Cross River Bank needs to evaluate risk associated with new partnerships in the MPL, BaaS/Cards, and Payments space to maintain the integrity of its financial ecosystem through thorough due diligence, regulatory compliance enforcement, and effective risk management.
Requirements
- Experience in financial services compliance, particularly in consumer protection, BSA/AML and KYC/CDD processes.
- Knowledge of regulatory requirements affecting banking partnerships and fintech relationships.
- Understanding of MPL, BaaS/Cards, and Payments business models and associated risks.
- Strong analytical and critical thinking skills.
- Excellent documentation and report writing abilities.
- Ability to interpret and apply regulatory guidance to specific business scenarios.
Responsibilities
- Conduct comprehensive due diligence to assess risks associated with new partnerships within the MPL, BaaS/Cards, and Payments space with specialized focus on consumer compliance, transaction monitoring and fraud management.
- Review partners' due diligence materials to ensure adherence to consumer compliance and AML/CFT regulatory standards as well as Cross River Bank specific requirements for CMS, Fraud, and TM programs.
- 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.
- 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 and expectations of CMS and consumer compliance programs.
Other
- Bachelor's degree in finance, business, compliance, or related field preferred.
- Meticulous attention to detail and commitment to accuracy.
- Strong verbal and written communication skills.
- Ability to manage multiple due diligence projects simultaneously.
- Professional demeanor when interacting with internal and external stakeholders.
