This role is hybrid, requiring 3 days per week in the office, with a Monday-Friday schedule from 8:00 AM to 5:00 PM, EST.
Candidates who live outside the commuting distance are eligible to work remotely.
Job Summary:
The Specialty Banking Risk and Compliance Analyst I is responsible for conducting initial and ongoing due diligence for Specialty Banking clients and accounts, with a primary focus on cannabis and hemp. This role supports client onboarding, risk assessment, account monitoring, and regulatory compliance activities to ensure adherence to Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Know Your Customer (KYC), Customer Identification Program (CIP), and internal policies and procedures.
The analyst performs detailed reviews of customer information, business operations, account activity, licensing documentation, and financial records to identify and mitigate risk while providing a positive client experience. This position works closely with Relationship Managers, the BSA/AML Department, Compliance, Operations, and customers to support the ongoing management of specialty banking relationships.
Job Duties:
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Client Onboarding and Due Diligence
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Conduct initial due diligence reviews for prospective Specialty Banking clients.
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Collect, review, and verify required onboarding documentation, including business formation documents, ownership structures, beneficial ownership information, licenses, permits, and financial records.
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Perform Customer Identification Program (CIP), Know Your Customer (KYC), and Enhanced Due Diligence (EDD) reviews.
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Prepare risk assessments and due diligence summaries for account approval.
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Coordinate with internal departments to ensure timely and accurate onboarding of new accounts.
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Ensure compliance with account opening requirements and risk management standards.
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Collaborate with Relationship Managers and internal partners to resolve documentation deficiencies and facilitate account approval.
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Account Monitoring and Ongoing Reviews
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Conduct daily, monthly, and periodic reviews of client accounts and transactional activity.
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Monitor account activity for consistency with business purpose, expected activity levels, and customer risk profiles.
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Analyze transactional activity and supporting documentation to identify unusual or suspicious activity patterns and escalate concerns in accordance with bank policies and regulatory requirements.
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Ensure customer records, due diligence files, and risk profiles remain accurate and current.
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Review quarterly financial statements and other supporting financial documentation to assess the ongoing financial health of clients, validate expected business activity, and identify potential compliance, operational, or reputational risks.
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Background Investigations and Customer Screening
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Conduct background checks and screening on prospective and existing clients utilizing approved third-party systems and databases.
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Review sanctions, adverse media, regulatory actions, and other relevant risk indicators.
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Document findings and escalate concerns as appropriate.
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Licensing and Business Verification
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Review and verify state-issued cannabis, hemp, and other applicable business licenses for validity, accuracy, and good standing.
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Monitor license renewals and regulatory compliance requirements.
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Maintain accurate records within internal systems and regulatory databases.
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Case Management and Investigations
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Manage assigned casework related to specialty banking clients.
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Investigate potential policy, procedural, or regulatory concerns.
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Document findings thoroughly and communicate recommendations to management.
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Coordinate with the BSA/AML Department regarding suspicious activity referrals, investigations, and enhanced due diligence reviews.
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Specialty Banking Portfolio Support
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Support the ongoing administration of cannabis, hemp, fintech, and other specialty banking portfolios.
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Monitor industry developments, emerging risks, and regulatory changes impacting specialty banking clients.
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Assist in maintaining portfolio reporting and risk management documentation.
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Regulatory Compliance
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Adhere to all applicable federal and state laws, banking regulations, and internal policies, including BSA, AML, OFAC, CIP, and KYC requirements.
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Maintain audit-ready documentation and records.
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Assist with internal reviews as requested.
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Training and Professional Development
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Participate in ongoing regulatory, compliance, and industry-specific training.
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Develop and maintain expertise related to cannabis and hemp banking operations, financial crime prevention, and specialty banking risk management.
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Share knowledge and best practices with team members.
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Other Duties as Assigned
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Support departmental projects and process improvement initiatives.
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Assist with training and mentoring of new team members.
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Contribute to the continuous enhancement of operational efficiency, customer experience, and risk management processes.
Qualifications
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Education:
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Bachelor's degree in Business, Finance, Accounting, Criminal Justice, Risk Management, or a related field preferred.
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Equivalent combination of education and relevant work experience may be considered.
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Skills and Competencies:
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Strong analytical, investigative, and critical thinking skills.
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Understanding of AML, BSA, KYC, CIP, OFAC, and Enhanced Due Diligence requirements.
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Ability to interpret business financial statements and supporting documentation.
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Strong attention to detail with a commitment to accuracy and quality.
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Excellent written and verbal communication skills.
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Ability to organize and manage multiple priorities in a fast-paced environment.
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Sound judgment and decision-making abilities.
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Strong customer service and relationship management skills.
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Ability to work independently and collaboratively across departments.
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Proficiency in Microsoft Office applications, particularly Excel, Word, and Outlook.
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Ability to maintain confidentiality and handle sensitive information appropriately.
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Experience:
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One to three years of experience in banking, compliance, risk management, account onboarding, financial analysis, or a related field preferred.
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Practical knowledge of customer due diligence, AML/BSA compliance, fraud prevention, or enhanced due diligence is preferred.
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Experience working with cannabis, hemp, fintech, or other high-risk industry customers is a plus.
Essential Functions:
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Ability to sit and work at a computer for extended periods.
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Frequent use of hands and fingers for computer and office equipment operation.
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Ability to communicate effectively in writing, in person, virtually, and by telephone.
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Visual ability to review documentation, reports, and computer screens.
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Occasional movement throughout the office environment.
Accuracy and Accountability:
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Performance is measured by the quality, completeness, accuracy, timeliness, and regulatory compliance of work performed. The incumbent is expected to exercise sound judgment, maintain appropriate documentation, and consistently adhere to established policies and procedures.
Supervised by
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Specialty Banking Assistant Manager
Supervises
Who We Are
Dart Bank is a community bank, serving our community since 1925. We specialize in providing financial services, but we are passionate about serving the community and building real relationships with people. Dart Bank provides innovative financial services for both personal and business banking, consumer and mortgage loans, commercial loans and lines of credit, merchant credit card processing, investment services and more. Our array of products and services and our longstanding history within our communities shows we care about what matters most for our customers and we are there for them for the most important times in their lives. Dart Bank. For What Matters Most.
We offer:
- Medical Benefits
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Dental
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Vision
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401(K) Employee Stock Ownership Plan
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Paid vacation & sick time
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Flexible scheduling
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Employee Assistance Program
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Dart Bank University
At Dart Bank you can expect to be surrounded by a team that will support you and invest in your growth in a quick-paced work environment where we deliver exceptional customer service. We are a local business that cares about our employees and our community.
Dart Bank is committed to providing equal opportunity in employment, maintaining a diverse workforce, and prohibiting all forms of unlawful discrimination and harassment.
All employment decisions, policies, and practices, in terms of the recruitment process and other conditions and privileges of employment, will comply with applicable federal, state, and local anti-discrimination laws. The Company seeks, employs, promotes, and compensates qualified individuals based on ability, as demonstrated by performance and other legitimate nondiscriminatory factors, without regard to race, color, religion, national origin, citizenship, ancestry, sex (including sexual orientation, gender expression, and gender identity), age, physical or mental disability, pregnancy, genetic information, military status, veteran status, or any other protected status under federal, state (in Michigan: marital status, familial status, height, weight, and misdemeanor arrest record), or local law (individually and collectively, “Protected Class”). This employer participates in E Verify and will provide the federal government with your Form I 9 information to confirm that you are authorized to work in the United States. If E Verify cannot confirm that you are authorized to work, this employer is required to give you written instructions and an opportunity to contact Department of Homeland Security (DHS) or Social Security Administration (SSA) so that you can begin to resolve the issue before this employer can take any action against you, including terminating your employment. This employer can only use E Verify once you have accepted a job offer and completed Form I 9.
