Chief Compliance Officer - MSB Fintech Startup
Our client is a New York based fin-tech specializing in account management services for consumers enrolled in debt settlement programs. As a Money Services Business (and more specifically, a money transmitter), the Company is held to a significant number of licensing, reporting and examination obligations to comply with state and federal requirements. The primary role of the Compliance Consultant will be implementation of an effective BSA/AML Compliance Program, consistent with applicable regulatory requirements and "best industry practices with respect to KYC / CIP, transaction monitoring, and OFAC compliance.
Role Description & Requirements:
- General understanding of Money Services Businesses (MSB) and the required processes for Money Transmitter License acquisition and license renewal;
- Understanding and ensuring compliance with industry rules, regulations and trends;
- Review and enhance the existing BSA/AML & OFAC Compliance Program and accompanying policies;
- Operationalize and test effectiveness of compliance policies and procedures;
- Review and test transaction monitoring requirements and thresholds, as applicable with NYDFS Part 504;
- Facilitate filings of Suspicious activity reports (SAR);
- Facilitate information requests from state and federal government; and,
- Develop and implement effective BSA/AML internal training program.
- The candidate must have 3+ years of experience in a bank or money transmitter institution, specifically with developing, executing and managing a comprehensive U.S. regulatory compliance AML/BSA program.
- Knowledge of the laws applicable to money laundering, terrorist financing, and other applicable financial/securities related crimes, including the Bank Secrecy Act (BSA), The USA PATRIOT Act, US Treasury AML guidelines, OFAC, FinCEN, NYDFS Part 504, and SAR filing requirements.
- Understanding of the state and federal money transmitter licensing processes. Familiarity with NMLS a plus.
- Experience in working with state regulators and auditors.
- Strong knowledge of the financial services industry and regulatory environment.
- Strong ability to interpret laws and regulations and succinctly communicate that information to management.
- Ability to research and analyze regulatory issues and changes as they relate to the Company.
- Highly attentive to detail.
- Self-motivated, team player with entrepreneurial spirit.