Anti-Money Laundering Due Diligence Analyst

3 days ago

Toronto, Ontario, Canada EQ Bank | Equitable Bank Full time

About Us

At EQ Bank | Equitable Bank, we're not your average bank. We believe in innovation and challenging the status quo to provide Canadians with better banking options.

We're a big and growing family, serving over 670,000 people across Canada through our subsidiaries, including Concentra Bank, which supports credit unions serving more than six million members. Our combined assets under management and administration total over $125 billion, and we've been driving change in Canadian banking for over 50 years.

Our Mission

We aim to enrich people's lives by delivering exceptional banking experiences, and our customers have recognized this effort, naming our EQ Bank digital platform one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

The Role

We're seeking an experienced Anti-Money Laundering (AML) Due Diligence Analyst to join our AML operations team. As a key member of this team, you'll be responsible for conducting thorough due diligence reviews of clients during onboarding to ensure compliance with internal AML requirements.

Your primary objective will be to identify potential money laundering risks, escalate suspicious activity, and support the company's efforts to maintain a robust anti-money laundering program.

Key Responsibilities

  • Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) on clients and transactions to assess the risk of money laundering or other financial crimes.
  • Evaluate and categorize clients based on risk factors, such as geographical location, industry, and customer profile, using our internal risk scoring methodology and guidance.
  • Review and analyze money laundering, terrorist financing, and sanctions evasion red flags and potential suspicious activity that may require further investigation by the AML Compliance team.
  • Maintain comprehensive records of all due diligence activities, client interactions, and investigative reports.
  • Collaborate closely with other departments, such as legal, operations, and risk management, to ensure a cohesive approach to anti-money laundering efforts.
  • Stay current with evolving AML regulations and industry best practices, ensuring our procedures and controls comply with internal AML requirements.

Requirements

To succeed in this role, you'll need:

  • A Bachelor's degree in Finance, Accounting, Business, Criminal Justice, or a related field.
  • At least 2 years of experience in an AML compliance or due diligence role, preferably within the financial services industry.
  • Working knowledge of regulatory requirements for AML/ATF and sanction risk, industry best practices, and organizational goals for AML/ATF typologies.
  • Excellent analytical and investigative skills, with the ability to assess complex data and identify risks.
  • Strong attention to detail and accuracy in documentation and reporting.
  • Ability to work independently and manage multiple priorities under pressure.
  • Proficient in the use of AML software and databases.
  • Advanced Excel skills, specifically the ability to create macros and v-lookups.
  • Ability to organize and compile data to produce metric reports.

What We Offer

As a valued member of our team, you can expect:

  • A competitive discretionary bonus.
  • A market-leading RRSP match program.

Salary Range: $60,000 - $90,000 per annum, depending on experience.

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