Director of AML/BSA Compliance, Current
$200-260k
+ Stock options
Online banking & financial services
Be an early applicant
Online banking & financial services
201-500 employees
Be an early applicant
$200-260k
+ Stock options
201-500 employees
Company mission
To build the future of banking.
Role
Who you are
- 10+ years of experience in building and overseeing BSA/AML/OFAC programs, with at least 5 years in a leadership role
- Previous experience as a senior AML/BSA leader or designated AML/BSA Officer
- Experience across consumer fintech, or traditional financial institutions; while not mandatory, managing AML/OFAC compliance for earned wage access, debit card, payment products, or secured credit card products would be ideal
- Deep knowledge of BSA/AML regulations, FinCEN guidance, OFAC requirements, and the USA PATRIOT Act
- Experience with automated transaction monitoring platforms and model risk governance for AML models
- Demonstrated success in achieving exceptional results as a leader and across reporting lines
- Pragmatic, solutions-oriented, and comfortable providing nuanced approaches
- Proven ability to build, lead, and develop high-performing compliance teams in a fast-moving environment
- Strong communicator who is adept at building relationships with external partners as well as internal partners across the company
- Educational qualifications in Compliance, Law, or a related field. Compliance certifications (e.g., CAMS, CRCM) will be ideal
What the job involves
- We are looking for a Director of AML/BSA Compliance
- This is a senior leadership role responsible for providing guidance and being a hands-on leader that will focus on continuously enhancing and overseeing Current's Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance program
- This individual will serve as a subject matter expert and advisor to executive leadership and colleagues, ensuring Current meets all AML/BSA obligations while sustaining the member-first culture that drives our growth
- This role will report to the Head of Compliance
- In addition, you will be a seasoned, pragmatic, and collaborative leader that is able to effectively interact and build relationships across business lines and functions; able to understand and support business and strategic growth priorities while advancing the AML/BSA program in compliance to all applicable regulatory requirements
- Oversee and continuously drive enhancements to Current's AML/BSA compliance program, including policies, procedures, and internal controls across all product lines
- Lead, mentor, and develop a team of AML/BSA subject matter experts. Be a pragmatic and approachable leader that creates a culture of continuous learning and accountability
- Develop, maintain and perform AML/BSA risk assessments, evaluate existing and pending regulations, and provide regulatory guidance on new product development
- Advise on product and technology development in response to changing regulations, identify and develop monitoring and testing routines
- Effectively partner with Business Line, Data, Engineering, and Functional colleagues across Current to support business strategies, while ensuring Current’s compliance to AML/BSA regulatory requirements
- Oversee first and second line transaction monitoring systems, alert dispositioning processes, and case management workflows
- Provide effective oversight of Current's Know Your Customer (KYC), Customer Due Diligence (CDD) / Enhanced Due Diligence (EDD) programs, ensuring onboarding and ongoing controls align with bank partner and associated regulatory requirements
- Evaluate and effectively manage Current's OFAC sanctions screening program across all products
- Develop and deliver AML/BSA training programs as needed
- Partner with Product, Engineering, and first-line business teams to further enhance AML/BSA controls into new features, product launches, and member onboarding flows
- Ensure timely and accurate filing of all required regulatory reports, including Unusual Activity Reports (UARs), other required reporting to partner banks, and other FinCEN/OFAC-required submissions as they may arise
- Maintain current knowledge of BSA/AML regulations, including OFAC sanctions requirements, guidance from FinCEN, federal and state regulators, and banking partners
- Lead responses to audits, inquiries, and other reviews; serve as the primary point of contact on behalf of Current and its bank sponsors
- Monitor regulatory developments in consumer fintech and translate emerging requirements into actionable program enhancements
- Advise the Board of Directors, Risk Committee, and senior leadership on AML/BSA risks and program effectiveness
- Promote a strong culture of compliance that complements Current's mission of financial inclusion
Our take
Current is a neobank offering digital banking services, with a focus on younger generations and paycheck-to-paycheck customers. It offers a swathe of innovative services including on-demand pay and overdraft protection to people underserved by traditional institutions.
Younger customers are expected in the coming years to pivot from legacy institutions to the higher functionality and lower costs of consumer-first neobanks like Current. By netting an average customer age of 27, Current is establishing itself as a pack leader among rival but less well-funded neobanks like Step or Till.
It is also successfully competing with legacy institutions by exploiting the relatively adaptive nature of neobanking. Current has previously offered customers advanced access to stimulus checks, and is seeking to expand into crypto. The company continues to raise funding which supports its continued growth and an accelerated path to profitability.
Steph
Company Specialist at Welcome to the Jungle
Insights
-2% employee growth in 12 months
Company
Funding (last 2 of 6 rounds)
Apr 2021
$220m
SERIES D
Nov 2020
$131m
SERIES C
Total funding: $392.6m
Company benefits
- Company equity
- Flexible vacation policy
- Commuter benefits
- Discretionary bonus program
- Medical, Dental & Vision
Company HQ
Little Italy, New York, NY
Leadership
Stuart Sopp
(Founder & CEO)Worked as a Trader for BNY Mellon and Deutsche Bank for a combined 9 years before serving as Head of Trading at Citi and Morgan Stanley. Left this role after 5 years to found Current in June 2015, working as CEO ever since.
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