AML, Risk and Compliance Officer

Job Purpose

The AML, Risk and Compliance officer is responsible for safeguarding the organization through effective Anti-Money Laundering (AML), Risk Management, Compliance, and Data Protection oversight. The role ensures the company meets all statutory, regulatory, and supervisory obligations, while establishing and maintaining a robust Enterprise Risk Management (ERM) framework and promoting a strong culture of compliance and ethical conduct across the business.

Key Performance Areas:

Project Execution & Delivery
System Quality & Integrity
Audit & Compliance
Risk & Continuity
Capacity Building
Operational Efficiency

Duties and Responsibilities:

1. AML/CFT Oversight

Act as the Money Laundering Control Officer (MLCO).
Ensure full compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations.
Monitor and analyze large and suspicious transactions.
Ensure timely and accurate reporting to the Financial Intelligence Authority (FIA) within regulatory timelines.
Conduct investigations into suspicious transactions and escalate findings appropriately.
Develop and implement AML policies and procedures.
Conduct AML induction training for new employees and continuous training for all staff.
Maintain proper AML records and documentation in line with regulatory standards.

2. Risk Management

Develop, implement, and maintain the Enterprise Risk Management (ERM) framework.
Formulate and periodically review the company’s Risk Management Strategy.
Establish systems, policies, and procedures for identification, assessment, monitoring, and reporting of risks.
Conduct comprehensive risk assessments across all business units and functional areas.
Monitor key risk indicators and recommend mitigation measures.
Provide risk reports to Senior Management and the Board
Conduct investigations into reported medical fraud.
Promote a strong risk culture across the organization.

3. Compliance Management

Advise management on compliance-related legislation affecting the business.
Coordinate implementation of directives and recommendations from the Insurance Regulatory Authority (IRA).
Maintain an up-to-date regulatory universe including IRA Circulars and statutory requirements.
Develop and implement an annual compliance monitoring plan.
Conduct quarterly compliance reviews and testing.
Identify compliance gaps, breaches, and exposures and recommend corrective action.
Assist in preparation and submission of regulatory returns (IRA and statutory filings).
Engage effectively with regulators, Board members, and Senior Management.
Prepare periodic compliance reports (weekly, monthly, quarterly).

4. Corporate Governance

Review and update company policies and legally binding documents.
Prepare Board papers and legal reports.
Conduct regular assessments of key legal risks and recommend mitigation measures.
Review and advise on contracts, MOUs, service agreements, and other legal instruments.
Oversee complaints management (internal and external).
Manage and monitor litigation matters, including claims recovery disputes.
Liaise and manage external legal counsel.
Facilitate confidential reporting mechanisms for legal or ethical concerns.
Conduct legal and regulatory training for employees, particularly those in high risk roles.

5. Data Privacy & Protection

Oversee compliance with applicable data protection and privacy laws and regulations.
Develop, implement, and maintain a Data Protection and Privacy Framework.
Ensure proper collection, processing, storage, transfer, and disposal of personal data.
Conduct periodic data protection impact assessments (DPIAs).
Monitor data handling practices across departments and recommend improvements.
Manage data breach response processes, including reporting and remediation.
Provide guidance and training to staff on data protection obligations.
Act as the focal point for data protection matters, including regulatory and subject access requests.
Ensure third-party data processors comply with company data protection standards.

6. Reporting, Escalation & Stakeholder Engagement

Immediately escalate material compliance or risk matters to the Head of Legal Risk and Compliance.
Prepare and submit weekly, monthly, and quarterly reports as required.
Support Board Risk & Compliance Committee reporting.
Maintain strong working relationships with regulators, management, and other stakeholders.

7. Perform any other duties assigned by the supervisor.

Level of Education, Skills & Experience:

Bachelor’s degree in insurance, Risk Management, Actuarial Science, Finance &
Accounting, B. Com, B.Economics or related discipline.
Professional certification or diploma in Risk Management, Compliance, AML, or related field is an added advantage.
Minimum 3 years’ experience in AML process, compliance, risk, or related discipline.
Experience in the insurance or financial services sector is highly desirable
Strong knowledge of insurance regulatory and AML frameworks.
High ethical standards, integrity, and confidentiality.
Excellent communication and presentation skills.
Strong problem-solving and decision-making capability.
Ability to work independently and manage multiple priorities.
Strong leadership and stakeholder management skills

How To Apply

All suitably qualified and interested individuals should send their applications letters, CV's and academic documents (as one attachment) addressed to the Head of People and Culture, AAR General Insurance Uganda Limited to hr.recruitment@aar-insurance.com clearly stating the role applied for as the email subject