SVB-Enhanced Due Diligence Associate- Controlled Substances and Gaming

First Citizens Bank

1d • $89,000 - $120,000 • Hybrid

About The Position

This is a hybrid role, with the expectation that time working will regularly take place inside and outside of our Phoenix, Chicago, Dallas or Raleigh office SVB’s First Line of Defense (FLOD) Enhanced Due Diligence Know Your Customer (“EDD KYC”) team is responsible for conducting enhanced due diligence on higher risk client segments that may pose a higher risk for money laundering, terrorist financing, sanctions, or reputation risk in support of all legal and regulatory requirements as a large financial institution. As a FLOD Controlled Substance/Hemp and Gambling EDD KYC Analyst, you will be a part of SVB’s FLOD EDD KYC Team tasked with leading enhanced due diligence reviews of prospective and existing clients, ensuring that each of these client types within FCB are compliant with FCBs Risk Appetite, and any/all applicable regulations and guidelines in adhering to federal, state, and local regulations on hemp and cannabis laws, and ensuring respective gambling clients are adhering to the Unlawful Internet Gambling Enforcement Act (UIGEA). You will be the identified expert on BSA/AML compliance for the FCB Commercial Bank by the relationship team and clients. You will be expected to engage with clients, peers and risk professionals, all levels of management, and other internal or external constituents to deliver comprehensive views on EDD matters and represent the reasoning of EDD disposition on behalf of the organization. It will be critical for you to stay current with Controlled Substance/Hemp/Gambling developments, applicable regulatory and government administrative policy changes, seek ways to enhance current processes and controls, and communicate with your peers and partners. This role is required to both execute and educate on these unique ecosystems; additionally, the role will build, develop, and improve processes, as well as coach those around you.

Requirements

• Bachelor’s Degree with a minimum of 4 year of Commercial Enhanced Due Diligence review experience in banking with exposure to controlled substances and/or gaming, OR High School Diploma or GED with a minimum of 8 years of experience.
• Exhibit a comprehensive understanding of Cannatech/Hemp and/or Gambling ecosystems and how they are regulated.
• Demonstrate knowledge of international and regional financial crimes risks, to include but not limited to Anti-Money Laundering, Counter Terrorism Financing risks, fraud, and the prevention and mitigation processes and controls.
• Understanding of the compliance and regulatory frameworks that apply to financial institutions with an emphasis on FinCEN regulations, FFIEC guidelines, Bank Secrecy Act and US PATRIOT ACT.
• Ability to assess compliance programs, processes, controls.
• Ability to work collaboratively with peers and leaders to attain common goals.
• Ability to communicate effectively both in writing and orally, in person and by telephone, with all levels of the organization and with bank clients.
• Ability to work independently, take initiative and have strong verbal and written communication skills.
• Good analytical, research, organizational, and project management skills.
• Flexibility in learning new topics, handling change and deadlines to address newly identified risks or process changes.
• Strong understanding of requisite Microsoft Office applications and ability to learn new internal systems quickly.

Nice To Haves

• KYC Compliance at a Large Financial Institution or Fintech
• BA, Finance, Economics, Legal, or Criminal Justice
• License/Certification: Association of Certified Anti-Money Laundering Specialist (ACAMS or Certified Fraud Examiner
• Controlled Substance/Gambling-specific investigative work experience is preferred to include in-depth review of Hemp customers products as well as legal opinions for Gaming clients.

Responsibilities

• Enhanced Due Diligence Reviews: Perform thorough EDD reviews on new and existing clients engaged in the broader Controlled Substance/Hemp/Gambling ecosystems, ensuring compliance with regulatory requirements and internal policies. Conduct in-depth analysis of client profiles, business activities to include review of client’s certificates of analyses and ownership structures to assess money laundering, terrorist financing and other financial crime risks. Review and verify client documentation including identification documents, business licenses and legal opinion letters, financial statements, and transaction records to ensure accuracy and completeness of KYC information. Assist clients and prospects in establishing the proper control environment to ensure compliance with the Bank’s requirements.
• Regulatory Compliance: Serve as subject matter expert and ensure compliance with regulatory requirements, industry standards and best practices related to EDD, KYC, BSA, Sanctions and AML regulations – including the U.S. regulatory framework for controlled substances and gambling laws (on a state-by-state basis). Document and maintain accurate records of due diligence reviews, including findings, decisions, and supporting documentation in accordance with internal policies and regulatory standards. Partner with Compliance, Internal Audit, and other departments to respond to examinations and audit requests, manage execution and implementation of action plans, and ensure all processes and changes implemented fully comply with applicable regulations and legislation, standards, policies, and guidelines.
• Risk Analysis: Lead and champion efforts on identifying and managing existing and emerging risks identified through reviews, and ensuring these risks are effectively assessed, communicated, and controlled. Conduct assessments and profiling of clients based on risk factors including business type, transaction volume and geographical location. Analyze client transactions and account activity to identify red flags indicative of potential financial crimes or higher risk activities. Identify and communicate opportunities to automate/streamline quality and compliance efforts.
• Reporting & Training: Develop and report risk tolerance metrics and provide ongoing reporting on high-risk sector pipeline to senior management. Communicate effectively with internal stakeholders, relationship managers, and business units to address queries and resolve issues related to EDD. Provide expertise in assessing prelaunch or emerging business models to align with internal requirements for EDD and approval. Collaborate with cross-functional teams to share insights, provide support, training and guidance on policies, procedures, and best practices, promoting a culture of compliance.

Benefits

• Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.

What This Job Offers

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