Location: Convent Station,NJ, USA
Responsibilities include but are not limited to:
* Perform initial and ongoing due diligence on partner banking customers in accordance with Valley's AML/CIP policy, including collection and review of all required licenses, validation of customer BSA, KYC and CIP processes, and understanding of customer's transaction monitoring process.
* Conduct initial and ongoing risk assessments on partners to ensure the partners' programs remain within Valley's risk tolerance.
* Receive partner escalation of any suspicious or unusual activity with the partner's underlying customers and coordinate and communicate with partners on proper responses to activity, filing SARs on the escalated activity when warranted.
* Complete periodic reviews of customer's BSA program, including CIP requirements and validation and review processes, internal investigation and escalation processes, sanctions screening process and training regime.
* Track and monitor partner policy and procedure updates, program deficiencies and issues, and remediation timelines.
* Monitor partners for unusual or suspicious activity, file SARs [with FinCEN] [as needed], and provide recommendations for exiting partner relationships or terminating partner accounts based on diligence, account, or transaction monitoring reviews.
* Work with senior team members to identify Partner Banking improvements, program updates, and regulatory changes to adequately address emerging obligations and risks posed by this customer group.