Financial Crime World

Compliance Officer Responsibilities in Tanzania

The United Republic of Tanzania has implemented various measures to ensure compliance with international standards and regulations, particularly in the areas of health and human rights. The country’s commitment to upholding human rights is evident in its ratification of various treaties and conventions.

Role of a Compliance Officer in Tanzania

In this context, the role of a Compliance Officer in Tanzania is crucial in ensuring that organizations operating in the country comply with relevant laws and regulations. A Compliance Officer is responsible for monitoring and enforcing compliance with regulatory requirements, identifying potential risks, and implementing measures to mitigate them.

Key Responsibilities

  • Review and Enhance: Review ways to enhance the effectiveness and efficiency of internal controls, reliability of financial reporting, and compliance with applicable laws and regulations within the organization’s policy framework.
  • Control Development: Recommend improvements to existing controls or development of new controls in the local operating environment.
  • Compliance Culture: Support the management in building a robust compliance culture based on ethical standards of behavior.
  • Risk Management: Provide expert advice and guidance to staff on how to manage risk and ensure full compliance with USAID regulations, FHI360 policies, and host country laws.
  • Compliance Tools: Develop and roll out compliance tools such as quick reference guides, checklists, and related materials.
  • Post-Review: Conduct post-review of major procurements, subcontractor, and vendor payments, tracking risk and compliance issues, and making recommendations to project leadership and key managers for improvements to project procedures.

Minimum Requirements

  • Education: A master’s degree in finance, accounting or a related field is desirable, plus 7-9 years of relevant work experience.
  • Professional Qualification: CPA, ACA, CIMA, CFE or any other relevant professional qualification is an advantage.
  • Practical Knowledge: Practical working knowledge of financial services compliance and operations, including related rules and regulations of USAID.

Required Skills

  • Collaboration: Develop and maintain strong, collaborative relationships with all project staff, clients, and peers, and USAID.
  • Communication: Articulate, professional, and able to communicate in a clear, positive manner with clients and staff.
  • Interpersonal Skills: Strong interpersonal skills; ability to work well in a team environment.
  • Critical Thinking: Strong critical thinking, analytical, and problem-solving skills.
  • Autonomy: Autonomous, self-motivated, and flexible with the ability to adapt quickly to change or shifting priorities in a fast-paced environment.

Conclusion

The role of a Compliance Officer in Tanzania is crucial in ensuring that organizations operating in the country comply with relevant laws and regulations. To be successful in this role, an individual must have strong analytical skills, excellent communication skills, and experience in financial services compliance and operations.