What are the responsibilities and job description for the KYC Specialist position at PONCE BANK?
Impact
Plays a critical role in safeguarding the bank’s integrity by ensuring compliance with KYC, BSA, AML, and OFAC regulations.
Responsibilities
The KYC Specialist supports the BSA Team in ensuring compliance with regulatory requirements related to Know Your Customer (KYC) and the Customer Identification Program (CIP). This role is responsible for conducting quality control checks, reviewing customer risk profiles, and monitoring account activity to detect and prevent potential money laundering and financial crimes. The KYC Specialist works closely with internal stakeholders, ensuring adherence to all federal and state banking regulations, while continuously enhancing the bank’s compliance framework.
Essential Functions
1. Maintain up-to-date knowledge of BSA, USA PATRIOT Act, OFAC, AML, and other regulatory requirements impacting KYC compliance.
2. Facilitate client identification and verification, ensuring all required documentation is accurately collected and reviewed.
3. Conduct risk assessments for new and existing customers by analyzing KYC records, account activity, geographic location, and banking services used.
4. Perform KYC onboarding for high-risk accounts, including cannabis-related businesses, ensuring compliance with regulatory guidelines.
5. Validate data entries and ensure alignment with internal BSA policies and procedures.
6. Assist in testing and evaluating new KYC software tools and data sources to enhance compliance efficiency.
7. Conduct investigations and enhanced due diligence (EDD) on potential risks identified in Sanctions/PEP/Negative News watchlist screenings.
8. Perform quality control reviews of New Account Memorandums, beneficial ownership records, and Regulation GG certifications.
9. Collaborate with BSA, Compliance, Risk, and Operations teams to address regulatory requirements and enhance compliance processes.
10. Track and report documentation deficiencies, ensuring timely resolution and compliance with regulatory expectations.
11. Recommend policy and procedural updates to the BSA Officer in response to evolving regulatory guidelines.
12. Support BSA, AML, OFAC, and CIP compliance initiatives, providing guidance to internal teams as needed.
13. Assist in audits and examinations by retrieving and organizing supporting documentation.
14. Provide data entry and quality control for CDD/EDD compliance within automated monitoring systems.
15. Prepare and generate various BSA compliance reports for internal and external use.
16. Support departmental operations, ensuring efficiency in daily compliance tasks and quality control measures.
17. Answer inquiries and direct communication to appropriate personnel regarding compliance-related matters.
18. Adhere to company policies and procedures, ensuring all administrative tasks are completed accurately and timely.
Ancillary Functions
- Assures adherence to Bank policies and procedures and federal and state regulatory requirements.
- Provides cross-functional support to other areas of the department and the Bank where service or assistance is needed.
- Performs tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.
Mandatory Training Curricula
Training is required of all Bank staff as related to regulatory mandated compliance topics and courses required for specific job functions. Career enhancement training courses are also available. Please refer to course catalog and management for details.
Competencies (refer to Competencies Library)
Skills
• Clearly communicates in English, both written and verbal, with a high level of accuracy in documentation, reporting, and client interactions;
• in-depth understanding of BSA, AML, OFAC, USA PATRIOT Act, and KYC/CIP regulations, with the ability to interpret and apply compliance requirements effectively.;
• ability to analyze financial transactions, identify patterns, detect suspicious activities, and escalate concerns as needed.;
• skilled in conducting customer due diligence (CDD), enhanced due diligence (EDD), and risk-based assessments to support compliance efforts;
• highly detail-oriented with the ability to maintain accurate records, ensure data integrity, and verify compliance documentation;
• strong interpersonal skills with the ability to handle sensitive information responsibly and maintain professionalism in all interactions;
• proficient PC skills, including Microsoft Office Suite (Excel, Word, Outlook) and compliance-related software/systems used for KYC reviews, transaction monitoring, and reporting.
Physical Demands
The physical and related demands described in this section are representative of those that must be met by an employee to successfully perform the essential functions of this job. This job is mostly sedentary in nature, but may occasionally involve lifting files and other materials that weigh up to 20 lbs. Employees in this job must be able to work in an office environment during regular business hours where they come into regular and frequent contact with internal and external customers and other members of the public. Therefore, employees in this position are expected to have consistently positive interactions with the public.
