What are the responsibilities and job description for the Head of 1LOD Client Due Diligence position at SoFi?
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About the Role :
We are seeking a highly motivated and experienced leader to join our growing team as the Head of First Line Commercial Client Due Diligence. This critical role will be responsible for building and managing the team that performs the first line of defense due diligence for all new and existing commercial clients. This individual will play a vital part in safeguarding the company from financial crime and regulatory risks associated with our diverse and global client base.
Responsibilities :
- Leadership & Management :
- Build, lead, mentor, and develop a high-performing team.
- Establish and maintain a strong team culture focused on accuracy, efficiency, and continuous improvement.
- Develop and implement training programs to enhance the team's knowledge and skills.
- Set clear performance goals and conduct regular performance reviews.
- Manage workflow and resource allocation to ensure timely and efficient completion of due diligence tasks.
- Due Diligence Expertise :
- Develop, implement, and maintain comprehensive policies, procedures, and processes for commercial client due diligence, aligned with industry best practices and regulatory requirements (e.g., BSA / AML, KYC, etc.).
- Oversee the execution of thorough due diligence on new and existing commercial clients, including :
- Know Your Business (KYB) checks : Verify business registration, ownership structure, beneficial owners, and business activities.
- Negative News Screening : Identify any adverse media or regulatory actions related to the client or its key stakeholders.
- Risk Assessment & Rating : Develop and maintain a risk-rating methodology for commercial clients based on factors such as industry, jurisdiction, products / services, and transaction volumes.
- Enhanced Due Diligence (EDD) : Conduct in-depth investigations on higher-risk clients, as required.
- Sanctions and PEPs Screening : Conduct screening of clients against various lists.
- Stay abreast of evolving regulatory requirements, emerging risks, and industry best practices related to commercial client due diligence, particularly within the FinTech and payments landscape.
- Provide subject matter expertise to internal stakeholders on complex due diligence matters.
- Risk Management & Compliance :
- Ensure all due diligence activities comply with applicable US and relevant international regulations.
- Identify and escalate potential financial crime risks and suspicious activity to the appropriate internal teams (e.g., Compliance, Legal).
- Work closely with the Compliance team to ensure alignment of first-line due diligence processes with overall compliance strategy.
- Develop key metrics and reporting for Committees.
- Assist with internal and external audits, regulatory examinations, and other compliance-related activities.
- Process Improvement & Technology :
- Identify opportunities to streamline and automate due diligence processes, leveraging technology solutions where appropriate.
- Evaluate and recommend new tools and technologies to enhance the efficiency and effectiveness of the due diligence function.
Qualifications :
Compensation and Benefits : The base pay range for this role is listed below. Final base pay offer will be determined based on individual factors such as the candidate’s experience, skills, and location. To view all of our comprehensive and competitive benefits, visit our Benefits at SoFi page!
SoFi provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion (including religious dress and grooming practices), sex (including pregnancy, childbirth and related medical conditions, breastfeeding, and conditions related to breastfeeding), gender, gender identity, gender expression, national origin, ancestry, age (40 or over), physical or medical disability, medical condition, marital status, registered domestic partner status, sexual orientation, genetic information, military and / or veteran status, or any other basis prohibited by applicable state or federal law. The Company hires the best qualified candidate for the job, without regard to protected characteristics. Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records. New York applicants : Notice of Employee Rights SoFi is committed to embracing diversity. As part of this commitment, SoFi offers reasonable accommodations to candidates with physical or mental disabilities. If you need accommodations to participate in the job application or interview process, please let your recruiter know or email accommodations@sofi.com. Due to insurance coverage issues, we are unable to accommodate remote work from Hawaii or Alaska at this time.
Internal Employees : If you are a current employee, do not apply here - please navigate to our Internal Job Board in Greenhouse to apply to our open roles.
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