Office Status: Onsite
Responsible for providing regulatory guidance on Know Your Customer (KYC) matters including: Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Customer Identification Program (CIP), Sanctions Screening, and Customer Risk Rating (CRR) subjects for the bank. Additionally, the individual will provide managerial leadership and subject matter expertise on the aforementioned matters, supporting the BSA/AML Officer to ensure regulatory compliance. Responsible for ensuring that the Bank meets both regulatory and internal Enhanced Due Diligence Requirements and manages the team assigned to conduct periodic Enhanced Due Diligence reviews on high risk customers. Partner with stakeholders within the BSA Department and the lines of business to facilitate feedback on efforts related to process improvement, program enhancements, and continuing customer due diligence processes, training and internal controls within the bank. Assists the BSA/AML Officer with enhancing the banks Periodic Review Process for all customers and related EDD Governance. Performs all duties in accordance with the bank’s KYC and OFAC policies and procedures, all U.S. state and federal laws and regulations, wherein the company operates.
Essential Duties and Responsibilities
- Performs personnel actions including performance appraisals, disciplinary actions, and interviewing candidates for employment;
- Responsible for the overall direction, motivation, coordination and evaluation of functionalities within the EDD/Sanctions Unit.
- Promotes a risk-aware culture, ensures efficient and effective risk and compliance management practices by adhering to required standards and processes.
- Prepares for internal audit reviews as well as regulatory examinations, and is responsible for addressing any audit deficiencies or regulatory examination corrective actions.
- Provides metrics to BSA/AML Officer for management reporting.
- Develops, recommends and implements processes and controls to ensure compliance with AML rules and regulations.
- Leads a team of KYC & OFAC Analysts who conduct new and/or periodic reviews of customers.
- Responsible for maintaining the Bank’s High Risk Customer List, High Risk Customer Methodology, and managing the periodic review process.
- Conduct quality control reviews on the EDD reviews completed by the investigators.
- Escalate any customers that are identified to be outside the Bank’s risk tolerance to the BSA/AML Officer.
- Responsible for delivering subject matter expertise for the EDD Investigations team based on strong process, communication and adherence to the procedures of AML compliance functions.
- Responsible for providing Sanctions clearing support to the first line of defense.
- Responsible for staying up to date with various sanctions regimes and regulatory changes.
- File all necessary reports with OFAC (blocked, rejected, and annual)
- Assist with input into the Enterprise-wide and OFAC Risk Assessments.
- Maintain policies, procedures, and desktop manuals related to EDD and Sanctions, in compliance with regulatory standards.
- Liaise with System and IT Teams to ensure screening tools run effectively are updated with the latest watch list versions.
- Develop, implement, and monitor Sanctions & KYC training to appropriate personnel.
- Approx. 8 years’ experience