Christopher Phillips
- Role
- Director of Anti-money Laundering Compliance Senior Vice President at Valley Bank
- Location
- Wayne, NJ, US
- LinkedIn followers
- 500 followers
About Christopher Phillips
Anti-Money Laundering (AML) and Sanctions Compliance Subject Matter Expert (SME) with…
Experience
Director of Anti-money Laundering Compliance Senior Vice President
Nov 2020 — Present
Responsible for oversight and governance of enterprise wide BSA program, including suspicious activity monitoring (FIU), enhanced due diligence (EDD) reviews, Sanctions Compliance (OFAC), currency transaction report (CTR) filings, cannabis banking program, and customer due diligence (CDD) requirements. Responsible for ensuring the program remains in compliance with all anti-money laundering laws and regulations, and keeping program up to date with new regulations, trends in criminal behavior, changes in law enforcement priorities, and evolution of industry best practices. Additional duties include • Developed a program and wrote procedures for ongoing tuning of the suspicious activity monitoring system to enhance productivity, including below the line (BTL) and above the line (ATL) testing. • Instrumental in generating a cannabis banking (MRB) compliance program, including generation of the policy and monitoring procedures. Oversee team responsible for initial and ongoing diligence, as well as MRB monitoring and filing. • Developed and oversee Special Investigations team to identify, research and mitigate emerging trends in money laundering tactics. Team is responsible for cannabis banking, P2P transaction monitoring, cryptocurrency monitoring, laundering through 1031 exchanges, among others. • Liaise with Office of Comptroller of the Currency (OCC), Internal Audit, and Regulatory Compliance to facilitate annual and ongoing audits of BSA program. • Work with various business lines across the bank, including Retail, Operations, Trade Finance, Derivatives Desk, Lending, International Personal Bankers, among others, to ensure enterprise-wide compliance with BSA policy, and address any issues as they arise. • Developed models to analyze staffing costs, compliance costs for specific customer segments, as well as metrics for Board reporting. Generated automated reporting to monitor workforce metrics, and specific customer segments through Power BI
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