AML Associate

Valley Bank • Morristown, NJ

4d

About The Position

This role involves reviewing alerts generated by the Actimize Suspicious Activity Monitoring system and internal referrals. The associate will utilize various internal and external tools to assess these alerts, escalating those that require further investigation. A key part of the role is to meticulously document the entire alert review process, including the rationale for escalation or closure. The associate will also collaborate with Branch personnel to obtain necessary KYC information and CIP documentation, and assist the OFAC team in identifying and ruling out potential matches against the SDN list and negative news searches. Additionally, the role requires supporting AML management with special projects and informing the Investigations Manager about recurring alert patterns to refine the monitoring platform's effectiveness. The position also entails supporting daily compliance efforts related to AML/KYC requirements.

Requirements

• Working understanding of reporting requirements of the Bank Secrecy Act (BSA), and USA PATRIOT Act.
• Excellent oral and written communications skills.
• Ability to conduct research using various sources.
• Knowledge of MS Office Applications, including Excel and Word.
• Ability to maintain attention to detail and accuracy under pressure situations.
• Team oriented and able to work independently.
• High School diploma or GED and a minimum of 1 year experience in banking operations with an understanding of anti-money laundering processes or completion of the Valley internship program in AML.

Nice To Haves

• Experience with the NICE Actimize system preferred.

Responsibilities

• Review alerts produced from Actimize Suspicious Activity Monitoring system and internal referrals using both internal and external tools, escalating to investigation anything warranting further review.
• Properly document all parts of the alert review process, including reason for escalation or closure of the alert.
• Work with Branch personnel in order to attain proper KYC information and CIP documentation when warranted.
• Assist with special projects as provided by AML management.
• Assist OFAC team with ruling out possible matches with SDN list of negative news searches.
• Inform Investigations Manager of common alerts to ensure the monitoring platform consistently addresses prevailing risk.
• Support in the day-to-day compliance efforts with AML/KYC requirements.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED