Full-Time

Head of AML/CFT and OFAC Compliance

Posted on 9/5/2024

Cross River Bank

Cross River Bank

1,001-5,000 employees

API-driven banking services for FinTechs

Fintech
Financial Services

Compensation Overview

$300k - $330kAnnually

Expert

Edgewater, NJ, USA

Hybrid position requiring onsite presence.

Category
Risk & Compliance
Legal & Compliance
Requirements
  • 15+ years of financial institution industry experience, or other regulated industry with financial crimes, AML/CFT, fraud, and payments experience
  • Experience with payments activities and fintech payment operations
  • Experience managing people and teams and program budgets
  • Technical proficiency and system knowledge in AML/CFT platforms
  • Bachelor’s Degree required; JD preferred
  • CAMS certification preferred
Responsibilities
  • Build and manage teams responsible for developing and maintaining overall AML/CFT program, including policies and procedures, and requirements to ensure they remain up to date and reflective of current legal, regulatory and compliance obligations and in alignment with the Bank’s activities of numerous Fintech partners and clients.
  • Provide thought leadership and advancement of the AML/CFT/OFAC and fraud program by leveraging technology and enhancing the Bank’s capabilities to support growth.
  • Monitor compliance with requirements across core bank and fintech partners and ensures timely reporting and escalation of non-compliance in accordance with procedures.
  • Develop, implement and maintain risk assessment and control framework through strong compliance policies, standards and procedures related to AML/CFT risks.
  • Conduct customer due diligence (CDD), enhanced due diligence (EDD), and third-party due diligence as needed.
  • Periodically review the Company’s monitoring process to ensure its effectiveness.
  • Responsible for writing, managing and ensuring timely and accurate filing of required reports to FinCEN such as SARs and CTRs.
  • Conduct annual AML/CFT and OFAC risk assessments and updates to the Company`s compliance program.
  • Preparing management and board reporting that includes insights and analysis based on industry-leading knowledge of AML/CFT topics.
  • Support internal audit and regulatory agency reviews of the program.
  • Provide oversight and input for AML/CFT Compliance training to employees.

Cross River Bank provides a range of banking services through its API-driven platform, the Cross River Operating System, which allows FinTech companies to easily integrate customizable and secure banking solutions. The company focuses on "Banking as a Platform" (BaaP), enabling other financial technology firms to create their own products, including payment solutions and money transfers. Cross River has supported small businesses significantly, especially during the COVID-19 pandemic by facilitating access to Paycheck Protection Program loans. The goal of Cross River is to enhance financial services for small enterprises while ensuring compliance with regulatory standards.

Company Stage

Late Stage VC

Total Funding

$824.9M

Headquarters

Fort Lee, New Jersey

Founded

2008

Growth & Insights
Headcount

6 month growth

0%

1 year growth

-2%

2 year growth

0%
Simplify Jobs

Simplify's Take

What believers are saying

  • Growing demand for real-time payments offers expansion opportunities for Cross River.
  • Record-breaking new business applications in 2023 present a market for Cross River's services.
  • Support for FDIC's custodial rule could enhance Cross River's credibility in the fintech space.

What critics are saying

  • Increased competition from credit unions may challenge Cross River's instant payment market share.
  • Tightened lending standards and rising interest rates could reduce Cross River's loan revenue.
  • Past FDIC consent order may impact Cross River's reputation and regulatory standing.

What makes Cross River Bank unique

  • Cross River combines traditional banking with innovative fintech solutions for unique offerings.
  • The company provides a customizable, API-driven platform for seamless fintech integration.
  • Cross River's commitment to compliance ensures secure and regulatory-compliant financial services.

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Benefits

Generous parental & leave policies

Completely subsidized health, dental, & vision insurance

Complimentary dry cleaning

On-site haircuts

Endless snacks

Company events

INACTIVE