Associate, Business Control & Risk Management (AML/KYC) at Santander

Boston, Massachusetts, United States

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Not SpecifiedCompensation

Junior (1 to 2 years)Experience Level

Full TimeJob Type

UnknownVisa

Financial Services, BankingIndustries

Requirements

Ability to assist the Business Control & Risk Management team in driving effective business line execution against the Enterprise Risk Management Framework
Capability to support and advise Relationship Managers (RMs), Relationship Officers (ROs), and Business Lines on BSA/AML guidance and KYC requirements
Effective partnering with various stakeholders
Knowledge of risk frameworks, policies, and standards to drive risk culture awareness
Skills in performing Customer Due Diligence (CDD), including gathering, entering, and verifying information via the One Commercial onboarding process
Ability to proactively complete KYC Refresh for existing customers
Proficiency in supporting timely completion of KYC Questionnaires (KYCQs)
Understanding of KYC obligations for banking scenarios such as new deposit accounts, new loans, cash management products, loan modifications, trade finance, ownership changes, AML risk ratings, and periodic refreshes
Subject Matter Expert (SME) knowledge to provide guidance enhancing RM/RO and customer experience
Experience in maintaining First Line AML procedures, guides, checklists, and key customer forms
Ability to ensure compliance with BSA/AML and OFAC requirements by mitigating AML risk at the outset
Skills in performing Adverse Media Screening and/or Transaction Monitoring
Quality assurance capabilities to validate work for accuracy, consistency, and policy compliance
Ability to identify and address control deficiencies, escalate issues, and support internal control testing and monitoring
Competence in risk identification, assessment, and control effectiveness across business lines
Continuous monitoring of internal and external risks, including operational, strategic, reputational, compliance, and model risks, with research, peer networking, and experience to anticipate issues

Responsibilities

Drive Risk Culture by ensuring awareness in the Business Line of risk frameworks, policies, and standards
Perform Customer Due Diligence (CDD) by gathering, entering, and verifying information via the One Commercial onboarding process
Proactively complete KYC Refresh for existing customers to maintain up-to-date and accurate data
Support timely completion of KYC Questionnaires (KYCQs) and ensure customer data remains current
Ensure all KYC obligations are met for various banking scenarios including new deposit accounts, new loans, cash management product additions, loan modifications, trade finance activities, changes in ownership or AML risk ratings, and periodic KYC refreshes
Provide Subject Matter Expert (SME) guidance to enhance RM/RO and customer experience
Participate in maintaining First Line AML procedures, guides, checklists, and key customer forms
Ensure compliance is right the first time by effectively mitigating AML risk at the outset and ensuring adherence to BSA/AML and OFAC requirements
Perform Adverse Media Screening and/or Transaction Monitoring for certain customers
Act in a quality assurance capacity to validate completed work, ensuring accuracy, consistency, and compliance with policy
Identify and address control deficiencies, escalating issues as appropriate to prevent recurrence
Support internal control testing and control effectiveness monitoring to ensure adherence to internal and regulatory expectations
Support risk identification, assessment, and control effectiveness across business lines, aligning with the Enterprise Risk Management Framework
Continuously monitor all sources of risk existing within the Business Line and externally
Engage in research, peer networking, and experience to anticipate critical risk issues impacting the Business Line
Understand where operational, strategic, reputational, compliance, and model risks exist and continually assess and improve controls to mitigate those risks
Monitor risk profile to maintain tolerance within Risk Appetite

Skills

Key technologies and capabilities for this role

AMLKYCBSACustomer Due DiligenceCDDRisk ManagementComplianceOnboardingRegulatory Standards

Questions & Answers

Common questions about this position

What is the employment type for this position?

This is a full-time position.

Is this role remote or does it require office work?

This information is not specified in the job description.

What are the key responsibilities or skills needed for this role?

The role requires performing Customer Due Diligence (CDD), completing KYC Refresh, supporting KYC Questionnaires, providing SME guidance on BSA/AML and KYC requirements, and ensuring compliance with regulatory standards.

What is the company culture like at Santander?

Santander fosters an enriching journey with a focus on continuous learning, personal growth, collaboration with talented colleagues worldwide, and a culture of engagement committed to employee success.

What makes a strong candidate for this Associate role?

Strong candidates should have expertise in BSA/AML and KYC processes, the ability to partner effectively with stakeholders like Relationship Managers and Officers, and skills in driving risk culture while ensuring compliance and quality assurance.

Santander

Provides banking, investment, and insurance services

About Santander

Santander Bank provides a variety of financial services to individuals, small businesses, and large corporations in the United States. Its offerings include savings and checking accounts, loans, credit cards, and investment products. The bank also has specialized services through Santander Investment Services and insurance products via Santander Securities LLC. Santander stands out from its competitors by focusing on community growth, committing $13.6 billion to support initiatives like the 'Cultivate Small Business' program, which aids early-stage entrepreneurs, especially from underrepresented groups. The bank generates revenue through interest on loans, service fees, and commissions, while promoting responsible banking practices and financial education. Santander's goal is to empower individuals and businesses, enhance community prosperity, and provide comprehensive financial solutions.

Boston, MassachusettsHeadquarters

1902Year Founded

$75MTotal Funding

POST_IPO_DEBTCompany Stage

Fintech, Financial ServicesIndustries

10,001+Employees

Benefits

Health, dental, & vision

401k

Flexible PTO

Parental & sick leave

Discounts: technology, travel, auto, fitness, & tuition

Risks

ISO 20022 transition may challenge smaller business partners.

'Quishing' attacks pose a growing threat to consumer security.

Openbank faces competition in the U.S. high-yield savings market.

Differentiation

Santander's Openbank offers a 5.00% APY high-yield savings account nationwide.

The bank's Inclusive Communities Plan pledges $13.6 billion for community initiatives.

Santander's ISO 20022 adoption enhances operational efficiency and data management.

Upsides

Openbank's high-yield savings account attracts more U.S. customers.

Santander's renewable energy financing highlights commitment to sustainable investments.

Proactive cybersecurity measures enhance customer trust and protect digital assets.

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