AML & Compliance Analyst - Merchant Services & ISO Monitoring

Purpose:
The AML & Compliance Analyst is responsible for monitoring merchant services and ISO relationships to identify, investigate, and mitigate potential money laundering, fraud, financial crime, regulatory compliance, and operational risks. This role performs ongoing reviews of merchant accounts throughout the customer lifecycle, conducts transaction monitoring investigations, supports suspicious activity reporting requirements, and ensures compliance with applicable BSA/AML regulations, FinCEN guidance, OFAC requirements, and company policies.
The Analyst works closely with Compliance, Risk Management, Operations, Merchant Services, and Underwriting teams to identify unusual activity patterns, perform enhanced due diligence reviews, and support the Bank's overall AML and Compliance Program.

Job Functions:
AML Transaction Monitoring & Investigations

• Review and investigate automated and manual AML alerts generated through transaction monitoring systems.
• Conduct risk-based investigations of potentially suspicious merchant activity and determine whether escalation is warranted.
• Analyze transaction behavior, processing volumes, refunds, credits, reversals, chargebacks, and other payment activity to identify unusual patterns or anomalies.
• Investigate potential red flags related to money laundering, structuring, fraud, merchant collusion, transaction laundering, and other illicit activity.
• Document investigative findings and maintain accurate case files with supporting evidence.
• Assist in the preparation of Suspicious Activity Reports (SARs) and related regulatory documentation.

Merchant Services Monitoring

• Conduct ongoing reviews of merchant accounts throughout the customer lifecycle.
• Monitor merchant processing activity to ensure consistency with expected business operations and customer profiles.
• Review high-risk merchant portfolios utilizing a risk-based approach.
• Perform periodic reviews and risk assessments of merchant relationships.
• Escalate merchants exhibiting elevated compliance, fraud, regulatory, or reputational risk.

ISO & Lending Relationship Monitoring

• Perform ongoing monitoring of Independent Sales Organization (ISO) and lending-related relationships.
• Review account activity to identify suspicious patterns, unusual funding activity, excessive transaction growth, or other risk indicators.
• Conduct enhanced monitoring of higher-risk merchants and ISO relationships.
• Prepare monitoring reports and recommend appropriate risk mitigation measures.

Enhanced Due Diligence & Compliance Reviews

• Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) reviews for higher-risk customers.
• Verify business operations and customer risk profiles through internal and external research.
• Perform periodic reviews to ensure customer information remains current and complete.
• Review beneficial ownership, business structures, and supporting due diligence documentation.

OFAC & Regulatory Compliance (As Applicable)

• Perform OFAC and sanctions screening reviews.
• Maintain compliance with BSA/AML, USA PATRIOT Act, OFAC, and other applicable regulatory requirements.

Reporting, Audits & Examinations

• Prepare management reporting and AML monitoring metrics.
• Maintain complete records of investigations and monitoring activities.
• Assist with internal audits, regulatory examinations, and independent testing reviews.
• Support the development and enhancement of AML monitoring procedures and controls.
• Participate in compliance-related projects and special investigations as assigned

Required Knowledge, Skills and Abilities:

• Bachelor’s Degree in Finance, Criminal Justice, Business Administration, Accounting, Economics, Compliance, or a related field.
• Equivalent combination of education and relevant experience may be considered.
• Minimum 2 years of experience in:
  • AML/BSA Compliance
  • Transaction Monitoring
  • Financial Crimes Investigations
  • Merchant Services Risk Monitoring
  • Payments Compliance
  • Banking Compliance
  • Fintech Compliance

Preferred Certifications

• CAMS (Certified Anti-Money Laundering Specialist)
• CFCS (Certified Financial Crime Specialist)
• CAFP (Certified AML and Fraud Professional)
• CFE (Certified Fraud Examiner)