Head of AML/CFT & OFAC Compliance, Cross River
$300-330k
Office located in Fort Lee, NJ
Banking and fintech services
Open for applications
Banking and fintech services
1001+ employees
Open for applications
$300-330k
Office located in Fort Lee, NJ
1001+ employees
Company mission
To enable clients to deliver responsible financial solutions that empower consumers anytime, everywhere.
Role
Who you are
- 15+ years of financial institution industry experience, or other regulated industry with financial crimes, BSA/AML, fraud, and payments experience
- Experience with payments activities and fintech payment operations
- Experience managing people and teams and program budgets
- Technical proficiency and system knowledge in BSA/AML platforms
- Bachelor’s Degree required; JD preferred
- CAMS certification preferred
- Ability to operate in a complex organization
- Excellent writing skills
- Possession of excellent Microsoft Office skills, especially Excel
- Broad financial services knowledge and knowledge of industry best practices for continuously improving a proactive BSA/AML program
- Demonstrated management skills required
- Strong collaboration and leadership abilities to strategically manage to high performance outcomes
- Excellent interpersonal and teamwork skills
- Demonstrated critical thinking and problem-solving skills
What the job involves
- The Head of AML/CFT and OFAC Compliance will be responsible for leading the Company’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance program
- This role will report to the Chief Compliance Officer and will be responsible for the successful execution and continued development of the program
- Build and manage teams responsible for developing and maintaining overall AML/CFT program, including policies and procedures, and requirements to ensure they remain up to date and reflective of current legal, regulatory and compliance obligations and in alignment with the Bank’s activities of numerous Fintech partners and clients
- Provide thought leadership and advancement of the AML/CFT/OFAC and fraud program by leveraging technology and enhancing the Bank’s capabilities to support growth
- Monitor compliance with requirements across core bank and fintech partners and ensures timely reporting and escalation of non-compliance in accordance with procedures
- Develop, implement and maintain risk assessment and control framework through strong compliance policies, standards and procedures related to AML/CFT risks
- Conduct customer due diligence (CDD), enhanced due diligence (EDD), and third-party due diligence as needed
- Periodically review the Company’s monitoring process to ensure its effectiveness
- Responsible for writing, managing and ensuring timely and accurate filing of required reports to FinCEN such as SARs and CTRs
- Conduct annual AML/CFT and OFAC risk assessments and updates to the Company`s compliance program
- Preparing management and board reporting that includes insights and analysis based on industry-leading knowledge of AML/CFT topics
- Support internal audit and regulatory agency reviews of the program
- Provide oversight and input for AML/CFT Compliance training to employees
Our take
Cross River is a fintech and banking company that builds scalable embedded payments, cards, lending, and crypto solutions for businesses and individuals. Now a unicorn company with a valuation exceeding $1 billion, Cross River was founded in 2008 as a way to combine the innovations of financial technology with the existing world of banking.
Cross River has partnered with rising fintech businesses such as Ibanera, helping the Florida-based company build an all-in-one cross-border payments service. The company’s bigger picture approach has allowed it to develop several arms in the lending, compliance, and capital market sectors, amongst others, leading to a corporate flexibility that is crucial in the rapidly-evolving market.
Cross River was named as one of several companies under investigation for facilitating PPP fraud in the US as of December 2022. It has also come under intense scrutiny from the FDIC for allegations of unsafe banking practices in relation to its lending activities, with a consent order issued in March 2023. In the wake of the FTX and Silicon Valley Bank collapses the regulatory environment is getting tougher and Cross River clearly needs to ensure its processes and activities are compliant with the law if it is going to return to its previous position of growth.
Freddie
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 4 rounds)
Mar 2022
$620m
LATE VC
Apr 2020
$100m
SERIES C
Total funding: $848m
Company benefits
- Retirement planning
- Employee development fund
- Ongoing learning and development opportunities
- Volunteer opportunities
- Charitable donation matching
- Monthly happy hours
- Free haircuts in our salon located at HQ
- Complimentary dry cleaning at HQ
- Valet parking at HQ
- Shuttle service to/from NYC
- Gym located at HQ
- River Cafe at HQ
Company values
- Humility
- Integrity
- Creativity
- Compassion
- Responsibility
Company HQ
Fort Lee, NJ
Articles
Leadership
Gilles Gade
(CEO & Chariman)Previously CFO at First Meridian Mortgage, Co-Founder and Managing Director at Chela Technology Partners, Associate Director at Barclays Capital and Investment Banking Associate at Bear Stearns & Company.
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