FRAML (Fraud Anti Money Laundering) Compliance Officer

Published: 6/14/2022

Job Description

Summary: A FRAML Compliance Officer is a hybrid leadership role that breaks down the traditional 'silos' between Fraud and Anti-Money Laundering (AML) departments. In this position, you manage a unified team that monitors the entire lifecycle of financial crime—from the initial fraudulent act to the subsequent laundering of those illicit funds

Essential Duties and Responsibilities:

Strategy Integration: Develop and oversee a unified Financial Crime Compliance (FCC) framework that covers both BSA/AML regulatory requirements and internal fraud loss prevention/recovery
Cross-Functional Monitoring: Balance the "real-time" need to freeze fraudulent transactions with the "regulatory" need to document and report long-term laundering trends
System Administration: Manage the configuration of "FRAML" software to detect patterns where fraud acts as a predicate crime for money laundering
Policy Development: Write and maintain policies and programs for Identity Theft Prevention (Red Flags Rule), Know Your Customer/Customer Due Diligence, and Suspicious Activity Reporting (SAR)
Training: Oversee the development and delivery of enterprise-wide FRAML training
Unified Reporting: Provide the Board of Directors and Senior Management with a holistic view of the institution's risk, combining "dollars lost" (fraud) with "regulatory risk" (AML)
Vendor Management: Evaluate and manage third-party technology providers that offer integrated fraud and AML detection tools
Maintain educational and professional expertise through attendance at job related seminars, conferences and workshops and involvement in professional, civic, and community groups in leadership positions
Oversees the recruitment, hiring, supervision, and training of staff. Assist with the oversight of all other human resource functions with supervised staff. Submit periodic written staff personnel reviews. Assures effective utilization of supervised staff
Develop and maintain effective working relationships at all levels
Maintain familiarity with bank products and services
Maintain familiarity with all regulatory standards
Maintain familiarity with and uphold all Bank policies and procedures
Complete all training requirements as assigned
Performs other related duties as assigned

Qualifications:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Computer Requirements:

Proficiency in Microsoft Office (Word, Excel, Access, and Power Point)
Experience with FRAML software, preferably Nasdaq Verafin, Fiserv Premier and Web Director is a plus

Education/Experience Requirements:

Bachelor's Degree in business or related field or equivalent experience is preferred
8-12 years of banking experience, preferably in Compliance, Fraud, and/or BSA/AML functions
3-5 years of prior management experience
Understanding of Machine Learning and Artificial Intelligence as they apply to transaction monitoring

Additional Requirements:

Previous customer service skills preferred
Strong attention to detail and accuracy
Strong time management and organizational skills
Ability to practice discretion and handle confidential information in a professional manner
Ability to handle sensitive and confidential situations and comprehend the level of confidentiality that comes along with the position and protecting employee's, customer's and bank information
Problem Solving/Analysis skills
Ability to communicate effectively and professionally with customers and coworkers
Ability to read, write and comprehend simple instructions, short correspondence and memos
Ability to perform basic mathematical calculations and to work with mathematical concepts and apply them to work situations
Ability to manage and execute more than one task at a time
Ability to define problems, collect data, establish facts, and draw valid conclusions
Ability to independently perform duties, establish priorities and meet deadlines with limited supervision
Ability to adhere to safety and compliance regulations and procedures
Ability to explain the benefits of bank products and services and answer customer questions regarding these products and services
Knowledge of financial institution regulations
Ability to exercise sound judgement that is consistent with established policies, procedures and business practices

Attendance Requirements:

Employees are expected to report to work as scheduled, on time and prepared to start work. Employees are expected to remain at work for their entire work schedule. Late arrival, early departure or other absences from scheduled hours should be avoided.

Certificates, licenses, or registrations: (certifications not required but highly valued)

CAMS: Certified Anti-Money Laundering Specialist
CFE: Certified Fraud Examiner

Working Conditions:

This job operates in a clerical setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.

Physical requirements:

Requires bending, stooping or standing as necessary
Requires sitting for extened peiods of time
Requires the ability to hear, speak and/or signal people
Effectively communicate verbally, in writing, and in English
Requires manual dexterity, typing, and the ability to key in transactions
The employee may occasionally lift and/or move up to 25 pounds