Primary Duties and Accountabilities:
The position will partner closely with numerous Compliance and BSA division staff members to oversee the Bank’s global compliance risk concerning payment processing. The duties will incorporate constructing an inventive and scalable compliance management system and systems for supervision of the Payment Processing functions. Tasks consist of monitoring, governance, administration and regulatory reporting activities associated to the payment processing processes, systems and business unit. This position will collaborate closely with cross-functional participants. These may include Audit, Marketing, Product Development, Legal, Risk, Finance, and Operations. This leader will be accountable for safeguarding that compliance policies, internal controls, and systems are operating in a valuable and effective fashion.
- Act as an in-house expert to deliver compliance advice and guidance to all Bank employees, addressing any compliance questions. Partner with the Marketing Officer and other staff with enhancement of new products or delivery systems or modifying current ones to identify any compliance related matters.
- Analyze high risk counterparties, reputational risks, and politically exposed persons (“PEP”)
- Construct and scale monitoring programs throughout business functions.
- Operationalize regulatory needs.
- Act as a trusted compliance advisor to both internal and external stakeholders.
- Draft comment letters concerning proposed regulatory changes concerning Payment Processing.
- Stay current on emerging trends in the financial services industry.
- Comprehend business, regulatory compliance and BSA/AML obligations for payment processors as well as MSBs and safeguard functions are being performed inside those obligations.
- Partake in the advancement of technological improvements.
- Partner with the BSA/AML Officer to recognize and address BSA/KYC/onboarding training requirements.
- Review operational procedures and methods to endorse modifications for improvement with an importance on automation and efficiency.
- Comprehend applicable BSA regulatory landscape and compliance obligations; with stress on AML needs, customer identification procedures, due diligence best practice, and sanction screening needs.
- Function as the liaison amongst the business line, operations, technical areas and the compliance platform to safeguard suitable risk oversight.
- Maintain real time awareness on regulatory changes and landscape as well as the evolving trends of establishing identity in a digital environment.
- Aid in the development, implementation, and periodic performance of key controls.
- Promote a "culture of compliance" to safeguard effective and valuable risk and compliance management methods by observing mandatory standards and processes.
- Analysis of KYC products to safeguard correct customer documentation is obtained in accordance with internal and external guidelines.
- Partner with internal and external partners to create customized BSA programs that include mutually satisfactory revisions of standard policies & procedure, KYC templates, transactions limits, and suspicious or unusual activity monitoring.
- Build, oversee and monitor a program that safeguards the Bank’s compliance with all Payment Processing regulations and rules governing this respective sector.
- Supervise Payment Processing associated interaction and safeguard such communication is comprehensive, accessible, current and suitable for all employees.
- Liaise with all applicable business partners, both internally and externally.
Payment Processing - Compliance Officer
The Payment Processing - Compliance Officer will be accountable for leading thank Bank’s compliance supervision for payment processing. This opportunity will work across numerous divisions and geographies. The effective compliance leader will have excellent program management skills in regard to process, communication skills and organizational responsiveness. The leaders needs to be innovative, exceptionally detail oriented, customer centric, analytical, and have a knowledge of the digital commerce payment vertical. Will advise and assist management and the business unit concerning compliance obligations and supervision of the payments platform. This opportunity reports to the Chief Compliance Officer, and you will be a subject matter expert (SME) to the Bank and its external partners, whomever they may be. You will obtain compliance needs from key stakeholders and prepare them into an actionable strategy to establish a programmatic result.
Creates and supervises programs for compliance with laws, regulations and rules governing Payment Processing. Informs and instructs appropriate staff, Executive Management and the Board of Directors of all associated compliance obligations. Safeguard Executive leadership is always apprised of all facets of the Bank’s Payment Processing compliance risk. The selected leader will be accountable for reviews of Bank policy and practices for compliance.
Opportunity Skills, Experience and Requirements
- Robust knowledge of consumer compliance regulations including Regulation B, Regulation E, Regulation DD, Regulation Z, and UDAAP;
- Bachelor’s Degree;
- Knowledge in banking compliance with strong background in Payment Processing regulations;
- Skilled in implementing a robust compliance management system;
- Possess deep knowledge of the business line, including the business plan, products;
- Skilled with Microsoft Word, Excel, Outlook and associated software applications;
- Capacity to prioritize and work well under pressure and in a fast-paced environment;
- Capability to manage multiple projects and deadlines simultaneously in a fast-paced, high production, professional environment;
- Vast experience with digital-only banking environments including mobile-only or mobile first banking;
- Robust understanding of BSA, OFAC, including requirements for KYC, EDD and monitoring;
- Emphasis on client service to both external and internal clients.