Local Exchange Control Officer at Standard Chartered Bank

In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and as a consequence, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%. Standard Chartered remained a shareholder of First Bank of Nigeria until 1996.

Standard Chartered re-entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom. It now has 42 branches located in Lagos, Port Harcourt, Abuja, Ibadan, Kano, Kaduna, Maiduguri, Ota, Aba, Onitsha and Onne offering a wide range of products and services in Retail, Corporate and Institutional Banking. It employs over 900 employees and sees Nigeria as a growth centre.Job Summary
Local Exchange Control
Foreign Exchange(FX) Settlement

To ensure effective control and compliance with Operating Procedures for all service delivery in relation to FX Securities Services Settlement in the country.
Ensure exchange control documentations are in place for all repatriation.
To ensure adherence to regulations around Foreign Exchange, its sourcing and utilization
To plan, direct, and control the effective and efficient.
Repatriation of equity, fixed income and corporate action proceeds
Registration, tracking and reconciliation of Certificate of Capital improtations (CCI) in respect of foreign clients’ investments.
Following up with Clients to ensure FX deals booked are promptly utilized.
Processing of Inflows and initiating request for CCIs
To ensure all CCI confirmation requests are responded to timely.
Prompt assessment of all new local regulations that may affect Clients fx inflow and
Repatriation
Work with other team members to achieve optimum output through guidance and monitoring.

Reconciliation

To ensure daily CCI reconciliation (Securities and Cash) and escalation of exceptions to the Head of Securities Services Operations

Quality Service

To ensure the highest levels of Customer Service and proactively seek improvements to meet customer needs and requirements and where opportunities arise to exceed them in accordance with the business plan and in close liaison with sales and product partners; and assist the Client Service Manager in providing quality responses to client queries on Local Exchange promptly.

Key Responsibilities
Reporting

To ensure all regulatory reports are submitted within timelines as specified.

Security Management

Direct and review inspection/internal control reports and seek loss avoidance, with due regard to the costs and risk control procedures. Co-ordinate and communicate all matters relating to the development and management of security, ensure that effective business continuity plans and emergency management procedures exist, and to certify adequate protection of staff, assets and property. In the event of necessity investigate fraud, loss, and other irregularities. Take measures to prevent drug money laundering, computer, and communications security as per guidelines.

Compliance

In conjunction with Country Compliance Officers, Head of SS operations and Chief Information Officer, Nigeria ensure, without fail, that unit complies with the Bank's rules and local laws.

Fraud and Money Laundering Risk

To ensure awareness amongst staff, adherence and implementation of the Group Anti Money Launring (AML) Standards and Country Customer Due Diligence (CDD) Policies, The ability to quickly assess a situation and decide on an appropriate course of action and the ability to implement that decision in a pressurized work environment compounds the level of complexity and In terms of providing this support areas covered include policies, procedures and processes.

Competitor Benchmarking

To benchmark customer service with the market (which includes all appropriate service providers in the service industry) and competitor pricing in the custody business and determine ways of achieving leadership.

Employees and agents

Support local office to ensure implementation of local HR policies, including appointment, career planning and development of staff and succession planning in the area under responsibility.

Audit and Investigations

provide prompt response to audit requests and ensure that appropriate remedial action is taken in response to audit findings.

Projects And Additional Tasks

Any projects or additional tasks assigned by Head, securities services Nigeria.

Regulatory & Business Conduct

Display exemplary conduct and live by the Group’s Values and Code of Conduct.
Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Stakeholders
Internal

Head of Securities Services Operations for Service delivery and controls
Head of Cash Management for Payment policies and interoffice processes
Head of Legal for Regulatory matters in respect of legal documentation, the Capital Market laws and practice.
Relationship Managers/Service Management for Client Servicing
Transactional banking for Credit Approval
Group Product Managers for New product implementation.
Group Network Services Managers for Policy, Cost and Service Consistency
IT Project Manager for direction on IT projects and implementation
Audit Manager for audit matters.
Treasury/Front office for FX booking and ALM reporting.

External

Stock Exchange and Regulatory Bodies for regulations and Market Practices and industry projects.
Industry Counterparts for liaison, benchmarking and sharing common problems.
Overseas Institutional Customers for Client Service, Market developments, general liaison matters.

Skills And Experience

MS Office suite
Data analysis
Effective communication
Collaborating tools approved by the bank

Qualifications

Education Bachelor’s Degree in Management or Social Science
Training Regulatory Reporting, ECCI PORTAL and Other Relevant to the role
Certifications CIBN, CIS, CISI, ACA, CFA are added advantages.
Languages English