Vice President, BSA/AML Compliance Director, Private Wealth Management
At First Republic, we care about our people. We offer extraordinary client service in private banking, private business banking, and private wealth management. Founded in 1985, we believe that personal connections are everything and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel empowered and valued at First Republic.
Incredible teams doing exceptional work, every day.
The Financial Crimes Risk Management group consists of anti-money laundering, economic sanctions, foreign corruption, fraud, and corporate security. Our program is designed to ensure protection of our clients, the U. S. financial system, and our country from illicit actors who exploit banking services with nefarious and criminal intent. Our fraud group protects our clients and Bank from losses while the Bank’s physical security team protects our clients, visitors, employees and Bank’s monetary and physical assets.
Duties and Responsibilities
Reporting to the Deputy BSA Officer, the VP BSA/AML Compliance Director is responsible for overseeing and ensuring corporate policies and processes pertaining to BSA/AML and economic sanctions are implemented through PWM’s procedures and processes. The incumbent serves as the liaison between the BSA/AML Department and the PWM lines of business (LOBs) on BSA/AML related activities, projects, and initiatives and provides consultation to the LOB and various groups within the BSA/AML Department.
The individual also assists the BSA/AML Policy and Program Office with risk assessments, the development of policies and procedures, and communication with the LOBs on escalated matters. Additionally, this role will manage BSA/AML-related projects as well as internal audits and regulatory examination processes pertaining to PWM, including First Republic Securities Company (FRSC), First Republic Investment Management (FRIM), Foreign Exchange (FX), and all First Republic Trust Companies (e.g., FRTC-Delaware and FRTC-Wyoming).
- Responsible for overseeing and understanding risk exposure from PWM’s products and services, ensuring the BSA/AML and economic sanctions controls and implementing procedures are adequate to manage risks, and providing guidance to enhance or implement new controls as needed.
- Serve as subject matter expert to the PWM LOBs and BSA/AML groups, including but not limited to the enterprise risk assessment; monitoring strategies; new products/services, vendor, and project reviews; issues management; and action plans in response to Quality Control and Testing, internal audit, and examination findings.
- Provide guidance on day-to-day BSA/AML related compliance matters which include but not limited to providing clarification on policy guidelines, advising the LOBs on potential high-risk clients, and providing guidance on new or proposed BSA/AML related rules and regulations.
- Ensure any BSA/AML compliance issues are escalated promptly.
- Serve as liaison among PWM LOBs and the BSA/AML Department on BSA/AML related activities, projects, and initiatives (e.g., exam, audit, and QCT; KYC; new regulations or laws; etc.).
- Coordinate and assist with the development of the quarterly LOB reports and communicate the metrics, trending, policy violation/exception, etc. to the LOB executive management teams.
- Assist the LOBs to determine appropriate remedial actions when internal control deficiencies are identified through the risk assessment, internal audit, examination, QCT, or self-identified by the LOBs.
- Attend regular PWM LOB staff meetings to ensure active communication between the LOBs and the BSA/AML groups.
- Perform merger or acquisition due diligence activities.
- Stay abreast on the development of the corrective actions implemented by the LOBs.
- Provide managerial support to the team members.
- Perform duties and responsibilities specific to department functions & activities and as required or assigned by the Deputy BSA Officer.
- Minimum of ten years in banking, preferably in broker-dealer industry and minimum of eight years direct BSA/AML experience in Private Wealth Management segment
- Comprehensive knowledge and understanding of PWM products and services
- Strong working knowledge of the laws and regulations applicable to money laundering, including the BSA, USA PATRIOT Act, OFAC requirements, and Suspicious Activity Reporting requirements
- Strong analytical, problem solving, communication (written and verbal), organizational, interpersonal, and team building skills
- Proficient to advance in Excel and online research systems
- Punctual and ability to complete tasks on time as well as ability to multi-task and respond to multiple priorities timely
- Independently takes initiatives with minimum guidance and supervision, be a self-starter
- Ability to build strong relationships with cross-functional teams at different levels
- Bachelor’s degree or higher
- Must be able to review and analyze data reports and manuals; must be computer proficient.
- Must be able to communicate effectively via telephone and in person.
- Must be able to travel as position requires.
Are you willing to take initiative and make decisions? Are you willing to go the extra mile because you love what you do and how you can contribute as a team? Do you want the freedom to grow and the opportunity to take charge of your own career? If so, then come join us.
We want hard working team players. You’ll have the independence to learn, lead and drive change. A culture of extraordinary service, empowerment and stability—that’s the First Republic way. Come join us!
This job description is not intended to be all-inclusive. Employee may perform other related duties as assigned to meet the ongoing needs of the organization. The Company is an equal opportunity employer. In this regard, the Company makes reasonable accommodations for qualified applicants and employees with disabilities in order to enable them to perform all essential job functions, unless doing so creates an undue hardship.
First Republic is subject to federal laws that restrict the employment of individuals with certain types of criminal histories, including FDIA Section 19 and FINRA. To the extent not inconsistent with our obligations under those federal laws and regulations, First Republic will consider qualified candidates with criminal histories in a manner consistent with the Los Angeles and San Francisco ban-the-box laws.