CDD/EDD Compliance Specialist

$82,500 - $95,000/Yr

Customers Bank - Malvern, PA

Full-time - Mid Level

Hybrid - Malvern, PA

11-50 employees

Credit Intermediation and Related Activities

About the position

The CDD/EDD Compliance Specialist at Customers Bank is responsible for supporting the Bank's Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) efforts. This role involves managing the current CDD/EDD workload, conducting customer reviews, and ensuring compliance with regulatory obligations. The specialist will also collaborate with compliance and risk teams to enhance workflows and report on customer data effectively.

Responsibilities

• Conduct and manage Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) reviews in line with regulatory requirements.
• Analyze the current CDD/EDD workload to assess and calculate necessary staffing levels for ongoing compliance.
• Perform customer risk assessments and identify high-risk customers requiring enhanced due diligence.
• Oversee and coordinate annual reviews, leveraging contractors where necessary to ensure timely completion of work.
• Ensure all CDD/EDD processes are in full compliance with internal policies and regulatory guidelines, especially those tied to the Written Agreement.
• Assist in implementing enhancements to CDD/EDD workflows and procedures as part of the Written Agreement's actions.
• Collaborate with other compliance and risk teams to ensure accurate and timely reporting of customer data.
• Provide regular updates to management on the progress of CDD/EDD activities and staffing needs.
• Stay informed of regulatory changes related to CDD/EDD and advise on necessary process adjustments.

Requirements

• Bachelor's degree in business, finance, or a related field.
• 3+ years of experience in CDD, EDD, or a related area of compliance within the financial services industry.
• Strong understanding of regulatory requirements related to CDD and EDD, including the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.
• Experience in managing high-risk customer reviews and compliance workflows.
• Strong analytical and organizational skills with attention to detail.
• Excellent communication skills and the ability to collaborate across multiple teams.
• Ability to manage contractors and external resources effectively.

Nice-to-haves

• CAMS certification or similar compliance-related certification preferred.
• Experience with Microsoft Suite and ability to learn other Customers Bank applications.

Benefits

• Competitive salary range of $82,500 to $95,000 per year.
• Hybrid work environment with flexibility for remote work within a 50-mile radius of a Customers Bank location.
• Opportunities for personal development and career growth.