Vacancy: Consultant, USAID CEGAH, Indonesia

Supporting the Financial Services Authority (OJK) in Developing Simple Assessment Tool

for OJK Auditors to Prevent Money Laundering and Terrorism Financing in the Indonesian Securities Sector

Type of Contract                  : Individual Consultant
Duration of Contract            : 51 days
Working Period                    : March – October, 2020
RT                                        : 45


The National Risk Assessment (NRA) of 2015 on Money Laundering, updated in 2019, listed crimes in the capital markets as one of the top five predicate crimes of money laundering.

The Indonesian capital markets fall under three supervisory working units of the Financial Services Authority (Otoritas Jasa Keuangan – OJK): the Directorate of Securities Company Monitoring (Direktorat Pengawasan Lembaga Efek – DPLE), with eight auditors overseeing 105 financial service providers; the Directorate of Investment Management (Direktorat Pengelolaan Investasi – DPIV), with seven auditors overseeing 92 financial service providers; and the Directorate Supporting Capital Market Institutions and Professions (Direktorat Penunjang Lembaga dan Profesi Pasar Modal – DLPM), with 3 auditors overseeing 23 financial service providers.

Apart from conducting audits on implementation of Anti-Money Laundering (AML) and Countering Terrorism Financing (CTF) programs, OJK auditors also audit other focus areas and perform additional tasks (such as complaint handling from customers), resulting in a sub-optimal number of securities companies being audited each year. Furthermore, the auditors also have difficulties due to a limited amount of time allocated to audits, of only 3-5 working days. Another difficulty faced by auditors is identifying and verifying customer on-boarding

Money laundering schemes in the capital markets are often more complex than in the banking industry –placing illicit money into a bank account and moving it around the financial system before being withdrawn and converted into luxury goods – as unlike banks, most brokers do not accept cash. The capital markets offer a variety of products and many transactions are made electronically and across international borders. These factors make it more complex to identify money laundering and terrorism financing in capital markets, while at the same time the capital markets are seen as an opportunity for criminals to launder illicit money as well as to generate it within the capital markets themselves.[1]  

In the previous year, USAID CEGAH assisted OJK in developing a simple tool to help OJK’s auditors to detect misuse of bank accounts at commercial banks for money laundering and terrorism financing. To date, the tool has been shared in three trainings by OJK with its commercial bank auditors, who face issues similar to those faced by auditors of the capital markets. This year, USAID CEGAH plans to continue its support for OJK by seeking an individual consultant to perform and achieve the following:


A.    Objectives: 

Prevent abuse of capital markets for money laundering and/or terrorism financing by developing a detection tool for OJK’s capital market auditors to assess implementation of AML and CTF programs within capital market.

B.    Activities:

·        1 day:

Meet with OJK to discuss the issues faced by its capital market auditors in detecting money

laundering and terrorism financing.

·        2 days:

Review regulations related to money laundering and terrorism financing, particularly those related to capital markets.

·        7 days:

Review the current assessment tool to see what improvements are needed.

·        1 day:

Present the assessment result before OJK and USAID CEGAH to obtained input and suggestions.  

·        20 days:

Develop the new assessment tool, either by improving the current tool or developing a new one.

·        1 day:

Present the results to OJK and USAID CEGAH to obtain input or suggestions, as well as approval of the tool.

·        5 days:

Prepare training materials on the new tool to be conveyed to the auditors, including pre- and post-tests to measure participants’ increase of knowledge.

·        2 days:

Provide training to auditor team leaders on the tool.

·        1 day:

Adjust the tool based on input obtained from the training (if any).

·        1 day:

Present final results to the Head of the Anti-Money Laundering and Countering Terrorism Financing Group of OJK, based on input obtained during the training.

C. Qualifications

Experience in the following fields: anti-corruption; anti-money laundering; countering terrorism financing; corporate governance; corporate crimes; tax evasion; beneficial ownership.
Experienced in the banking and capital market sectors.
D. Deliverables:

1.    The consultant’s report, to be submitted in English and Indonesian, including analysis of results of training pre- and post-tests;

2.    A tool to detect ML and/or TF for OJK’s capital markets auditors, approved by OJK and USAID CEGAH;

3.    Presentation materials used in the training.

Interested candidates must send their CV to no later than May 7, 2020.

Only shortlisted candidates will be contacted. No phone calls, please.

MSI is an EEO/AA/ADA Veterans Employer

[1]FATF Report Money Laundering and Terrorist Financing in the Securities Sector

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