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Bread · 1 day ago

Sponsor Bank EFCC Principal

Elkhart County, IN

Full-time

Hybrid

Senior Level, Lead/Staff

$134K/yr - $242K/yr

12+ years exp

Bread Financial is a tech-forward financial services company that provides personalized payment, lending, and saving solutions. The Sponsor Bank EFCC Principal acts as the lead advisor on financial crime compliance governance, directing the BSA/AML Risk Assessment and representing the Bank's compliance program during regulatory examinations.

Consumer LendingFinancial ServicesFinTech

Growth Opportunities

No H1B

Responsibilities

Serve as the primary AML subject matter expert for the due diligence, risk assessment, and onboarding of all new Banking as a Service (BaaS) and Fintech partners, ensuring their control frameworks meet the bank's rigorous standards before integration. - (20%)

Provide authoritative, risk-based counsel directly to the BSA Officer, executive management, and the Board of Directors on the specific, inherent, and evolving financial crime risks associated with the BaaS business model. - (15%)

Author, maintain, and own the enterprise-wide BSA/AML/OFAC policies and standards, with a specific focus on developing and refining the governance framework for third-party BaaS relationships. - (10%)

Direct the new product and initiative approval (NPIA) process for all BaaS-related offerings, ensuring AML risks are identified and requisite controls are embedded in the design prior to launch. - (10%)

Lead the execution of the enterprise-wide BSA/AML Risk Assessment, paying special attention to the unique risk typology of the BaaS portfolio, and translate findings into actionable policy updates and control enhancements. - (10%)

Act as the primary advisor and liaison to regulatory examiners (e.g., OCC, FDIC, Federal Reserve) and internal audit during examinations, managing all BaaS-related compliance inquiries, policy discussions, and formal responses. - (10%)

Develop and present executive-level reporting and Key Risk Indicators (KRIs) for management and Board-level committees, clearly articulating the compliance health, risk profile, and control effectiveness of the BaaS partner ecosystem. - (10%)

Provide strategic governance and credible challenge for the remediation of all BaaS-related regulatory findings (e.g., MRAs, Consent Orders) or internal audit issues, ensuring corrective actions address the root cause and are sustainably implemented - (5%)

Benchmark all BaaS-related AML policies, procedures, and controls against regulatory guidance (e.g., FFIEC, FinCEN) and industry best practices to ensure the program remains current, effective, and defensible. - (5%)

Establish and govern the three lines of defense model as it applies to BaaS partners, defining the clear roles, responsibilities, and oversight expectations for the business line, compliance, and audit functions. - (5%)

Qualification

Certified Anti-Money Laundering SpecialistBSA/AML ComplianceRisk AssessmentFinancial Crimes ComplianceStructured Query Language (SQL)Microsoft Excel Data AnalysisCustomer Due Diligence (CDD)OFAC ComplianceFraud Risk ManagementBank RegulationsRisk TrainingCertified Regulatory Compliance ManagerCertified Fraud Examiner

Required

High School Diploma or GED

Certified Anti-Money Laundering Specialist (CAMS)

12+ years of experience in BSA, AML, Fraud, Compliance, Audit, Quality Assurance, or Quality Control operations

Preferred

Bachelor's Degree in Business, Accounting, Criminal Justice, Analytics, Law, or Finance

Certified Regulatory Compliance Manager (CRCM)

Certified Fraud Examiner (CFE)

15+ years of experience in BSA, AML, Fraud, Compliance, Audit, Quality Assurance, or Quality Control operations

Benefits

Medical, prescription drug, dental, vision, and other voluntary benefits (including basic and optional life insurance, supplemental medical plans, and short and long-term disability)

Six weeks of 100% paid parental leave for eligible parents

401(k) plan

11 paid holidays

Flexible Time Off (FTO) program

Paid Sick and Safe Time (“PSST”)

Illinois PSST

Illinois Paid Leave

Ability to elect the purchase company stock during offering periods

Annual incentive bonus based on individual and company performance