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Full-Time

Chief BSA/AML Officer

Posted on 9/5/2024

Cross River Bank

Cross River Bank

501-1,000 employees

API-driven banking services for FinTech companies

Data & Analytics
Fintech
Crypto & Web3
Financial Services

Compensation Overview

$300k - $330kAnnually

Expert

Edgewater, NJ, USA

Category
Risk Management
Finance & Banking
Requirements
  • 15+ years of financial institution industry experience, or other regulated industry with financial crimes, BSA/AML, 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 BSA/AML platforms
  • Bachelor’s Degree required; JD preferred
  • CAMS certification preferred
Responsibilities
  • Build and manage teams responsible for developing and maintaining overall BSA/AML 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 BSA/AML/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 BSA/AML 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 BSA/AML 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 BSA/AML topics.
  • Support internal audit and regulatory agency reviews of the program.
  • Provide oversight and input for AML Compliance training to employees.

Cross River Bank combines traditional banking with technology solutions in the FinTech sector, offering an API-driven platform called the Cross River Operating System. This platform allows other FinTech companies to integrate customizable banking services, including payment solutions and loan origination. Unlike its competitors, Cross River focuses on providing "Banking as a Platform" (BaaP), enabling businesses to utilize its infrastructure for their financial products. The company's goal is to support small businesses and FinTech companies by providing them with the necessary tools and services to succeed.

Company Stage

Series D

Total Funding

$987M

Headquarters

Fort Lee, New Jersey

Founded

2008

Growth & Insights
Headcount

6 month growth

1%

1 year growth

1%

2 year growth

7%
Simplify Jobs

Simplify's Take

What believers are saying

  • Cross River's role in distributing over 100,000 PPP loans during the COVID-19 pandemic highlights its operational efficiency and commitment to small businesses.
  • Partnerships with companies like MassPay to expand instant payment access demonstrate Cross River's ability to innovate and meet the evolving needs of the gig economy and other sectors.
  • Recognition as a 'Premier Lender' by the New Jersey Economic Development Authority enhances Cross River's credibility and attractiveness to potential clients.

What critics are saying

  • The highly competitive FinTech sector requires continuous innovation to maintain a competitive edge, posing a challenge for Cross River.
  • Dependence on partnerships and collaborations may expose Cross River to risks if these relationships falter or if partners underperform.

What makes Cross River Bank unique

  • Cross River uniquely combines traditional banking expertise with advanced FinTech capabilities, offering a comprehensive API-driven platform that sets it apart from conventional banks.
  • Their 'Banking as a Platform' (BaaP) model allows other FinTech companies to build their own financial products, providing a level of customization and integration that is rare in the industry.
  • Cross River's strong emphasis on compliance and regulatory standards ensures a secure and trustworthy platform, which is crucial for their diverse clientele.

Benefits

Generous parental & leave policies

Completely subsidized health, dental, & vision insurance

Complimentary dry cleaning

On-site haircuts

Endless snacks

Company events