Specialty Banking Risk & Compliance Analyst I

Dart Bank•Mason, MI

5d•Hybrid

About The Position

The Specialty Banking Risk and Compliance Analyst I is responsible for conducting initial and ongoing due diligence for Specialty Banking clients and accounts, with a primary focus on cannabis and hemp. This role supports client onboarding, risk assessment, account monitoring, and regulatory compliance activities to ensure adherence to Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Know Your Customer (KYC), Customer Identification Program (CIP), and internal policies and procedures. The analyst performs detailed reviews of customer information, business operations, account activity, licensing documentation, and financial records to identify and mitigate risk while providing a positive client experience. This position works closely with Relationship Managers, the BSA/AML Department, Compliance, Operations, and customers to support the ongoing management of specialty banking relationships.

Requirements

Bachelor's degree in Business, Finance, Accounting, Criminal Justice, Risk Management, or a related field preferred.
Equivalent combination of education and relevant work experience may be considered.
Strong analytical, investigative, and critical thinking skills.
Understanding of AML, BSA, KYC, CIP, OFAC, and Enhanced Due Diligence requirements.
Ability to interpret business financial statements and supporting documentation.
Strong attention to detail with a commitment to accuracy and quality.
Excellent written and verbal communication skills.
Ability to organize and manage multiple priorities in a fast-paced environment.
Sound judgment and decision-making abilities.
Strong customer service and relationship management skills.
Ability to work independently and collaboratively across departments.
Proficiency in Microsoft Office applications, particularly Excel, Word, and Outlook.
Ability to maintain confidentiality and handle sensitive information appropriately.
One to three years of experience in banking, compliance, risk management, account onboarding, financial analysis, or a related field preferred.
Practical knowledge of customer due diligence, AML/BSA compliance, fraud prevention, or enhanced due diligence is preferred.
Ability to sit and work at a computer for extended periods.
Frequent use of hands and fingers for computer and office equipment operation.
Ability to communicate effectively in writing, in person, virtually, and by telephone.
Visual ability to review documentation, reports, and computer screens.
Occasional movement throughout the office environment.
Performance is measured by the quality, completeness, accuracy, timeliness, and regulatory compliance of work performed.
The incumbent is expected to exercise sound judgment, maintain appropriate documentation, and consistently adhere to established policies and procedures.

Nice To Haves

Experience working with cannabis, hemp, fintech, or other high-risk industry customers is a plus.

Responsibilities

Conduct initial due diligence reviews for prospective Specialty Banking clients.
Collect, review, and verify required onboarding documentation, including business formation documents, ownership structures, beneficial ownership information, licenses, permits, and financial records.
Perform Customer Identification Program (CIP), Know Your Customer (KYC), and Enhanced Due Diligence (EDD) reviews.
Prepare risk assessments and due diligence summaries for account approval.
Coordinate with internal departments to ensure timely and accurate onboarding of new accounts.
Ensure compliance with account opening requirements and risk management standards.
Collaborate with Relationship Managers and internal partners to resolve documentation deficiencies and facilitate account approval.
Conduct daily, monthly, and periodic reviews of client accounts and transactional activity.
Monitor account activity for consistency with business purpose, expected activity levels, and customer risk profiles.
Analyze transactional activity and supporting documentation to identify unusual or suspicious activity patterns and escalate concerns in accordance with bank policies and regulatory requirements.
Ensure customer records, due diligence files, and risk profiles remain accurate and current.
Review quarterly financial statements and other supporting financial documentation to assess the ongoing financial health of clients, validate expected business activity, and identify potential compliance, operational, or reputational risks.
Conduct background checks and screening on prospective and existing clients utilizing approved third-party systems and databases.
Review sanctions, adverse media, regulatory actions, and other relevant risk indicators.
Document findings and escalate concerns as appropriate.
Review and verify state-issued cannabis, hemp, and other applicable business licenses for validity, accuracy, and good standing.
Monitor license renewals and regulatory compliance requirements.
Maintain accurate records within internal systems and regulatory databases.
Manage assigned casework related to specialty banking clients.
Investigate potential policy, procedural, or regulatory concerns.
Document findings thoroughly and communicate recommendations to management.
Coordinate with the BSA/AML Department regarding suspicious activity referrals, investigations, and enhanced due diligence reviews.
Support the ongoing administration of cannabis, hemp, fintech, and other specialty banking portfolios.
Monitor industry developments, emerging risks, and regulatory changes impacting specialty banking clients.
Assist in maintaining portfolio reporting and risk management documentation.
Adhere to all applicable federal and state laws, banking regulations, and internal policies, including BSA, AML, OFAC, CIP, and KYC requirements.
Maintain audit-ready documentation and records.
Assist with internal reviews as requested.
Participate in ongoing regulatory, compliance, and industry-specific training.
Develop and maintain expertise related to cannabis and hemp banking operations, financial crime prevention, and specialty banking risk management.
Share knowledge and best practices with team members.
Support departmental projects and process improvement initiatives.
Assist with training and mentoring of new team members.
Contribute to the continuous enhancement of operational efficiency, customer experience, and risk management processes.