Head of Financial Crimes Compliance

An exciting position is now available at America's Socially Responisble Bank! Amalgamated Bank is seeking a Head of Financial Crimes Compliance to oversee all aspects of the bank-wide BSA/AML/OFAC Compliance program and to ensure that the Bank is in compliance with state and federal BSA, USA PATRIOT, AML and OFAC laws and regulations. The position will be responsible for managing aspects of the development, implementation and enhancement of the fraud risk management program.

Oversee all aspects of the bank-wide BSA/AML/OFAC Compliance program, ensuring compliance with state and federal BSA, USA PATRIOT, AML, and OFAC laws and regulations. Responsible for managing aspects of the development, implementation, and enhancement of the fraud risk management program.

By joining our team, you’ll be joining a Bank that believes that that maintaining a diverse and inclusive workplace where everyone feels valued and respected is essential for us to grow as a company. We are dedicated to building a more equitable world in our everyday practices by embracing the values of our employees and customers.

Essential Job Functions:

BSA/AML/OFAC

1. Maintain an effective Bank Secrecy Act (BSA) Program, as mandated by regulatory requirements. This entails preparing the BSA/Anti-Money Laundering (AML)/Office of Foreign Assets Control (OFAC) Policy, conducting the BSA/AML/OFAC Risk Assessment, and reporting Suspicious Activity Reports (SARs) to OFAC and the Financial Crimes Enforcement Network (FinCEN) for Board review and approval.
2. Perform the necessary Board reporting and Board training, as per regulatory and Bank policies.
3. Supervise the Enhanced Due Diligence (EDD) program, which provides comprehensive information about higher-risk customers and elucidates the explanations and evaluations of their transaction activity.
4. Manage the periodic re-evaluation of customer risk, based on the established rules within the Banker’s Toolbox’s Rule Based Risk Rating (RBRR) module.
5. Manage the suspicious activity reporting process, which involves investigating and reporting customer transaction activity that exhibits unusual patterns consistent with applicable laws and regulations.
6. Coordinate Bank-wide BSA/OFAC training and, when necessary, provide training to Bank employees on compliance with BSA/OFAC regulations.
7. Manage the development, revision, and implementation of BSA Department procedures, addressing various compliance concerns and providing management with process improvement recommendations.
8. Act as a liaison between the Bank and regulatory authorities and enforcement agencies on compliance matters, including regulatory examinations and other BSA-related matters. Collaborate with these agencies on ongoing investigations.
9. Communicate with internal business units regarding EDD reviews, ongoing investigations, and any potential issues that may arise during the normal course of business.
10. Stay informed about changes in laws and regulations by attending various training sessions, such as seminars and webinars.

ENTERPRISE FRAUD RISK MANAGEMENT

1. Supervise the Fraud Risk Management Department, ensuring they conduct enhanced analysis to identify and mitigate fraudulent activities.
2. Upon the earliest identification of escalated fraud cases, promptly review and address them.
3. Maintain and update all Fraud policies, procedures, and risk assessment frameworks to ensure compliance and effectiveness.
4. Collaborate with the Fraud Risk Management Group to streamline operations and enhance efficiency.
5. Effectively manage the Fraud Risk Management Group staff, providing guidance and support as necessary.
6. Review and contribute to the development of the fraud assessment universe to ensure comprehensive coverage of internal and external fraud. Determine risk-based assessment frequencies to optimize resource allocation.
7. Assist in enhancing FRM processes, including:
8. Commercial Banking Fraud Risk
   1. Consumer Banking Fraud Risk
   2. Trust and Investment Management Fraud Risk
   3. Internal Employee Fraud Risk
   4. Elder Abuse and Client Fraud Risk (e.g., Business Email Compromise)
   5. Check Fraud Risk
9. Develop fraud reporting metrics to monitor both internal and external fraud risk, including:
   1. Fraud risk categorization,
   2. Fraud risk measurement,
   3. Setting acceptable risk thresholds,
   4. Accurately measuring actual losses and comparing them to the Bank’s financial records.
10. Implement a “Continuous Improvement” program, including:
    1. Root cause analysis of fraud losses and near-misses,
    2. Identifying fraud defense enhancements and improvements,
    3. Implement and monitor fraud performance improvements.
11. Provide expert guidance, counsel, and advice to executive and senior management teams to effectively anticipate and manage internal and external (financial fraud, identity theft, etc.) fraud risks.
12. Supervise, analyze, and monitor the Bank’s internal and external fraud risks.
13. Participate in committees or associated governance/review activities on critical business initiatives to ensure that existing and emerging fraud risks associated with new products, processes, and transformational initiatives are identified.
14. Stay abreast of emerging fraud threats, industry standards, and defensive measures.

Knowledge, Skills and Experience Requirements:

1. Bachelor’s degree or equivalent experience. BSA/AML Certifications (CAMS) and/or Certificated Fraud Examiner (CFE) preferred.
2. Minimum of five (5) years of prior financial institution experience in Bank Secrecy Act and all related regulations.
3. General knowledge and understanding of bank deposit operations, lending activities, and other related compliance functions.
4. Excellent communication skills (written and verbal)
5. Good organizational and interpersonal skills
6. Proficiency with Microsoft Office

Our job titles may span more than one career level. The starting base salary for this role is between $145,000.00 – $155,000.00. The actual base pay is dependent upon many factors, such as: training, transferrable skills, work experience, business needs and market demands. The base pay range is subject to change and may be modified in the future.

Amalgamated Bank is anEqual Opportunity and Affirmative Action Employer, Minorities / Females / Individuals with Disability / Veterans. AmeriCorps, Peace Corps and other national service alumni are encouraged to apply. View ourPay Transparency Statement. Submission of a resume or any information regarding your qualifications does not constitute a promise or offer of employment. At Amalgamated Bank, we consider an applicant to be someone who has interviewed at least once, in person, with the hiring manager. Amalgamated Bank does not sponsor applicants for work visas.