Assesses Bank Secrecy Act/Anti-Money-Laundering (BSA/AML) risk of specific clients in collaboration with front-line teammates, and determines whether to approve the AML risk of each client assessed. May include engagement directly with clients, interviewing them with respect to AML due diligence
Investigates, researches, analyzes and evaluates due diligence on client relationships) to ensure adherence to anti-money laundering policies and procedures. Ensures that the appropriate actions are taken on client relationships as well as making policy interpretations and answering questions on AML policy from across the business units supported. Works with frontline teammates to ensure that all due diligence is timely, accurate, thorough, and represents an acceptable level of risk. Responsible for conducting internet research and source system research, analyzing corporate structures, financial statements and other documentation as the BSA/AML Risk Manager deems necessary to identify any potential suspicious activity. Performs consistent quality assurance reviews of risk assessments to ensure risks are properly identified. Responsible for analysis of more complex corporate structures or transactions. Monitors and follows through on annual AML risk assessments due for completion. Stays up to date on Bank Secrecy Act regulations (anti-money laundering) and Office of Foreign Assets Control (OFAC) regulations as well as the bank’s AML program policies and procedures.
The AML/BSA Risk Officer will work closely with partners from the Financial Intelligence Unit (FIU), members of the Compliance/Risk Management team, and provide guidance to members of the LOB’s Management and front office teams.
This position works independently and exercises judgment in conducting reviews, assessing the LOB’s AML/BSA status, and providing recommendations to Management. Confirms with Management timeline strategy to ensure all requirements are adhered to and met within committed timeframe.
Some responsibilities include:
• Conduct research and provide advice on new customer alerts and Know Your Customer (KYC) files
• Perform reviews on high risk customers. Use customer risk scoring models in accordance with departmental processes and procedures.
• Conduct, review and evaluate alerts, ad-hoc alert/screening on new and existing customers as appropriate.
• Document EDD review findings including all pertinent facts and information to support result.
• Complete EDD reviews/projects in a timely and efficient manner. Suggest process enhancements and/or research tools to increase efficiency and/or accuracy.
• Advise the front and back offices regarding Company’s client onboarding and enhanced due diligence standards and requirements.
• Review, resolve and/or escalate alerts or other adverse news screens.
• Elevate questions and concerns to the team lead and decisioning teams as needed
• Maintain awareness of regulatory updates and incorporate process and procedural changes into the EDD review
Skills / Abilities
- Self motivated with strong communication, analytical, influencing, negotiating, and relationship building skills.
- Ability to drive execution and meet deadlines.
- Excellent oral, written and presentation skills.
- Able to focus, interpret information logically to solve problems, and answer questions appropriately.
- Sort priorities and manage time to meet regulatory, corporate, and departmental deadlines and targets.
- Experience with MS Office applications and other tools to enable efficient evaluation of data provided in spreadsheets, specifically Word, Excel, and Access.
The position could require periodic travel.Qualifications
Minimum Requirements for AML Officer 2 (Grade 47):
Bachelor’s degree in Business, Economics, Finance, or Accounting, or an equivalent combination of education and work experience. 5 years of work experience including audit, operations, process engineering or risk management Strong knowledge of SOX and other industry-related regulatory requirements, and operational risk concepts. Professional communications and presentation skills. Strong relationship management skills. Demonstrated leadership or management skills. Solid knowledge of risk management principles and controls, broad-based business practices, and deep understanding of segment/function business processes, with the ability to assess levels of adherence/execution and identify risk/control improvement opportunities.
5 – 7 years financial services experience with specific focus on AML/BSA practices. Thorough knowledge of AML/BSA regulations (BSA, OFAC, FINRA, SEC, State Rules).
Project management skills, Strong writing and verbal skills, Ability to work within a matrix organization.
Equal Opportunity Employer: SunTrust supports a diverse workforce and is a Drug Testing and Equal Opportunity Employer. SunTrust does not discriminate against individuals on the basis of race, creed, color, gender, religion, national originTo review the EEO Poster, copy and paste the following link into your browser: http://www1.eeoc.gov/employers/upload/eeoc_self_print_poster.pdf http://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf