EDD Specialist

New York, NY

About Us:

Piermont Bank is a digital commercial bank with a mission to serve fast growing companies at the speed they need. Entrepreneur-led and tech-forward, we offer a fully digital experience coupled with meaningful banker relations.  We believe in being a partner for enterprising companies, acting as a funding catalyst for mid-market innovation and growth.  Piermont’s financial solutions and expertise empower our business community to thrive.  At Piermont, we are purpose-driven, responsive and practical, delivering integrated and flexible solutions that create value for clients in today’s fast-changing economy. For more information, visit www.piermontbank.com. 

The Role:

The Enhanced Due Diligence (“EDD”) Specialist is responsible for the execution of EDD on high-risk individuals and business for Piermont’s direct customer and Banking-as-a-Service (“BaaS”) line of business.

Responsibilities:

  • Perform review and analysis of high-risk individuals and businesses.
  • Enhance procedures, processes, and methodologies related to EDD and customer risk rating for Piermont direct customers and the Banking-as-a-Service (“BaaS”) line of business.
  • Assist with implementation of the quality control framework and reporting related to EDD.
  • Continuously monitor, assess, and report on the effectiveness of EDD controls, including the regular evaluation of processes, reporting, documentation standards, escalation protocols, and customer risk rating methodologies.
  • Support management in the governance and continuous refinement of risk rating methodologies and controls frameworks related to the direct customer segment and BaaS line of business.
  • Evaluate and ensure the reliability, uniform application, and soundness of customer risk rating frameworks used across all business lines.
  • Coordinate internally with other departments in relation to BSA, AML & OFAC requests.

Qualifications:

  • Bachelor’s degree required.
  • At least 5 years’ experience in a BSA/AML, specific to review and analysis of higher-risk customer types.
  • Proven experience in designing, implementing, and maintaining customer risk rating frameworks and the associated analytical methodologies used to assess, monitor, and manage risk across various business units.
  • Familiarity and experience with various higher-risk customer types such as marijuana related businesses, Non-Resident Aliens (“NRAs”), and BaaS.
  • Knowledge in Bank Secrecy Act and USA PATRIOT Act regulations and requirements. 
  • Knowledge of Fiserv system & Alloy would be a plus.
  • Working knowledge of the Microsoft Office Suite of products.
  • Proven ability to prioritize competing demands.
  • Analytical writing skills; strong verbal and written communication skills.

The hiring range for this position is $110,000 to $120,000 per year. The base pay actually offered will take into account internal equity and also may vary depending on the candidate’s job-related knowledge, skills, and experience, among other factors. A bonus and/or incentives may be provided as part of the compensation package, in addition to the full range of medical, dental, vision, 401k, and other benefits.

Piermont Bank is an equal-opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. We do not discriminate based upon race, religion, color, national origin, political affiliation, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability or other applicable legally protected characteristics

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