transactions to ensure they are conducted within prescribed limits and for permissible purposes. Ensure accurate and timely reporting of forex transactions to the RBI.
Provide ongoing training to staff on regulatory updates, compliance procedures, and best practices in forex transactions, ensuring the team is well-versed in the latest RBI circulars and notifications.
Facilitate internal and external audits by maintaining comprehensive and up-to-date records of all forex operations. Prepare and submit mandatory reports and returns to the RBI as required.
Ensure high standards of customer service, including handling customer complaints and queries related to forex transactions. Implement measures to safeguard customer information and ensure confidentiality.
Stay updated with the latest RBI circulars, notifications, and guidelines. Implement changes in the company’s policies and procedures in response to new regulatory requirements, ensuring alignment with the evolving regulatory landscape.
Promote a culture of ethical behavior and compliance within the organization, ensuring that all activities are conducted with the highest level of integrity and transparency.
Oversee the implementation and maintenance of IT systems that support compliance and transaction monitoring. Ensure that these systems are robust, secure, and capable of generating accurate compliance reports.
Collaborate with departments such as finance, legal, and operations to ensure a cohesive approach to compliance and risk management, aligning all departments with the company’s forex policies and regulatory requirements.
Prepare for and facilitate external audits and regulatory inspections. Address audit findings promptly and implement corrective actions as necessary.
Manage the companys public relations in matters related to forex operations and compliance. Communicate with stakeholders, including customers and regulatory bodies, regarding the companys forex policies and practices.
Ensure that the company has a robust business continuity plan in place for its forex operations. Regularly test and update the plan to address new risks and regulatory requirements.
Keeping up to date with changes in laws, regulations, and best practices, and ensuring that the company is aware of and complies with any new requirements.
Develop and maintain relationships with regulatory agencies and industry organizations
Participate in industry groups and forums to stay informed about industry trends and best practices
Preparing Daily / Monthly / Quarterly / Yearly MIS Report from time to time.
All the other task assigned by the reporting authority as per requirement
Qualification & Requirement :
Degree in Finance, Business administration, Law or related field.
Skills Required:
Excellent Communication and Presentation Skill, attention to detail. Ability to work independently and in team
10+experience in compliance roles within the FinTech industry, preferably with exposure to regulatory compliance at the RBI or other regulatory bodies.
Strong knowledge of RBI regulations, guidelines, and directives related to the FinTech industry.
In-depth understanding of compliance frameworks, risk assessment methodologies, and internal control systems.