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Aml Model Validation Jobs in Connecticut (NOW HIRING)

Network Temp Inc

Fraud Officer

Stamford, CT · On-site

$175K - $225K/yr

Ensure annual independent testing of the BSA/AML Program. * Facilitate model validation process and any corrective measures. * Perform risk assessments for retail and payment division according to ...

Network Temp Inc

Fraud Officer

Stamford, CT · On-site

$175K - $225K/yr

Ensure annual independent testing of the BSA/AML Program. * Facilitate model validation process and any corrective measures. * Perform risk assessments for retail and payment division according to ...

All JobsAml Model Validation JobsAml Model Validation Jobs in Connecticut

Aml Model Validation information

What is AML model validation?

AML model validation is the process of evaluating and testing anti-money laundering (AML) models to ensure they are accurate, effective, and compliant with regulatory standards. This involves examining the model’s design, data inputs, performance metrics, and overall effectiveness in detecting suspicious activities. Regular validation helps to identify weaknesses, reduce false positives or negatives, and ensure that the model adapts to evolving risk scenarios. Financial institutions are required by regulators to validate their AML models regularly to mitigate risks and maintain robust compliance programs.

What are the key skills and qualifications needed to thrive as an AML model validation analyst, and why are they important?

To excel in AML Model Validation, you typically need a strong background in quantitative analysis, statistics, and experience with anti-money laundering regulations, often supported by a degree in finance, mathematics, or a related field. Familiarity with statistical software (such as SAS, R, or Python), model validation frameworks, and knowledge of regulatory guidelines like those from the OCC or FFIEC are important. Strong analytical thinking, attention to detail, and clear communication skills set outstanding professionals apart in this role. These competencies are crucial for ensuring AML models are accurate, compliant, and effective in detecting suspicious financial activities.

What are some common challenges faced by professionals in AML model validation roles, and how can they be addressed?

Professionals in AML Model Validation often encounter challenges such as ensuring models remain effective against evolving financial crime techniques and managing the complexity of regulatory expectations. They must regularly update and back-test models to address changes in transaction patterns and compliance requirements, which can be resource-intensive. Collaboration with data scientists, risk management teams, and compliance officers is crucial for interpreting results and implementing improvements. Staying current with regulatory guidance and industry best practices helps address these challenges and supports career advancement in this dynamic field.

What is the difference between Aml Model Validation vs Aml Analyst?

AspectAml Model ValidationAml Analyst
CertificationsAML certifications, model validation trainingAML certifications, compliance training
Work EnvironmentModel validation teams, risk management departmentsCompliance departments, financial institutions
Primary FocusValidating AML models, ensuring accuracy and effectivenessMonitoring transactions, investigating suspicious activities
Industry UsageFinancial institutions, banks, fintechsFinancial institutions, banks, regulatory agencies

While both roles operate within AML frameworks, Aml Model Validation focuses on testing and validating AML models to ensure they work effectively, whereas Aml Analysts handle daily transaction monitoring and investigations. The validation role emphasizes model accuracy and compliance, while analysts focus on detecting and reporting suspicious activities.

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Aml Model Validation jobs near you

Fraud Officer

Network Temp Inc

Stamford, CT • On-site

$175K - $225K/yr

Full-time

Re-posted 24 days ago

Job description

Description:

Job Title: VP, BANK SECREACY ACT (BSA) & FRAUD OFFICER

Reports To: SVP, Chief Compliance Officer

The BSA Officer is responsible for overseeing the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) compliance programs for our client, a community bank located in Stamford, CT (including its payments division). This role ensures the bank adheres to all federal regulatory requirements while implementing robust compliance controls related to Bank Secrecy Act and anti-money laundering for both the retail and digital payments divisions.

PRIMARY ACCOUNTABILITIES/RESPONSIBILITIES

  • Provide comprehensive required annual Bank Secrecy Act training for all employees and the Board of Directors.
  • Ensure that a quantitative and qualitative Bank Secrecy Act/Anti-Money Laundering Risk Assessment (BSA/AML) and an Office of Foreign Assets Control (OFAC) Risk Assessment are performed at least annually.
  • Inform the Board of Directors and senior management of compliance initiatives, identified limitations and corrective actions. Propose revisions, as deemed necessary, to the Bank’s BSA Compliance Program. Formally present the Bank Secrecy Act Program to the Board of Directors on an annual basis for their approval.
  • Draft and present monthly key risk indicators for the Board of Directors and management committees.
  • Ensure that recordkeeping and reporting requirements are met.
  • Coordinate and be able to enhance a system of internal controls and ensure that appropriate reports are filed with the required federal and regulatory agencies.
  • Oversee the monitoring of the Bank’s daily BSA activities performed at the branch and/or departmental level.
  • Ensure that a list of High-Risk Accounts/Customers is maintained. Coordinate the centralized monitoring of the High-Risk List.
  • Ensure the implementation of a Customer Identification Program (CIP) which includes Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
  • Provide for sufficient controls and monitoring systems for timely detection, investigation, and reporting of suspicious activity. Report all Suspicious Activity Reports (SARs) to the Board of Directors on a monthly basis.
  • Ensure annual independent testing of the BSA/AML Program.
  • Facilitate model validation process and any corrective measures.
  • Perform risk assessments for retail and payment division according to interagency standards.
  • Assist external audits, internal audits, and in-house self-testing.
  • Ensure BSA/AML requirements for the digital payments align with regulatory requirements.
  • Be sufficiently knowledgeable and experienced interacting, responding, and addressing regulatory examinations.
  • All employees are responsible for compliance with the Bank Secrecy Act and in some roles, OFAC regulations. Depending on your job responsibilities, more or less aspects of the regulations may apply, but at a minimum , all employees are responsible for reporting suspicious activity they identify in the course of performing their job duties. This includes activities conducted by customers, fellow employees, board members, and vendors.


Requirements:

 QUALIFICATIONS & EXPERIENCE

  • Bachelor’s degree in finance, business, or a related field.
  • 5+ years of experience in BSA/AML compliance, with a focus on payments is preferred
  • Strong knowledge of BSA/AML regulations (FFIEC, FinCEN, OFAC, USA PATRIOT Act, etc.).
  • Knowledge of third-party payment processors, fintech partnerships, and digital banking platforms.
  • Experience with transaction monitoring systems and payment fraud detection.
  • Strong analytical, investigative, and reporting skills.
  • Certifications: CAMS (Certified Anti-Money Laundering Specialist) or CRCM (Certified Regulatory Compliance Manager).