• FX Client Set-up Sr Associate

    Job Locations
    Wealth Management
  • Overview

    This position will work with the FX Sales Advisors and Service Associates, Relationship Managers and Clients on the required documentation for Foreign Exchange. The individual will independently perform quality control reviews prior to data entry on all Client Set Up documentation to ensure compliance with Bank, Regulatory and Legal requirements. The individual will ensure that all FX Clients are monitored against FinCEN 314(a), Do Not Bank List, ESAC, negative news, and MSB screening.


    Working in conjuction with the BSA/AML Team, ESAC, the FX Team and Risk Manager, this position directs the FX Sales Associates and Advisors on the required documentation and authorizations for Client Set Up within the Foreign Exchange Business Unit. The individual will be responsible for reviewing the required documentation, independently entering all required data and storing the documentation as required by procedure.  This position will perform the Quality Control Monitoring of all Foreign Exchange Client data, reconciling the information to ancillary systems and documenting changes/updates as necessary.  The FX Customer SetUp Specialist will ensure that all client data related procedures for FX are kept up to date and in compliance with applicable laws, regulations and guidelines, as detailed in the Bank as well as industry wide policies and best practices.  The position will also participate in the implementation of Audit and any other Business and/or Regulatory recommendations related to Client Documentation, Reporting and Authorizations. 


    The individual will ensure that narratives provided for client activity conform to the requirements for appropriate Red Flag monitoring scenarios.


    This position will review and validate required reporting as necessary.


    This position will prepare and administer client documentation training to FX Sales Advisors and Associates, as necessary


    • Must be aware of Fair Lending Policies, Know Your Customer, Bank Secrecy Act, CIP and any other applicable anti-money laundering policies and procedures. Assist the Risk Manager to ensure that these policies are updated and FX Management and staff are aware of these updates and abide by them.  This will be attested to annually via Eagles Net.
    • Knowledge of the laws applicable to money laundering, to include the BSA, USA PATRIOT Act, U.S. Treasury AML guidelines, OFAC requirements and Suspicious Activity Reporting requirements.
    • Document and review the enhancement of procedures and policies; assist in the development of dashboard reporting for Client information in conjuctions with Risk Assessment recommendations.
    • Draft the preparation, review and oversight of Risk-Assement Updates, the Risk-management Program and Business Unit's plans and projects, to reflect new Risk Profiles as related to Client SetUp.
    • Reconcile data within TotalPlus and CRB against Spectrum to ensure consistency of data. Report and resolve variances in client data.
    • Peform daily review of business to ensure that documentation is appropriately identified and maintained.
    • Prepare and communicate documentation requirements within FXgroup and other revelant departments, outside contacts and customers; seek ways to improve effectiveness of communications and implement changes as required. Solicit support from various internal departments as necessary.
    • Independently generate Mark To Market reports and statements for Clients/Counterparties as required.
    • Coordinate day-to-day data processing for Client SetUp and Standard Settlement Instruction maintenance. Ensue that all Client Data is securely stored and documents are scanned to the appropriate file folders.
    • Manage the implementation of all associated Client documentary requirements as defined under the Dodd-Frank Act and Volcker Rule.
    • Participate in Corporate Projects/Activities as needed.
    • Perform duties & responsibilities specific to department functions & activities.
    • Performs other duties & responsibilities as required or assigned by supervisor.
    • Responsibilities include the following:  1) adhering to and complying with the applicable, federal and state laws, regulations and guidance, including those related to Anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.) 2) adhering to Bank policies and procedures, 3) completing required training,  4) identifying and reporting suspicious activity to the AML Officer, and 5) knowing and verifying the identity of any customer(s) that enters into a relationship with the Bank. 


    Skills, Knowledge, and Abililties:


    Minimum: 4 year College Degree.  Skilled in Word, Excel, Access. Knowledge of visio. Familiarity with FX and international payments platforms, Cash Management platforms a plus; excellent analytical and communications skills. Ability to work under pressure and adhere to  tight deadlines.  Strong writing skills.  Familiarity with KYC, OFAC, Dodd-Frank and Volcker Rule recommended.


    Physical Requirements:

    • Vision must be sufficient to read data reports, manuals and computer screens.
    • Hearing must be sufficient to understand a conversation at a normal volume, including telephone calls and in person.
    • Speech must be coherent to clearly convey or exchange information, including the giving and receiving of assignments and/or directions.
    • Position involves sitting most of the time, but may involve walking or standing for brief periods of time.
    • Must be able to travel in a limited capacity.



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