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GENERAL FUNCTION: The Financial Crimes (FC) Officer I must have a high level of appropriate expertise within financial crimes risk management and related regulations, guidance, and best practice. The FC Officer I leads in the identification and assessment of risks where appropriate (BSA/AML, Economic Sanctions, Fraud) and the execution of procedures to evaluate the Bancorp's compliance with laws, regulations and industry standards. Identifies, develops and executes strategies for closing gaps in performance. Works mostly self-directed, with minimal supervisory oversight. Also works within department and cross-department teams.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Banks risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
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ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Participates in the analysis, update, and implementation of financial crimes policies, procedures, and processes.
- Conduct quality reviews of the work performed by the recovery team to ensure adherence to policies and procedures.
- Recover fraudulent funds for the bank and its customers by issuing letters of indemnification to the receiving Financial Institutions.
- Develop strengthen, and/or implement department and and cross-department business unit policies, procedures, and processes. As well as, ensuring these are in compliance with existing laws and regulations, including governance, policies and procedures, monitoring, reporting, communications, and education, where appropriate.
- Identifies opportunities, establishes action plans, and drives solutions to continuously improve financial crimes policies, procedures and tools, and increase efficiency.
- Monitors financial crimes-related regulatory and industry developments and provides input to department and cross-department teams regarding emerging issues and interpretation of regulations .
- Proactively research specific issues relating to financial crimes risk and develops action plans, as needed, to mitigate identified risks.
- Prepares materials for Council, Committee and other financial crimes oversight meetings.
- Develop and deliver reports to senior management.
- Communicates significant issues to senior management.
- Assist in closing regulatory, audit and self-identified financial crimes-related program deficiencies and other issues.
- Assess the adequacy of the business units'/affiliates recommended corrective action to issues or gaps identified and support post-implementation validation of any implemented changes.
- Participates and/or leads regular meetings with peers to build and maintain knowledge of current and emerging issues and risk in the financial crimes environment.
- Work with line of business team members to identify and remediate financial crimes risk.
- Contribute updates to the financial crimes risk assessment.
- Facilitates, leads, or assists with financial crimes training.
- Assists in the review of new products and services for financial crimes risk.
- Recommends solutions based upon subject matter expertise.
- Contributes or leads the completion of special projects related to financial crimes.
- Builds industry relations through industry networking.
- Areas of responsibility and accountability within financial crimes may Include: BSA/AML, Economic Sanction and Fraud. These responsibilities may include tools and processes used internally by financial crimes teams or line of business processes and tools.
BANK SECRECY ACT REQUIREMENTS: Responsible for adhering to the reporting and record keeping requirements of the Bank Secrecy Act and Anti-Money Laundering rules and regulations, observing economic sanctions by prohibiting transactions as specified by the Office of Foreign Asset Control (OFAC), following the bank’s customer identification program (CIP) rules, observing all Bank policies and procedures relating to BSA, OFAC, CIP, and related acts, and participation in ongoing related training.
SUPERVISORY RESPONSIBILITIES: May be responsible for providing employees timely, candid and constructive performance feedback; developing employees to their fullest potential and provide challenging opportunities that enhance employee career growth; developing the appropriate talent pool to ensure adequate bench strength and succession planning; recognizing and rewarding employees for accomplishments.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
- Strong subject matter expert in appropriate financial crimes laws, regulations, and guidance.
- Education: Bachelor's degree or equivalent work experience required.
- Five + years’ experience as Officer or equivalent work experience.
- Computer[CA4] /Technical: Demonstrates working or functional proficiency sufficient to apply the use of software applications (Micro-Soft Office Suite) without assistance and minimal supervision.
- Advanced understanding of Fifth Third Banking products, business lines, Affiliate structure and operations, and Corporate support organization. Including, the Bank's management teams and decision-making operations.
- Excellent oral and written communication skills. Effectively communicates upward, downward and laterally. Displays a positive business presence with management and external contacts.
- Must be able to demonstrate sound judgment and apply logical and critical thought processes when developing and recommending solutions.
WORKING CONDITIONS:
- Normal office environment with little exposure to dust, noise, temperature and the like.
Financial Crimes Officer I
LOCATION -- Cincinnati, Ohio 45227
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
