Director of BSA & AML Financial Crimes Operations

About the Team/Role 

Job Summary

WEX Inc., located in Portland, ME is seeking a self-driven and experienced Anti-Money Laundering (AML) and Countering the Financing of Terrorist (CFT), formerly Bank Secrecy Act (BSA), professional to join the WEX Inc. Anti-Financial Crimes team. Reporting to the WEX Inc. VP, Anti-Financial Crimes, this individual is responsible for the U.S. AML/CFT regulatory operations center of excellence for WEX Inc., and its subsidiaries, including and especially WEX Bank, an industrial bank located in Sandy, UT. This position will have a dotted line to the WEX Bank, Chief Compliance Officer.

How you'll make an impact

The ideal candidate will have the opportunity to perform, among other things, the following:

Develop and Manage Efficient, Risk-Based, and Compliant BSA and AML Program

• Design and execute the global strategy for WEX's Anti-Money Laundering (AML)/Know Your Customer (KYC) programs associated with the onboarding and monitoring of clients for regulated businesses, as well as the enhancement of the of global economic sanctions screening and analysis program

• Manage Bank Secrecy Act, USA Patriot Act (314a/b), Anti-Money Laundering and Know Your Customer programs including monitoring and escalations, to meet regulatory and business requirements

• Establish strategy for selection and submission of suspicious activity reports (SARs), including initial and continuing activity SARs, as warranted.

• Establish a methodology and operational approach to monitor and report ongoing activity.

• Create a consistent process with adequate documentation for No-SAR decisions.

• Prepare and present reports on suspicious activity, SARs filed, No-SAR decisions, and other financial crime trends.

• Manage or participate in the management of controls implemented in various areas of the business that assist in the identification and referral of potentially suspicious activity (e.g., internal lines of business, risk management,  third parties with whom AML/CFT functions have been outsourced, treasury/finance, information security/information technology, cyber security, human resources, sales, etc.)

• Manage the high risk customer identification and (annual+) EDD review process for customers deemed to be high risk.

• Manage sanctions, OFAC, and other watchlist screening activities, including the review of This potential alerts, clearing of alerts, documenting false positives, escalating potential matches, and preparing documentation for reporting of actual matches.

• Assisting with risk assessments and regulatory examinations where needed

• Provide strategic direction for WEX’s client and counterparty onboarding services, including defining and setting processes and procedures, implementing metrics and tools to manage capacity, embed service level commitments and drive enhancements to simplify and streamline processes to enhance the client experience.

• Create, develop, and maintain the business requirements for AML/CFT/Sanctions-related technology solutions; participate in any RFP or similar process for vendor selection; participate in and oversee development and implementation of said technology; conduct initial and periodic (e.g., annual) reviews/tests on settings, assumptions, and other systemic parameters to ensure they remain appropriate and effective and support the WEX Inc. and WEX Bank’s risk management objectives; submit any algorithms, models, AI, or other technology tools through the appropriate governance review (e.g., model risk management).

• Monitor and communicate potential changes in applicable financial crime regulations and providing advice to the business regarding any such development, including working with outside counsel and other experts to advise the company on its financial crime compliance obligations 

• Other duties, as assigned. 

Lead a Fraud Governance & Compliance Center of Excellence Program

• Own and execute the Fraud Risk Management Committee (FRMC) function, including coordinating content, presenters, and leading meetings.

• Maintain the Global Fraud Risk Assessment (FRA), produce annual reports, update and manage the risk register, provide support for project prioritization, and deliver appropriate reporting of risks and mitigations.

• Maintain an up-to-date access and application inventory for all Lines of Business (LOBs) globally, maintain control inventories for portals, and an inventory of BINs an