BSA Specialist - Special Risk

Synovus • Frankfort, KY

2d

About The Position

Designs, implements and manages customized AML/BSA and OFAC risk monitoring programs for complex customer types designated as Special Risk to include Merchant Acquiring Independent Sales Organizations (ISOs), Payment Facilitators (PayFac), Third Party Payment Processors (TPPPs), and Money Service Businesses (MSBs). Partners and collaborates with the line of business to define risk mitigation requirements and controls, performs onsite reviews, and participates in executive risk committees. Monitors the regulatory and legal requirements for higher risk verticals (online gaming,/gambling, digital assets, money services). Works on and manages a variety of high-profile AML/BSA program initiatives to include the BSA enterprise risk assessment. Communicates and presents information to senior management regularly.

Requirements

• Bachelor's degree or an equivalent combination of education and experience.
• Six (6) plus years of job related experience with emphasis on BSA Compliance, enhanced due diligence, risk assessments, regulatory compliance, and risk policy/procedures as it relates to merchant ISOs and Third Party Payment Processors.
• Strong knowledge of merchant acquiring business and BSA/AML/OFAC compliance through previous work experience
• Strong knowledge of regulations and regulatory bodies applicable to BSA/AML/OFAC and merchant/card services
• Strong knowledge of potential high-risk verticals within ISO merchants (gambling and gaming)
• Strong knowledge of card network rules applicable to merchant acquiring
• Strong knowledge of risk and control testing and risk assessments
• Excellent judgment and ability to handle issue resolution into professional and consistent matter
• Ability to confidently facilitate team discussions and communicate business messages
• Strong listening skills and a positive communicator
• Skill in writing reports, white papers and business correspondence
• Proficiency using applicable programs, systems, and databases required to assess risk and controls
• Proficiency using Microsoft Office software products

Responsibilities

• Manages activities involving enhanced due diligence of new and/or potential ISO, PayFac, TPPPs, and MSBs to mitigate risk exposure for the Bank. Serves as the central point of contact for line-of-business and all Special Risk customer related matters. Develops AML BSA guidelines for merchant ISO business and respective policies and procedures.
• Applies knowledge of assigned specialty risk areas to due diligence and oversight of customers. Focused expertise in higher risk verticals can include online gaming/gambling, digital assets, money services, or others as needed.
• Conducts site visits of existing and potential customers in conjunction with the line of business, manages the collection, review and approval of all documentation required to ensure appropriate risk mitigation and sound regulatory compliance. Manages all Requests for Information (RFI) related to customer types.
• Applies knowledge of bankcard payment operator network (e.g., Visa, MasterCard, AMEX, Discover) rules, standards, and practices, with regard to acquirer due diligence with strong knowledge of processor operating systems, knowledge of high-risk merchant categories and transactions to ensure adequate controls are in place
• Provides guidance and responds to daily inquiries from peers and the first line of defense regarding new or changing regulations impacting the bank that involve payment systems, merchant acquiring.
• Works directly with the line of business and clients to conduct and complete BSA related reviews and testing of controls. Creates formalized reporting of test results and recommendations regarding remediation.
• Prepares key points for to be presented to management pertaining to Special Risk customers that pose heightened risk to the Bank and provide ongoing training to the line of business.
• Assists management with independent reviews and federal examinations. Interacts with auditors/examiners as it relates to Special Risk relationships, control testing and the risk assessment.
• Designs, generates and completes management reports as assigned. Works with management to implement new initiatives and improve current processes and assists with special projects as requested. Assists Senior Management with creating best in class risk and control testing for integration into the risk assessment.
• Attends AML/BSA training seminars as assigned. Maintains awareness of regulatory and legislative developments and industry trends. Operates in full compliance with internal policies and procedures as well as applicable regulations and laws, including Bank Secrecy Act/Anti-Money Laundering requirements.
• Adheres to confidentiality policy, code of ethics and follows all policies and procedures relative to Compliance laws and regulations and best practices.
• Each team member is expected to be aware of risk within their functional area. This includes observing all policies, procedures, laws, regulations and risk limits specific to their role. Additionally, they should raise and report known or suspected violations to the appropriate Company authority in a timely fashion.
• Performs other related duties as required.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level