The Senior Compliance Officer -Forex is responsible for ensuring that all foreign exchange related activities within the company adhere to regulatory standards, including RBI, FEMA, AML, and internal
compliance policies. The role involves monitoring, reviewing, and strengthening forex operational controls while supporting business units with regulatory guidance and risk mitigation.
Key Responsibilities
Regulatory Compliance & Governance
* Ensure full compliance with RBI and FEMA guidelines pertaining to forex transactions.
* Review and validate documentation related to outward remittances, inward remittances, forex sales, and forex purchase transactions.
* Monitor updates to regulatory circulars, notifications, and amendments, and ensure timely implementation.
Operational Oversight
*Conduct regular compliance checks at branches handling forex transactions.
*Verify KYC/AML/CFT compliance for forex customers and ensure adherence to PMLA requirements.
*Review transaction limits, purpose codes, and reporting accuracy to prevent regulatory breaches.
Risk Management
* Identify compliance risks in forex operations and implement corrective actions.
*Monitor suspicious transaction patterns and escalate STR/SAR cases to the designated officers.
* Ensure solid internal control measures for anti-money laundering (AML) and counter-terrorist financing (CFT).
Reporting & Documentation
* Manage timely reporting to regulatory bodies (RBI, FIU-IND, etc.) as required.
*Maintain accurate compliance records, audit reports, and documentation for inspections.
*Support internal and external audits related to forex operations.
Policy Implementation
*Assist in drafting, updating, and enforcing internal compliance policies related to foreign exchange services.