Apply on Employer Site

Cross River · 2 weeks ago

Analyst, AML/CFT & OFAC Compliance, Customer Due Diligence

Fort Lee, NJ

Full-time

Onsite

Entry, Mid Level

$80K/yr - $90K/yr

Cross River builds the infrastructure behind innovative financial products, aiming to expand access and opportunity for all. The AML/CFT & OFAC Compliance Analyst will evaluate and manage risks associated with new partnerships, ensuring compliance with regulatory standards and internal requirements through thorough due diligence and effective risk management.

BankingFinancial ServicesFinTech

Comp. & Benefits

Responsibilities

Conduct comprehensive due diligence to assess risks associated with new partnerships within the MPL, BaaS/Cards, and Payments space

Review partners' policies and procedures to ensure compliance with BSA/AML and OFAC regulatory standards as well as Cross River Bank specific requirements. Areas of review include governance, policy and procedure, risk assessments, disclosures and notices, monitoring, training, complaints, fraud controls, incident response and reporting

Evaluate training materials, independent audits, risk assessments, and onboarding journeys to identify potential risks

Review and provide guidance on high-risk features within client structures, including proposed flow of funds, expected activity, regulatory structure, and licensing requirements

Conduct background screening on all entities and controlling parties within the company's structure

Analyze general company background information to ensure alignment with bank risk tolerance

Ensure all onboarding activities comply with internal policies, regulatory requirements, and industry best practices

Verify that partners' policies and procedures adhere to the 5 pillars of a BSA/AML program

Stay current on relevant regulations and compliance standards affecting financial institutions and fintech partnerships

Maintain comprehensive and accurate documentation of all assessments and outcomes related to due diligence and onboarding

Prepare detailed reports summarizing findings and recommendations for management review

Ensure all records meet regulatory requirements and internal standards

Identify and escalate any risks to management in a timely and effective manner

Propose risk mitigation strategies for identified concerns

Contribute to ongoing monitoring frameworks for approved partnerships

Lead partner meetings with professionalism and clarity

Communicate effectively with external partners and internal stakeholders

Collaborate with Business Development, Partnership Management teams, and other areas of the Control framework

Build and maintain productive working relationships with Risk, Compliance, BSA/AML, and Operations departments

Support additional areas of Due Diligence as needed

Assist with Fraud, Transaction Monitoring, and Consumer Compliance initiatives when required

Contribute to the continuous improvement of the onboarding process

Qualification

BSA/AML complianceKYC/CDD processesRegulatory requirementsFinancial services experienceAnalytical skillsDocumentation skillsCommunication skillsProblem-solvingAttention to detailTeam collaboration