Senior Analyst, Payment Compliance
Toronto
Digital Banking . Payments – Digital Banking . Payments /
Full Time /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.
How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.
Our company continues to grow, and today we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
The Senior Analyst plays a key role within the Payments team and is responsible for conducting compliance related activities for Merchant Acquiring Services, Issuing Services, and other payment services (collectively called as EQB Payment Services) with consumer provisions under the Bank Act (and its accompanying regulations and Voluntary Codes of Conduct and Public Commitments). The incumbent will ensure EQ Bank remains in compliance with the legal and compliance framework of all the Canadian payment system regulatory bodies and the rules and regulations of payment networks, including but not limited to: OSFI, FINTRAC, FCAC, Payments Canada, Interac, Mastercard, Visa and other payment network entities that EQ Bank may engage for future business.
The Core Responsibilities!
- Provide support to the Payments Teams during the development and implementation of new products, BIN Sponsorships, processes, & systems, including new initiatives and marketing communications to ensure ongoing compliance with regulatory requirements including Bank Act, Payment Network Rules, Payments Canada.
- Help to manage overall compliance of card brand program & partner activities with respect to Compliance and AML policies; payment network regulations; external regulatory bodies, such as OSFI, FCAC, FINTRAC; regulatory frameworks such as PCI DSS
- Support in development and refinement of appropriate policies, procedures, and controls that address applicable laws, regulations, and industry best practices are in place and monitoring adherence with such policies, procedures, and controls.
- Perform daily/weekly/monthly review of Partners onboarding reports, onboarding files transaction monitoring alerts and conduct key Enhanced due diligence when required
- Support in the monitoring and testing of Quarterly and Annual attestations of Partners by identifying any AML/ATF and Compliance risks and providing necessary recommendations to the Manager as it relates to the monitoring and testing activities
- Support the Payments Team in identifying high risk areas, recommending appropriate controls, and work to address and close gaps
- Review compliance related due diligence documents for prospective Partner and merchant onboards for Acquiring and Issuing, as well as ensure prospective Partners meet the obligations of the Card Brands, regulatory entities, and internal policies.
- Support the Payments team with the regulatory record keeping duties to maintain the effectiveness of the Bank’s AML/ATF Compliance Program and the integrity of data reported to the Principal, Personal Banking Payments, Senior Management and the Board of Directors.
- Maintain a current understanding of money laundering and terrorist financing issues, including policies, procedures, regulations, industry best practices, criminal typologies and developing trends to provide support and direction to business units.
- Interpret new regulations, industry trends and developments relating to the Payment Services business, assess relevant impacts, make sound recommendations as necessary and support the Business Unit in updating the Second-line Compliance Unit as needed
- Support in the reviews and investigations of potential violations or breaches of applicable laws and regulations, including assisting with the identification of root causes, development, and implementation of remediation plans, and preparing required notifications to the regulator(s).
- Coordinate compliance-based communications and training to Partners
- Monitor Partner and Merchant activities and provide oversight on the AML/KYC/KYB/KYA obligations for the payments business
- Work with the AML and Compliance second-line Compliance unit to manage and conduct compliance audits, periodic compliance reviews as well as ad-hoc audits
- Oversee accurate and complete reporting, analysis and record keeping of various internal and external logs, including complaints, security incidences to support our overall compliance obligations and any external regulatory audits
- Complete required administrative tasks with respect to partner registrations, third-party registrations, merchant registrations, ticket management, network reporting, regulatory reporting and other administrative tasks as required
- Perform daily review Partners onboarding files, onboard new partners, and monitor/remediate activity on an ongoing basis
- Other ad-hoc duties as required
Let's Talk About You!
- Post-secondary education (diploma/degree) preferably in business or finance
- Have a minimum of 5 to 7 years’ experience in the financial industry. Preferably exposure to regulatory compliance, risk management disciplines and best practices
- Sound knowledge of regulatory requirements for AML/ATF and sanction systems, industry best practices and/or organizational goals for AML/ATF systems and recommend continuous improvements to processes and tools to meet these requirements
- Analysis, testing and/or previous AML/ATF, name screening and mortgage lending experience
- Strong knowledge of Microsoft Office (Word, Excel and PowerPoint) and internet/web navigation
- Strong analytical and research skills; ability to organize and bring order to data and information, drawing conclusions and making appropriate recommendations
- Ability to multi-task and prioritize to meet deadlines
- Highly developed verbal and written communication skills with the ability to respond in a clear, concise and professional manner
- Bilingualism is an asset (English and French)
- AML Designation (ACAMS) is an asset
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
