Senior Compliance Risk Analyst BSA/AML

2 weeks ago

Seattle, Washington, United States Federal Reserve Bank of Cleveland Full time
Company
Federal Reserve Bank of Cleveland

We are the Federal Reserve Bank of Cleveland, dedicated public servants with a mission to enhance the nation's monetary, financial, and payment systems to foster a robust economy for all citizens. As a community-focused institution, we are committed to understanding and serving the diverse communities within our jurisdiction. We value fresh perspectives and respect individuals for their contributions and identities. Joining the Cleveland Fed means becoming part of a diverse team united in its mission to promote an economy that benefits everyone. We empower our employees to maintain a healthy work-life balance, offering a flexible hybrid work model that allows collaboration in the office on certain days while providing the option to work remotely on others.

The Supervision + Credit (S+C) division oversees the regulation and supervision of state member banks (SMBs), bank holding companies, savings and loan holding companies, financial holding companies, data service providers, trust companies, and foreign banking organizations operating in our district. The institutions we supervise vary in size and complexity, ranging from small community banks to some of the largest banking organizations in the nation.

We are seeking an experienced Senior Compliance Risk Analyst to join the Bank Secrecy Act (BSA) team within the Risk, Policy, and Analysis Group of (S+C). In this role as our Senior Compliance Risk Analyst BSA/AML, you will play a crucial part in ensuring the integrity and stability of the banking system and financial markets by conducting examinations of banks and U.S. branches of foreign banks, as well as inspections of bank holding companies and their non-bank subsidiaries. You will also be responsible for preparing risk assessments and providing ongoing oversight related to Anti-Money Laundering (AML) matters.

Key Responsibilities:
  • Lead the planning, execution, and documentation of complex/high-risk targeted BSA examinations, and participate in comprehensive examinations of state member banks, foreign banking organizations, bank holding companies, and their subsidiaries.
  • Assess policies, procedures, and controls implemented by institutions to ensure compliance with the BSA, the USA Patriot Act, and Office of Foreign Asset Control (OFAC) regulations.
  • Conduct transaction testing to evaluate adherence to record-keeping and reporting requirements, as well as the effectiveness of risk management practices.
  • Evaluate the expertise of AML personnel and management, along with the independence and effectiveness of internal audits.
  • Prepare comprehensive, well-supported supervisory reports and documentation, effectively communicating complex supervisory findings and necessary actions to senior management and boards of directors.
  • Maintain a high level of subject matter expertise and stay informed about emerging issues relevant to the District, including trade-based money laundering, virtual currencies, Fin-Tech payment channels, and marijuana-related businesses.
  • Collaborate with risk management colleagues on cross-portfolio assessments of BSA/AML risk and provide tailored supervisory recommendations.
  • Develop and deliver written analyses and presentations on specific firms as well as broader industry trends or emerging risks. Provide briefings to senior District and Federal Reserve System staff and other stakeholders in the supervisory community.
  • Engage with industry groups as part of outreach initiatives.
  • Offer mentoring and on-the-job training to examiners.
  • Actively participate in unit, Fed System, and other knowledge-sharing platforms and discussions.
Qualifications:
  • A bachelor's degree in business, economics, finance, accounting, or a related field, or equivalent experience.
  • A minimum of eight years of direct or comparable experience in banking, financial services, or banking supervision with a focus on BSA/AML/OFAC subject areas.
  • Demonstrated ability to influence effectively, resolve conflicts, and achieve collaborative outcomes to meet supervisory objectives and build strong working relationships.
  • Capacity to manage multiple initiatives simultaneously and deliver exceptional results with minimal supervision.
  • Strong written and verbal communication skills, along with a solid understanding of business risks, risk management, and banking principles.
  • Excellent problem-solving and analytical skills that support sound decision-making.
  • Some travel may be required, depending on assignments and location (up to 40%).
  • This position requires access to confidential supervisory information, which is limited to "Protected Individuals." Protected Individuals include U.S. citizens, U.S. nationals, and U.S. permanent residents who meet specific criteria.
Preferred Qualifications:
  • Professional certification, such as the Certified Anti-Money Laundering Specialist (CAMS).
  • Experience conducting BSA/AML and OFAC examinations at higher-risk and/or complex banking organizations, including those involved with FinTech and virtual currency operations.


Employment Type
Full-time

Job Type
Regular

Exempt Status
Yes

Job Category
Bank Examination

Work Shift
First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees are critical to our success as an organization. We are committed to equal employment opportunity for all employees and job applicants, fostering an environment where individuals are valued for their differences.

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