Senior Compliance Officer; SA
Listed on 2026-02-28
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Finance & Banking
Regulatory Compliance Specialist, Financial Compliance
Senior Compliance Officer
Location:
South Africa
Company:
Palm Pay South Africa
Department:
Compliance & Risk
About Palm Pay
:
Palm Pay is a leading African fintech platform dedicated to driving financial inclusion and empowering millions of users and merchants across the continent. With operations in multiple African markets, Palm Pay offers a secure ecosystem of digital payments, merchant services, credit solutions, and financial infrastructure. In South Africa, Palm Pay continues to expand its acquiring and payments operations, delivering compliant, secure, and innovative financial solutions.
Job Summary
:
The Senior Compliance Officer will develop, implement, and oversee the compliance framework for Palm Pay South Africa’s acquiring, payments, and financial services operations. This role ensures that the business complies with local and international regulations, including AML/CFT, POPIA, SARB directives, and card scheme requirements. You will work closely with cross-functional teams—Operations, Finance, Risk, Legal, Technology, and Group Compliance—ensuring adherence to regulatory obligations, maintaining licensing standards, and supporting safe business growth.
- Obtain and maintain required payment/acquiring licenses (TPPP, Payment Institution, PSP, etc.).
- Liaise with regulatory bodies such as the South African Reserve Bank (SARB) and Financial Intelligence Centre (FIC).
- Prepare and submit mandatory returns, reports, and regulatory filings.
- Monitor regulatory updates and lead implementation of relevant changes.
- Coordinate audits, regulatory inspections, and annual compliance renewals.
- Develop and maintain AML/CFT policies and procedures aligned with FIC requirements.
- Oversee merchant KYC/KYB onboarding for legality and risk classification.
- Set and review high‑risk merchant categories (e.g., MCCs with elevated exposure).
- Establish and strengthen transaction monitoring rules and escalation workflows.
- Manage sanctions screening, PEP checks, and watchlist monitoring.
- File Suspicious Transaction Reports (STRs/SARs) and maintain audit logs.
- Review merchant onboarding documentation, contracts, settlement cycles, and operational compliance.
- Ensure adherence to Visa, Mastercard, and Verve acquiring rules.
- Lead investigations into non‑compliant or fraudulent merchant activity (e.g., fake transactions or sub‑merchants).
- Conduct periodic reviews of high‑risk industries (crypto, gaming, FX, digital assets, etc.).
- Provide guidance to the merchant operations team on regulatory obligations.
- Ensure full compliance with POPIA, GDPR, NDPR, and internal data governance standards.
- Review third‑party agreements to ensure appropriate data protection clauses.
- Oversee data processing, cross‑border data transfer compliance, and data minimisation.
- Establish data breach detection, escalation, and notification procedures.
- Monitor settlement flows, payout cycles, and cross‑border transactions in accordance with FX regulatory requirements.
- Validate settlement alignment between funds flow, reporting data, and merchant activities.
- Collaborate with Finance and Treasury on tax reporting, exchange controls, and compliance disclosures.
- Produce recurring compliance reports for Senior Management, Group Compliance, and the Board.
- Maintain internal compliance controls and perform routine effectiveness testing.
- Develop and deliver employee training on AML, KYC, data privacy, and internal compliance standards.
- Maintain documentation of policies, standards, risk assessments, and audit responses.
Must‑Have
- Bachelor’s degree in Law, Finance, Business Administration, or related field.
- 5–8 years of experience in financial services compliance, preferably within fintech, payments, or banking.
- Strong knowledge of SARB, FIC, POPIA, and card scheme regulations.
- Proven experience with AML/CFT frameworks, transaction monitoring, and merchant risk management.
- Excellent stakeholder management—ability to engage with regulators and internal teams.
- Strong analytical and…
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