AML Analyst – Investigations and Case Management

WealthONE Bank of Canada is seeking a detail-oriented AML Analyst to join our compliance team. Reporting to the Chief Compliance Officer, you will be responsible for monitoring and reviewing transactions and client accounts. You will also review and conduct investigations related to Unusual Transaction Reports (UTRs) to identify potential money laundering or terrorist financing activities and drafting Suspicious Transaction Reports (STRs) in compliance with regulatory requirements. This role requires strong analytical skills, excellent communication skills, and a deep understanding of anti-money laundering (AML) regulations, and the ability to handle sensitive information with discretion.

What You'll Be Doing:

In this role, you will apply your in-depth understanding of AML Knowledge, including “reasonable grounds to suspect” (RGS) threshold, to ensure compliance with Canadian anti-money laundering (AML) and anti-terrorist financing (ATF) regulations.

1. Investigation Support:

• Conduct detailed investigations into flagged transactions or accounts by gathering, documenting, and analyzing information to prepare accurate, detailed, and timely reports that meet internal guidelines and regulatory standards.
• Collaborate with other departments or external sources for additional information where needed for further analysis and insights.
• Prepare complete and accurate reports as required.

2. UTR Review:

• Analyze UTRs submitted by business units or generated through monitoring systems to assess the legitimacy of flagged transactions.
• Identify patterns or anomalies indicative of potential money laundering or other suspicious activities.
• Prepare detailed and accurate UTRs ensuring compliance with all regulatory requirements where appropriate.

3. STR Drafting:

• Conduct thorough analysis to determine if activities meet FINTRAC’s "reasonable grounds to suspect" (RGS) threshold for STR filing.
• Prepare detailed and accurate STRs for submission to FINTRAC, ensuring compliance with all regulatory requirements.
• Ensure STRs contain sufficient context, facts, and rationale to explain why activities are deemed suspicious.
• Provide clear justifications for suspicions, including transaction details, customer profiles, and supporting documentation.

4. Regulatory Compliance:

• Stay updated on current AML regulations, including FINTRAC guidelines and global best practices.
• Ensure that all reporting and documentation adhere to internal policies and external regulatory standards.

5. Communication:

• Communicate findings effectively to management and provide recommendations for action, such as enhanced due diligence or account closures.
• Respond to inquiries from regulators or law enforcement as needed.

6. Continuous Improvement:

• Provide feedback to improve transaction monitoring systems and UTR workflows.
• Participate in training sessions and share knowledge with colleagues to enhance the team’s capabilities.

Qualifications and Skills:

1. Education and Certifications:

• Bachelor’s degree in Finance, Business Administration, Criminology, or a related field.
• Certification in AML/CTF (e.g., CAMS, CFCS) is an asset.

2. Experience:

• Minimum 2-3 years of experience in AML compliance, transaction monitoring, and financial crime investigations.
• Extensive experience in analyzing transactions and accounts including assessing for FINTRAC’s “reasonable grounds to suspect” (RGS) threshold to ensure compliance with Canadian anti-money laundering (AML) and anti-terrorist financing (ATF) regulations
• Direct experience with FINTRAC reporting requirements and Canadian AML regulations is essential.

3. Technical Skills:

• Strong investigative skills with the ability to analyze complex financial transactions and identify patterns of suspicious activity.
• Proficient in transaction monitoring systems and case management tools.
• Strong knowledge of Microsoft Office Suite (Excel, Word, PowerPoint).
• Ability to analyze and interpret large data sets to identify anomalies and trends.

5. Knowledge Requirements:

• In-depth understanding of Canadian AML regulations, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
• Proficiency in recognizing typologies and red flags associated with money laundering, terrorist financing, and other illicit financial activities.
• Awareness of industry best practices and evolving regulatory expectations.

6. Key Competencies:

• Exceptional attention to detail and analytical skills.
• Excellent written communication skills to prepare and present clear, concise, and well-supported rationales in reports.
• Strong interpersonal skills to collaborate with teams and articulate findings.
• Ability to prioritize tasks, manage multiple cases, and meet tight deadlines.
• High level of integrity and discretion in handling confidential information.

What You Need to Know

• WealthONE is an equal opportunity employer committed to creating an inclusive environment where all team members and clients feel like they belong.
• You need to be legally eligible to work in Canada.
• This is a contract position that may require some flexibility to work flexible hours throughout the week and provide coverage as required to meet business needs.
• You will report directly to the Chief Compliance Officer.

We thank all interested applicants, however, only those under consideration will be contacted.

About Wealth One Bank of Canada

Opened in 2016, Wealth One Bank of Canada (WealthONE) is a federally chartered Schedule I Bank and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). WealthONE is digital bank that specializes in banking solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, newcomers to Canada and those who have foreign income. Our founders are committed to building a bank to provide a tailored suite of financial products and solutions designed to specifically satisfy the needs of customers in the Chinese Canadian community, as well as all Canadians who share similar financial needs. To learn more, please visit us at www.wealthonebankofcanada.com