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Job

Senior Director, Compliance Operations

Job Description

A large client in the financial services payments space is looking to bring on a Senior Director of Compliance to their team in direct report to the CCO.

This role will works with employees, issuing / partner banks, and externally with government regulators to ensure that institutional activities are in compliance with federal, state, and local laws. This position will be tasked with day to day operational aspects of running an effective Customer Identification Program (CIP) and Distributor Due Diligence (DDD) process. This role will oversee the direct reports of the CIP Manager and DDD Senior Manager.

This position is responsible for all annual revisions and updates to the CIP and DDD compliance policies. Serves as the primary assistant to the Chief Compliance Officer for key regulatory officer capacities related to CIP and DDD. 

 

Core Duties

  • Must have a strong operational background, CIP and DDD operational preferred.
  • Planning, organizing, and supervising the production of CIP and DDD related work. Very delivery focused on output of CIP and DDD related work in an efficient manner, including work performed by personnel and date reporting work.
  • Will assist or primarily perform CIP and DDD risk assessments, identify continuous improvements required in the CIP and DDD related Compliance Program and ensure improvements are made operational and sustainable in an auditable manner.
  • Implementation and improvement of CIP and DDD Exception Reporting.
  • Implementation and improvement of CIP and DDD processes related to customer and distributor onboarding.
  • With support from operations, risk and the compliance team, utilizes tools and processes in monitoring compliance with CIP and DDD related laws and regulations
  • Partner with business segments in CIP and DDD related compliance training initiatives to ensure employees and management are adequately trained and adept in implementing laws and regulations.
  • Maintaining up to date knowledge of laws and regulations and recommending appropriate changes to the Chief Compliance Officer to ensure that CIP and DDD related operations adapt to comply with these changes.
  • Assist the Chief Compliance Officer in managing regulatory and bank partner relationships (for CIP and DDD compliance related matters) along with strong integration into the business routines to update management on issues, progress and priorities as it relates to CIP and DDD compliance to respective business line.
  • Implementation of testing and monitoring programs related to CIP and DDD.
  • Annual, at a minimum, review, revision and, at times, drafting new policies, procedures, and guidelines to ensure business processes are in compliance with legal and regulatory requirements and enterprise-wide AML related compliance programs.
  • Coordinate with the Head of Compliance Operations regarding oversight and maintenance of an AML related compliance training program for business unit employees driven by risk assessments, new and amended laws applicable to the Company and changes in business processes.
  • Advise the Chief Compliance Officer regarding the monitoring and validating the implementation of:
    • Significant business process changes required because of a change in law or increased regulatory, litigation, or reputational risk 
    • New material products and services to ensure implementation is consistent with existing laws and regulations
  • Assisting the Chief Compliance Officer as needed in CIP and DDD Related Compliance Program Administration regarding any of the following:
    • Developing, administering and monitor ing a program that ensures the compliance with all applicable laws, regulations, and rules governing operations and product offerings.
    • Maintaining the compliance library, utilizing current technology.
    • Drafting comment letters regarding proposed regulatory changes.
    • Serving as an in-house expert to provide compliance advice and guidance to all staff.
    • Working with the Marketing, Product, and Business groups and other staff with development of new products and/or delivery systems, or modifying existing ones, to identify any compliance related issues or new compliance requirements.
  • Assist the Chief Compliance Officer with CIP and DDD Related Compliance Audit, including:
    • Working with an independent AML related compliance auditing firm to make sure those areas with greatest potential risk receive appropriate audit attention as it relates to CIP and DDD.
    • Coordinates annual AML related compliance audits with an independent outside audit firm, working with several staff members to gather information requested by the auditors as it relates to CIP and DDD.
    • Works with department managers to make improvements to systems in order to correct any violations or operational deficiencies found, and prepares responses to the audit reports for the Senior Management Team and Board of Directors within 30 days of receiving the final report.
    • Review new products to ensure CIP and DDD Related compliance.
    • Supervise CIP and DDD Related record retention.
  • Assist the Chief Compliance Officer, who is the Board Designated AML/BSA Officer, with CIP and DDD Related Program Administration by:
    • Developing and maintaining a CIP and DDD program that is in compliance with relevant laws, regulations, and guidance.
    • Annual Board approval of the AML/BSA Policy as it relates to CIP and DDD.
    • Conduct annual AML related training of staff pertaining to CIP and DDD.
    • Referral of items to the AML team to review for determination if filing a Suspicious Activity Reports is necessary.
    • Provide direction and oversight to employees who perform CIP and DDD related tasks.