Overview

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 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 Cryptocurrency Enhanced Due Diligence Associate, you will be a part of SVB’s First Line of Defense EDD KYC Team tasked with leading enhanced due diligence reviews of prospective and existing clients, ensuring that crypto-related clients within FCB are compliant with FCBs Risk Appetite, and any/all applicable regulations and guidelines. You will be the identified expert on Cryptocurrency BSA/AML compliance for the FCB Commercial Bank by the relationship team and clients.

You will engage with 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 cryptocurrency developments, and 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 the Cryptocurrency ecosystem; additionally, the role will build, develop, and improve processes, as well as coach those around you.

Responsibilities

Enhanced Due Diligence Reviews: Perform thorough EDD reviews on new and existing clients engaged in the broader Crypto ecosystem, ensuring compliance with regulatory requirements and internal policies. Conduct in-depth analysis of client profiles, business activities and ownership structures to assess money laundering, terrorist financing and other financial crime risks. Review and verify client documentation including identification documents, business licenses, 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 surrounding the Crypto ecosystem. Document and maintain accurate records of due diligence reviews, including findings, decisions, and supporting documentation in accordance with internal policies and regulatory standards.
Subject Matter Expert: Serves as a SME on high-risk, complex, and crypto reviews as primary Point of Contact for Commercial Bank Relationship and aid in identification of prospects & existing clients that may have increased AML risk due to business model; assisting the clients/prospects to ensure compliance with FCB’s high-risk requirements; championing efforts identifying and managing existing and emerging risks identified through reviews, and ensuring these risks are effectively assessed, communicated, and controlled. 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 their 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 communicates 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.

Qualifications

Bachelor’s Degree with a minimum of 4 year of experience conducting enhanced due diligence reviews on crypto/payments entities at payment processors, money service businesses or banks, OR High School Diploma or GED with a minimum of 8 years of experience.

Preferred Area of Experience:

KYC Compliance at a Large Financial Institution or Crypto MSB/VASP
BA, Finance, Economics, Legal, or Criminal Justice
License/Certification: Association of Certified Anti-Money Laundering Specialist (ACAMS), Certified Cryptoasset AFC Specialist (CCAS), or Certified Fraud Examiner
Exhibit a comprehensive understanding of blockchain technology, demonstrating an understanding of its core principles and diverse applications.
Demonstrate strong understanding of Anti-Money Laundering risk related to cryptocurrency, payments and FinTech business models.
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

If hired in Chicago, the base pay for this position is generally between $93000- $124636. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Crypto Payments Enhanced Due Diligence Associate

First Citizens Bank

Crypto Payments Enhanced Due Diligence Associate