Director - Compliance Officer (DFS 504)

ING • New York, NY

2d • $216,000 - $273,000 • Hybrid

About The Position

Candidates should be experienced in dealing with the specific requirements of DFS Part 504, including transaction monitoring, filtering (watchlist screening), model validation, and data governance. Duties include designing, implementing, and maintaining robust transaction monitoring and filtering programs, and facilitating the annual certification requirement.

Requirements

• Bachelor’s degree preferred.
• Minimum of 10 years of experience in compliance, with a focus on AML and sanctions screening.
• In-depth knowledge of DFS504 regulations and other relevant compliance requirements
• Strong analytical, problem-solving, and decision-making skills.
• Excellent communication and interpersonal skills.
• Ability to work independently and as part of a team

Nice To Haves

• Professional certification such as Certified Anti-Money Laundering Specialist (CAMS), Certified Global Sanctions Specialist (CGSS) preferred. These certifications must be obtained as part of the job if not already qualified.
• Prior experience in working with bank payment systems.

Responsibilities

• Program Design and Implementation: Work with 1st Line and consultants on the development and implementation of 504 compliant programs for transaction monitoring and filtering, including build-out of automated systems, creation of risk views/alert definitions, system tuning, etc.
• Ensure policies and procedures are in place to prevent transactions with sanctioned entities and identify potential BSA/AML violations.
• Document all policies and procedures related to transaction monitoring and filtering.
• Compliance & Oversight: Manage and update procedures for transaction monitoring and filtering programs including alert handling, threshold tuning, and periodic assessments.
• Participate in annual risk assessments and mapping of risks to transaction monitoring program elements. This includes identifying applicable money laundering typologies (i.e., red flags) related to products and services, as well as controls that mitigate risks (e.g., automated detection scenario, manual monitoring, KYC).
• Evaluate the adequacy of board and management oversight of transaction monitoring and filtering programs programs.
• Testing and Validation: Work with 1st line and consultants to conduct and document end-to-end and pre- and post-implementation testing of transaction monitoring and filtering programs.
• Review governance, data mapping, transaction coding, detection scenario logic, model validation, data input, and program output.
• Certification & Reporting: Facilitate the preparation and submission of the required annual certification to DFS and ensure compliance with the 3 NYCRR 504 regulations.
• Maintain records demonstrating compliance with Part 504 requirements.
• Participate in SAR drafting and internal reporting process.
• Other Responsibilities: Assist in identifying and addressing compliance issues and irregularities.
• Answer employee and company leader questions about compliance issues.
• Update company records for compliance-related data.
• Liaise with regulators and central teams/service providers for matters related to transaction monitoring and filtering programs.
• Specific DFS Part 504 Focus: Familiarity with the specific requirements of DFS Part 504, including transaction monitoring, filtering (watchlist screening), model validation, and data governance.
• Understanding of the annual resolution by the board of directors or compliance findings by the Chief Compliance Officer.
• Experience with Bank Secrecy Act (BSA)/Anti-money Laundering (AML) and Office of Foreign Assets Control (OFAC) regulations.

Benefits

• In addition to comprehensive health benefits, a generous 401k savings plan, and competitive PTO, ING provides a broad array of benefits including adoption, surrogacy, and fertility services; student debt assistance; and subsidies for expenses associated with commuting and fitness.

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Number of Employees: 5,001-10,000 employees