Job Description:
Role Title: AVP, AML Transaction Monitoring (L11)
Company Overview: Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoors, pet and more.
- We have recently been ranked #2 among India’s Best Companies to Work for by Great Place to Work. We were among the Top 50 India’s Best Workplaces in Building a Culture of Innovation by All by GPTW and Top 25 among Best Workplaces in BFSI by GPTW. We have also been recognized by AmbitionBox Employee Choice Awards among the Top 20 Mid-Sized Companies, ranked #3 among Top Rated Companies for Women, and Top-Rated Financial Services Companies.
- We offer Flexibility and Choice for all employees and provide best-in-class employee benefits and programs that cater to work-life integration and overall well-being.
- We provide career advancement and upskilling opportunities, focusing on Advancing Diverse Talent to take up leadership roles.
Organizational Overview: Synchrony's Risk Team provides independent oversight of Synchrony’s risk-taking activities to ensure safety and soundness, meet regulatory and legal requirements, and manage risks to the risk-appetite of the Board. Risk is responsible for independently assessing, quantifying, and overseeing risks & providing effective challenge. Risk serves as Synchrony’s Second Line of Defense.
Overall, Risk Team oversees and manages the Risk Program to support the business in anticipating and addressing risks, issues and challenges. Results are consistent with the respective strategic uses and complying with related overall risk, risk testing policies, standards, procedures as well as regulations. Our Risk organization consists of 4 pillars: Compliance, Credit & Financial Risk, Enterprise Risk and Operational Risk. Each of the pillars play a vital role in managing Risk and supports the business in anticipating and addressing risks, issues, and challenges.
Role Summary/Purpose:
Reporting to the VP, AML Transaction Monitoring, this position provides BSA/AML Transaction Monitoring support and expertise to the business units and AML/Compliance Management. Responsible for various oversight/monitoring activities as well as implementation and execution of the Synchrony BSA/AML/OFAC Program.
Key Responsibilities:
- Execute risk assessments and assist in reporting results to different levels of management with respect to acquired portfolios
- Documentation review and data analysis in order to provide guidance and oversight on acquired portfolios to ensure successful integration with Synchrony AML Program Requirements
- Complete assigned Transaction Monitoring Quality Control (“QC”) reviews and provide oversight of transaction monitoring processes including transaction monitoring alerts, Suspicious Activity Reports (“SAR”), customer risk rating (“CRR”) and Enhanced Due Diligence (“EDD”)
- Periodically review transaction monitoring tool (Actimize) models/rules/thresholds to strategically maximize productive alerts for identification of potential unusual/suspicious activity
- Periodically review, monitor and recommend changes to transaction monitoring procedures, job aids and process maps for accuracy and completeness
- Oversee identification and review of draft SAR reports of escalated unusual/suspicious activity including high velocity of money movement, cyber incidents and other red flags
- Review Currency Transaction Report (“CTR”) process controls to ensure they are operating effectively.
- Assist in providing deliverables for the OCC Exam, Internal Audit and Risk Testing reviews
- Other projects and reporting as needed
- Maintain strong knowledge of Transaction Monitoring regulatory requirements and updates by completing a minimum of 12 hours of relevant training annually
Required Skills/Knowledge:
- Bachelor’s degree with a minimum of 6 years of experience in Compliance; OR in lieu of the Bachelor’s degree, a minimum of 8 years of experience in Sanctions and/or Transaction Monitoring at a large financial institution
- 5+ years of experience with bank policies, procedures and operations
- Experience creating risk assessments
- Computer literacy required (Word, Excel, Tableau, Data Query, etc.)
Desired Skills/Knowledge:
- Working knowledge of Bank Secrecy Act, Anti Money Laundering laws, Sanctions requirements and the FFIEC Examinations Manual
- Strong communication skills (both written and oral); experience making presentations to different levels of management
- Independent worker, analytical and critical thinker; ability to multi-task and work in a fast-paced environment
- Knowledge of general banking with an understanding of deposit, lending and checking products
- Working knowledge of data query and analysis tools for large quantities of data
- ACAMS or CAFP certification
Eligibility Criteria:
- Bachelor’s degree with a minimum of 6 years of experience in Compliance; OR in lieu of the Bachelor’s degree, a minimum of 8 years of experience in Sanctions and/or Transaction Monitoring at a large financial institution
- 5+ years of experience with bank policies, procedures and operations
Work Timings : This role qualifies for Enhanced Flexibility and Choice offered in Synchrony India and will require the incumbent to be available between 06:00 AM Eastern Time – 11:30 AM Eastern Time (timings are anchored to US Eastern hours and will adjust twice a year locally). This window is for meetings with India and US teams. The remaining hours will be flexible for the employee to choose. Exceptions may apply periodically due to business needs. Please discuss this with the hiring manager for more details.
For Internal Applicants:
- Understand the criteria or mandatory skills required for the role, before applying
- Inform your manager and HRM before applying for any role on Workday
- Ensure that your professional profile is updated (fields such as education, prior experience, other skills) and it is mandatory to upload your updated resume (Word or PDF format)
- Must not be any corrective action plan (Formal/Final Formal)
- L9+ Employees who have completed 18 months in the organization and 12 months in their current role and level are only eligible.
- Employees at L9+ can only apply for this opportunity.
Grade/Level: 11
Job Family Group:
Risk Management