About VoPay International Inc.
VoPay is a leader in payment innovation, digitizing direct bank payments with speed and transparency. The VoPay Platform enhances how businesses initiate and accept financial transactions using a single, open API. At VoPay, we have one goal: to eliminate all payment inefficiencies, so businesses can focus on what they do best in today’s digital economy.
VoPay is currently looking for a creative thinking AML and Payments Compliance Analyst to help us enhance our AML program and help us as we scale our financial services business in both the US and Canada.
You’ll be part of a dynamic team responsible for reviewing and supporting compliance with all regulatory and oversight requirements through the monitoring of effective controls, including underwrite accounts, detection and monitoring of suspicious transactions in an effort to prevent money laundering, terrorist financing, and other illicit activity across our proprietary payments, payroll and debit card products.
The successful candidate will be responsible to ensure compliant customer onboarding across VoPay’s financial services products. This role requires a strong knowledge of CIP, KYC, KYB, UBO, and Sanction/PEP screening regulatory requirements, AML/BSA regulations and requirements, and industry best practice.
- Monitor accounts and transactions to identify unusual behaviour in online businesses.
- Possess thorough understanding of Enhanced Due Diligence for high risk customers.
- Compliance Analyst reports to CFO and is a member of our compliance team.
- Have a solid understanding of card network rules, anti-money laundering (AML) requirements, including Know Your Customer (KYC) and Payments Industry standard compliance.
- Conduct customer due diligence (CDD) and enhanced due diligence (EDD) at time of onboarding as well as ongoing monitoring for customers. Experience with legal entity CDD and EDD preferred.
- Monitor and underwrite accounts daily to identify and predict fraudulent behaviour that may result in loss;
- Effectively interact with client success and sales representatives, and management to achieve timely judgment of applications while limiting loss and protecting the company against fraud and other risks.
- Process applications in accordance with sound credit-granting principles that are in compliance with the company and sponsor bank policies & procedures.
- Gather due diligence data from various locations, including third-party vendor websites, the internet, client obtained data, etc., to make approval/denial decisions within guidelines;
- Identify complexity of ultimate beneficial ownership (UBO) and verification with account relationships.
- Read and analyze credit reports, merchant processing statements, bank statements and financial statements to determine merchant’s ability to support the exposure associated with their business type and requested parameters;
- Make sound decisions regarding risk exposure within approval thresholds aligned and governed by sponsor banks, card networks and internal credit underwriting policies and procedures;
- Perform complex AML investigations using a wide variety of data in order to accept, reject or refer transactions and accounts for further investigation. You’re a self-proclaimed (AML) detective!
- Identify potential procedural gaps for areas of improvement in current systems or policies, and work with cross-functional teams, including engineering, to implement changes;
- Participate in monthly, quarterly, and annual business reviews in accordance with our risk & underwriting handbook.
- Analyze and communicate legislative and regulatory requirements
- Coordinate and perform ongoing risk assessments to ensure compliance policies and risk controls are operating effectively
- Maintain and update AML compliance policies and procedures
- Coordinate AML compliance reviews
- This is a new, fast growing company so you’ll have the ability to contribute to shaping our policies, procedures and internal tooling which we build in-house.
- 5+ years experience in underwriting, risk, or compliance role for a sizable merchant portfolio owned by a Bank, PSP, MSP, PayFac or ISO;
- Demonstrated payment industry expertise including omnichannel payment acceptance, merchant acquiring, credit card processing, network compliance, payment facilitation and ISO models;
- Strong understanding of merchant underwriting best practices including KYC, AML, MATCH , PEP and OFAC requirements;
- Demonstrated track record of leveraging technology and data services to drive improved underwriting scalability, onboarding efficiency, low loss ratios and write-offs;
- Highly motivated individual with a strong understanding of the US regulatory landscape, AML/CTF red flag identification, and suspicious activity trends.
- Bring experience investigating complex cases of potentially suspicious activity and strong ability to prepare Suspicious Activity Reports (SARS) and No SARS.
- Strong interpersonal skills and ability to effectively communicate with teams across the organization;
- Excellent verbal, written, organizational, leadership, and collaborative decision-making skills;
- Disciplined approach to creating standards and documentation for all internal and external compliance and risk stakeholders;
- Ability to thrive under pressure with a high level of autonomy and responsibility;
- Bachelor degree is preferred or equivalent industry experience
- CAMS or comparable advanced BSA/AML & OFAC training and/or certification required.
- Thrive in a fast paced environment, and have a sense of tact and empathy under pressure.
- Have a sixth sense for identifying problems while implementing and communicating solutions.