VP, Transaction Monitoring & Escalations Manager

A Retail Bank based in Midtown Manhattan looking to bring on a new "VP, Transaction Monitoring & Escalations Manager" to join their team. This role is currently in a hybrid schedule (1-2 days in office).

Responsibilities:

• Manage the day-to-day operations of the transaction monitoring team, ensuring accurate and timely review of suspicious activity alerts.

• Develop, implement, and maintain transaction monitoring strategies, rules, and scenarios to detect potential money laundering, terrorist financing, and other financial crimes.

• Collaborate with internal stakeholders, such as Fraud, Risk, and Operations, to continuously improve the

effectiveness of the transaction monitoring processes.

• Ensure compliance with relevant regulations, such as the Bank Secrecy Act (BSA), USA PATRIOT Act, and other anti-money laundering (AML) and counter-terrorist financing (CTF) laws and regulations.

• Manage, mentor, and develop a team of analysts, providing guidance and training to enhance their skills and knowledge.

• Prepare and present regular reports and KPIs on transaction monitoring activities to senior management and regulatory authorities.

• Stay abreast of industry trends, emerging risks, and regulatory changes, and adapt the bank's monitoring and escalation processes accordingly.

• Develop and maintain comprehensive procedures and desktop procedures for transaction monitoring processes, ensuring consistency and adherence to best practices.

• Regularly review and assess the performance of transaction monitoring rules and the team, identifying areas for improvement and implementing necessary changes.

• Establish and track key performance indicators (KPIs) for the transaction monitoring processes and provide regular reports on team and individual performance.

• Continuously enhance the efficiency and effectiveness of the transaction monitoring processes through process optimization, automation, and the adoption of new technologies and tools