Overview

New York, New York or St. Petersburg, Florida

 A well-established and highly-regarded Private Bank seeks an Anti-money laundering, KYC, OnBoarding,  and EDD Compliance Officer.

Job Summary:

The Compliance Officer, working within the high-net-worth client division, will be the subject matter expert on the Know Your Client (KYC) and other Anti-Money Laundering functions including the Bank Secrecy Act/Anti-Money Laundering, the USA PATRIOT Act, Office of Foreign Assets Control, 314 a/b as well as other regulations to which the company is  subject.  The Compliance Officer is expected to be engaged with the overall AML program with a specific  focus on KYC Validation.

The Compliance Officer of the high-net-work client division will manage documentation processing reviews for new accounts and existing clients and ensure that all required documents are on file to ensure compliance with regulatory requirements including Office of Foreign Assets Control, the USA PATRIOT Act and other BSA/AML regulation.

The Compliance Officer will collaborate with the front office personnel in order to process their KYC requests as quickly and efficiently as possible including providing guidance in their legal and regulatory obligation for client due diligence.

The Compliance Officer  will ensure that any deficiencies or issues are escalated to Bank Secrecy Act/OFAC Officer on a timely basis and distributed on a monthly basis to Compliance and Senior Management for review.

The Compliance Officer will interact with all levels of management as well as Internal and External Auditors.

Job Duties:

  • Conduct KYC Reviews as well as conduct quality assurance reviews of reviews performed by staff.
  • Be proficient in review of complex legal entity structures, private investment companies, and Politically Exposed Persons or other high risk relationships.
  • Liaise with the AML Transaction Monitoring Manager to ensure that KYC policies and risk rating programs are implemented in conjunction with the Private Bank’s Transaction Monitoring programs.
  • Report to the Head of AML and act as team lead to employees responsible for the KYC/AML Validation.
  • Identify and resolve any issues in the onboarding/AML process.
  • Plan, coordinate and direct the Bank Secrecy Act functions and related policies, procedures, training and compliance regime.
  • Develop policies for various businesses as required by regulatory standards.
  • Direct substantive communication requirements to the businesses with respect to KYC/AML including reports and MIS.
  • Decision potential matches against various regulatory control lists (including OFAC) and Regulatory Data Corporation and provide guidance, as required, in decision making process.
  • Provide regulatory guidance on a case by case basis with respect to clients and/or their activity who / which pose AML risks. Ensure that appropriate due diligence is conducted and informed decisions are made with respect to such clients and activity.
  • Provide oversight and guidance for training requirements necessary to meet regulatory requirements.
  • Coordinate and administer KYC/AML training and monitor effectiveness.
  • Monitor staff performance measurements and provide timely feedback to staff.
  • Ensure staff is effectively trained to execute their daily responsibilities.
  • Ensure all management reporting is complete, timely and accurate.
  • Establish and maintain quality standards for work performed by the Compliance Team.
  • Prepare and distribute various MIS tracking developed by the Compliance Team.
  • Oversee progress with respect to compliance projects and deliverables assigned to the Compliance Team.
  • Working with senior management to develop compliance goals and overseeing the business units’ efforts to achieve compliance with such goals.
  • Assist with the development of new software tools to assist in the Transaction Monitoring Program/KYC Programs.
  • Participate in the Bank Compliance Committee meetings and make presentations to Senior Management specific to KYC/AML and regulatory items.

Requirements:

 

  • Requires a bachelor’s degree or equivalent training.
  • 10 (+) years experience in financial services private banking and wealth management industry.
  • Comprehensive understanding of KYC, AML/Transaction Monitoring, OFAC and the USA PATRIOT act are required.
  • Prior Management experience a plus.
  • Compliance experience including knowledge of required legal governing documents for legal entities and knowledge of the Know Your Client/Anti-Money Laundering/ Bank Secrecy Act/ US Patriot Act requirements required.
  • Ability to trouble-shoot and resolve KYC/AML issues in a timely manner.
  • Ability to guide and advise business on KYC/AML issues.
  • PC proficient (MS office) especially Excel, Access, and extensive knowledge on performing internet searches.
  • Strong verbal, written, interpersonal, and public speaking skills.
  • Ability to multi-task and prioritize daily work responsibilities.

 

LICENSES AND CERTIFICATIONS

  • ACAMS Anti-Money Laundering Certification desired

 

Please email resumes to Jack Kelly at Jack@ComplianceSearch.com.

 

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