Unit Head, Payment System Provider Regulations, Payment System Oversight Department, Payment System and Money Services Oversight Division

Head, Payment System Provider Regulations

Applications are invited from suitably qualified professionals to resource the position of Unit Head , Payment System Provider Regulations, Payment System Department, Payment System and Money Services Oversight Division. 

Reporting to the Director, Payment System Oversight, the successful candidate will be responsible for:

General Management

1. Assisting the Director in day-to-day management of the department’s coordination and supervision activities.
2. Contributing to the development and implementation of strategic plans for the department in collaboration with other section heads and setting goals relevant to the department’s work programs and the overall mandate of the Bank.
3. Managing the process for the formulation of the section’s objectives in accordance with the goals of the department and the Bank’s objectives for financial system stability.

Payment Service Provider (PSP) Regulation

1. Monitoring the implementation of the PSP regulatory framework to ensure maintenance of a robust and dynamic compliance regime, which satisfies international regulatory requirements.
2. Providing input to the Caribbean Financial Action Task Force (CFATF) team during the conduct of periodic peer review examinations to test the jurisdiction’s compliance with FATF recommendations and hence the effectiveness of Jamaica’s AML/CFT/CFP regime.
3. Providing support to the Retail Payments and Financial Infrastructure Working Group.
4. Facilitating the preparation and presentation of reports, position papers and analyses to support decision-making at the senior management and Supervisory Committee levels with appropriate recommendations, where necessary.
5. Providing advice to the Director, Payment System Oversight and other internal stakeholders on issues and developments relating to the regulatory process.
6. Recommending and implementing sanctions for non-compliance where this is deemed necessary.
7. Keeping abreast of developments in the global and local financial system and recommending necessary changes to the framework, systems and procedures to mitigate potential risks arising from these developments.
8. Facilitating information exchange with the Designated Authority, the Financial Investigation Division (FID) and relevant law enforcement authorities to aid AML/CFT/CFP investigation and enable the Bank to achieve the objectives of collaboration in the discharge of AML/CFT/CFP obligations.
9. Managing the maintenance of reporting and record keeping systems to ensure efficient capture and security of sensitive personal and business-related information required to conduct ongoing in-house assessments of licensees’ compliance with the regulatory requirements.
10. Coordinating the collection and maintenance of data to facilitate the country’s obligations to support a National Risk Assessment (NRA).
11. Coordinating on-site and in-house supervision of licensees and ensuring timely regulatory feedback in keeping with the Bank’s Service Level Standards (SLS).
12. Planning, directing and coordinating the on-site and in-house supervision strategy and examination plans for all PSPs having due regard to their risk profile and systemic importance.
13. Assisting with management of the development and implementation of a risk-based approach to the supervision of Payment Service Providers in compliance with Financial Action Task Force (FATF) Recommendations.
14. Managing the process of evaluating systemic weaknesses within and among licensees to determine threats to general financial system stability and making appropriate recommendations for consideration by the Division Chief/Deputy Governor.
15. Monitoring licensees to assess their compliance with the PSP Regime, Payment Clearing and Settlement Act (PCSA), Proceeds of Crime Act (POCA) regulations, Financial Action Task Force (FATF) recommendations and the BOJ Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, Proliferation and Managing Related Risks (AML/CFT/CFP Guidance Notes) to mitigate reputational risks to the Bank and the risk of the country being deemed non-compliant.

Qualifications and Experience

• Post Graduate Degree in Accounting, Banking, Finance,  Economics or Business Administration with five (5) years’ related experience inclusive of at least two (2) years of managerial experience in a regulatory function.

OR

• Undergraduate Degree in Accounting, Banking, Finance, Economics or Business Administration with six (6) years’ related experience inclusive of at least three (3) years of managerial experience in a regulatory function
• Training in AML/CFT/CFP and risk-based supervision methodology.
• Risk management certification would be an asset.

Key Functional and Behavioral Competencies

• Sound knowledge and understanding of the Bank of Jamaica Act, Payment Clearing and Settlement Act (PCSA), Fintech Regulatory Sandbox Guidelines, PSP Regulatory Regime, AML/CFT/CFP Guidance Notes, the POCA, FATF Recommendations and other relevant legislation particularly with reference to PSPs.
• Sound proficiency in supervision methodology, in particular, risk-based supervision.
• Sound understanding of the architecture of the Jamaican financial system.
• Sound knowledge and understanding of the systems and principles for effective internal control and risk management.
• Excellent communicator with highly developed oral and written communication and presentation skills.
• Sound proficiency in operational planning, coordination, organisation and strategic management.
• Conceptual thinker with the ability to think through issues, bringing key facts and ideas together by using innovative, creative and inductive thinking.
• Well-developed forward thinking skills – noticing trends in the industry and developing plans to prepare for opportunities or problems.
• Sound quantitative and qualitative analysis skills.
• Well-developed supervisory, leadership and people development skills including fostering teamwork, establishing focus, coaching and mentoring skills coupled with maturity to delegate authority and empower others to act with purpose and accountability.
• High level of emotionally intelligence.
• Sound business acumen demonstrated as the ability to understand the business implications of decisions and be aware of business issues, processes and outcomes and their impact on stakeholders.
• Excellent problem solving and analytical skills.
• Strong ability to manage change and support improvements in organisational effectiveness.
• Results orientation - setting challenging goals and focusing on meeting or exceeding them.
• Ability to work within the team/work group and across the organisation to achieve group and organisational goals.
• Embodies the Bank’s core values.

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 15 September 2023