Enhanced Due Diligence Program Manager

1 week ago

New York, New York, United States Industrial and Commerce Bank Of China USA NA Full time
Job Overview

Position Summary:

The Enhanced Due Diligence (EDD) Manager plays a crucial role in overseeing the Bank's enhanced due diligence initiatives, particularly in relation to high-risk clientele, products, and services.

Key Responsibilities:

To ensure the effective execution of the EDD program, the following responsibilities are essential:

  1. Acquire in-depth knowledge of all Bank Secrecy Act (BSA) and USA Patriot Act compliance obligations, applying this expertise to identify patterns and trends that may indicate money laundering or terrorist financing risks associated with customer relationships.
  2. Perform thorough due diligence investigations on both new and existing high-risk accounts, ensuring compliance with the USA Patriot Act, Section 326, and the Bank's Customer Identification Program & Enhanced Due Diligence Program.
  3. Analyze transactional data to detect activities that align with customer profiles that may present elevated risks of money laundering or terrorist financing.
  4. Utilize investigative strategies to evaluate customers for BSA/AML risk and assign appropriate risk ratings.
  5. Collaborate with business line personnel and AML/BSA teams to gain insights into client behavior and relay any concerning activities.
  6. Engage in continuous monitoring and analysis of customer accounts to identify any shifts in risk ratings.
  7. Advocate for the escalation of any unusual or potentially suspicious activities to the AML team for further investigation and Suspicious Activity Report (SAR) filing.
  8. Propose enhancements to streamline the due diligence review process.
  9. Implement policy changes and operational efficiencies as recommended.
  10. Perform any additional duties or special projects as assigned by the Deputy BSA Officer.
Required Competencies:

To succeed in this role, candidates should demonstrate the following competencies:

  1. Apply fundamental AML skills to financial products and processes effectively.
  2. Communicate issues clearly and effectively to the Deputy BSA Officer, BSA Officer, or Chief Compliance Officer.
Supervisory Duties:
  1. May oversee EDD staff.
  2. Responsible for interviewing, hiring, and training EDD personnel; planning, assigning, and directing work; evaluating performance; rewarding and disciplining employees; and addressing complaints and resolving issues.

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