Overview
The FIU Associate is responsible for the delegation and oversight of day-to-day compliance efforts related to transaction surveillance. This may include the supervision and quality control of the staff’s completion of alerts reviews, case investigations, and Suspicious Activity Report (SAR) filings. Ensures that reviews and investigations are performed in accordance with AML policy and procedures.
Within the Financial Crimes Prevention Unit, the Financial Intelligence Unit (FIU) is responsible for the monitoring and investigation of all post-account opening and the examination of potentially unusual activities. Reporting to the FIU VP, the FIU Associate is responsible for the day-to-day compliance efforts related to transaction surveillance, including the completion of assigned activities in accordance with regulatory requirements Bank Secrecy Act/Anti Money Laundering/Office of Foreign Assets Control (BSA/AML/OFAC) and SMBC policies and procedures.
The anticipated salary range for this role is between $79,000 and $128,000. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Responsibilities
- Working with the FIU VP, ensures department’s compliance with all regulatory practices outlined by CPAD BSA/AML/OFAC including SARs, adherence to SMBC policies and procedures, and the timely and successful completion of all surveillance-related activities.
- Maintains statistical reports on a weekly, monthly, quarterly, annually or ad hoc basis as necessary for evaluation by FIU management.
- May manage employee relations, workforce planning and performance management for all in scope members. Identifies and enables the development and training of staff. Ensures the team’s understanding of regulatory practices and Bank policies and procedures.
- Collaborates with VP to achieve improvements to processes and/or systems to ensure optimal functionality within the department. May draft updates for the policy and procedures.
- Reviews closed alerts within the required time-frames and apprises management of any issues with quality and whether procedural guidelines are being followed.
- Maintains communication process for sharing information with relationship managers, external entities, head office and other branches or subsidiaries.
- In the absence of the VP, assumes the role and ensures continuous functioning of the unit based upon applicable laws, regulations, internal policies, and procedures.
- May act as SME and/or take lead in projects relating to the tools utilized by FIU such as Fortent, SAM 8.5, Actimize, eRCM, C-HUB, among others.
- May assist in providing documentation as required in response to inquiries from internal and external auditors, Bank departments, and regulators.
- Participates in such other tasks that may be required by the company from time-to-time, including Business Continuity efforts.
- May act as liaison between JRIA and FIU to identify and resolve issues in production.
- Provides training to new staff.
Qualifications
- Strong-level knowledge of legal aspects and recordkeeping requirements of banking regulations relating to transaction surveillance (especially AML, BSA and OFAC).
- Expert-level knowledge of market practices related to compliance operations.
- Strong ability to direct staff and workflows in accordance with SMBC standards and practices.
- Strong sense of urgency and accountability; ability to execute in a high pressure and time-sensitive environment and strong attention to detail.
- Expert-level knowledge of Fortent, SAM 8, Actimize, eRCM and C-HUB and other TSU-related systems.
- Strong written and verbal communication skills.
- Strong interpersonal skills.
- Experience with quality assurance activities.
- Strong management skills; influencing and delegation skills.
- 5 to 7 years of specialized experience in Financial Services Compliance.
- CAMS or CFE preferred.