Compliance Supervisor

2 weeks ago


Paradise Valley, Arizona, United States AZ CASH Full time
Job DescriptionJob Description

COMPLIANCE OFFICER / MANAGER JOB DESCRIPTION

Job Title: Compliance Officer / Manager , AZ CASH

Position Summary:

The Compliance Officer at AZ CASH will be responsible for overseeing and managing the company's compliance with all applicable laws, regulations, and internal policies related to its blockchain-based, state-centric banking solution for the cannabis industry. This role will ensure that AZ CASH operates within the boundaries of state-specific cannabis regulations while maintaining the highest standards of compliance, security, and integrity.

Key Responsibilities:

1. Regulatory Compliance

Maintain a comprehensive understanding of state-specific cannabis regulations and federal laws related to banking and financial services

Monitor changes in relevant laws and regulations and advise management on the potential impact on AZ CASH's operations

Develop, implement, and maintain compliance policies and procedures to ensure adherence to applicable laws and regulations

Conduct regular risk assessments to identify potential compliance vulnerabilities and recommend mitigation strategies

Oversee the company's licensing and registration processes, ensuring all necessary approvals are obtained and maintained

2. Anti-Money Laundering (AML) and Know Your Customer (KYC)

Develop and implement robust AML and KYC policies and procedures

Oversee customer identification and verification processes, including enhanced due diligence for high-risk clients

Monitor transactions for suspicious activities and file Suspicious Activity Reports (SARs) as required

Conduct regular AML/KYC training for employees and ensure understanding of compliance responsibilities

3. Compliance Monitoring and Reporting

Implement and maintain systems to monitor compliance with internal policies and external regulations

Conduct periodic compliance audits and assessments to identify potential issues and areas for improvement

Prepare and submit regulatory reports, such as Currency Transaction Reports (CTRs) and SARs, as required

Liaise with external auditors and regulatory agencies during compliance examinations and inquiries

4. Policy Development and Management

Develop, update, and maintain compliance policies, procedures, and guidelines

Collaborate with legal counsel to ensure policies align with applicable laws and regulations

Communicate policies and procedures to employees and stakeholders and ensure understanding and adherence

5. Training and Education

Develop and deliver compliance training programs for employees, management, and board members

Ensure training materials are up-to-date and reflect changes in laws, regulations, and industry best practices

Monitor employee completion of required compliance training and maintain training records

6. Incident Management and Investigations

Oversee the investigation of potential compliance breaches and suspicious activities

Coordinate with legal counsel and law enforcement agencies as necessary

Recommend corrective actions and disciplinary measures for compliance violations

Document and report compliance incidents to management and regulatory authorities as required

7. Vendor and Third-Party Management

Conduct due diligence on vendors and third-party service providers to ensure compliance with AZ CASH's standards

Review and approve vendor contracts, ensuring inclusion of necessary compliance provisions

Monitor vendor performance and conduct periodic compliance audits

8. Continuous Improvement

Stay abreast of industry trends, best practices, and regulatory changes

Identify opportunities for process improvements and enhancements to the compliance program

Collaborate with cross-functional teams to implement compliance initiatives and projects

Reporting:

Regularly provide reports on compliance activities and trends.

Serve as a confidential point of contact for employees to communicate with management, seek clarification on issues or dilemmas, or report irregularities.

Investigations and Resolutions:

Respond to alleged violations of rules, regulations, policies, procedures, and standards of conduct by evaluating or recommending the initiation of investigative procedures.

Act as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated, and resolved.

Stakeholder Engagement:

Interact with regulators and external auditors; manage external communication with regulatory authorities.

Liaise with various business units to ensure that compliance tools and systems are fully integrated into all operations.

Required Qualifications:

Bachelor's degree in law, finance, business administration, or a related field; advanced degree preferred

Minimum of 3 years of experience in compliance, preferably within the banking, FinTech or financial services industry

In-depth knowledge of state cannabis regulations and federal banking laws, including the Bank Secrecy Act (BSA), USA PATRIOT Act, and anti-money laundering (AML) regulations

Professional certification, such as Certified Anti-Money Laundering Specialist (CAMS) or Certified Regulatory Compliance Manager (CRCM), preferred

Strong project management and organizational skills

Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams

High level of integrity and ethical standards

Proficiency in Microsoft Office and compliance monitoring software

Reports to: Chief Executive Officer or Chief Legal Officer

Compensation: Competitive salary and benefits package commensurate with experience and qualifications.

The Compliance Officer will play a critical role in ensuring AZ CASH's adherence to applicable laws and regulations while fostering a culture of compliance and integrity throughout the organization.


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