Analyst, AML/CFT & OFAC Compliance, Customer Due Diligence

Cross River builds the infrastructure behind innovative financial products, aiming to expand access and opportunity for all. The AML/CFT & OFAC Compliance Analyst will evaluate and manage risks associated with new partnerships, ensuring compliance with regulatory standards and internal requirements through thorough due diligence and effective risk management.

Responsibilities

• Conduct comprehensive due diligence to assess risks associated with new partnerships within the MPL, BaaS/Cards, and Payments space
• Review partners' policies and procedures to ensure compliance with BSA/AML and OFAC regulatory standards as well as Cross River Bank specific requirements. Areas of review include governance, policy and procedure, risk assessments, disclosures and notices, monitoring, training, complaints, fraud controls, incident response and reporting
• Evaluate training materials, independent audits, risk assessments, and onboarding journeys to identify potential risks
• Review and provide guidance on high-risk features within client structures, including proposed flow of funds, expected activity, regulatory structure, and licensing requirements
• Conduct background screening on all entities and controlling parties within the company's structure
• Analyze general company background information to ensure alignment with bank risk tolerance
• Ensure all onboarding activities comply with internal policies, regulatory requirements, and industry best practices
• Verify that partners' policies and procedures adhere to the 5 pillars of a BSA/AML program
• Stay current on relevant regulations and compliance standards affecting financial institutions and fintech partnerships
• Maintain comprehensive and accurate documentation of all assessments and outcomes related to due diligence and onboarding
• Prepare detailed reports summarizing findings and recommendations for management review
• Ensure all records meet regulatory requirements and internal standards
• Identify and escalate any risks to management in a timely and effective manner
• Propose risk mitigation strategies for identified concerns
• Contribute to ongoing monitoring frameworks for approved partnerships
• Lead partner meetings with professionalism and clarity
• Communicate effectively with external partners and internal stakeholders
• Collaborate with Business Development, Partnership Management teams, and other areas of the Control framework
• Build and maintain productive working relationships with Risk, Compliance, BSA/AML, and Operations departments
• Support additional areas of Due Diligence as needed
• Assist with Fraud, Transaction Monitoring, and Consumer Compliance initiatives when required
• Contribute to the continuous improvement of the onboarding process

Skills

• Experience in financial services compliance, particularly in BSA/AML and KYC/CDD processes
• Knowledge of regulatory requirements affecting banking partnerships and fintech relationships
• Understanding of MPL, BaaS/Cards, and Payments business models and associated risks
• Strong analytical and critical thinking skills
• Excellent documentation and report writing abilities
• Meticulous attention to detail and commitment to accuracy
• Strong verbal and written communication skills
• Ability to manage multiple due diligence projects simultaneously
• Professional demeanor when interacting with internal and external stakeholders
• Critical thinking and problem-solving orientation
• Ability to interpret and apply regulatory guidance to specific business scenarios
• Capacity to work independently while contributing effectively to team objectives
• Bachelor's degree in finance, business, compliance, or related field preferred

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