Summer Intern - Supervision & Regulation - Anti-money Laundering
Federal Reserve Bank of Minneapolis
CompanyFederal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth!
The Federal Reserve Bank of Philadelphia is seeking a graduate level with preferred majors in Economics, Computer Science or Finance. This opening is onsite and will consider hybrid candidates as well. The work schedule is Monday – Friday (40 hour per week). This is a 10-week paid internship. The hourly rate for this position is $21.00-$25.00 per hour depending on the candidate's level of education.
This project analyzes the effectiveness of anti-money-laundering (AML) laws and regulations in curbing related risks in the consumer markets, focusing on both bank risk and credit exposure and consumer behavior and welfare. Each year, a substantial percentage of the US and global GDP is impacted by money laundering, posing large regulatory, legal, and reputational risks, and significantly increasing the banking system’s risks. The Bank Secrecy Act / Anti-Money Laundering (BSA/AML) in the US are examples of laws and regulations intended to protect banks from such money laundering, financing of terrorism, and other related criminal activity risks. BSA/AML provides a foundation to promote financial transparency and deter and detect those who seek to misuse the U.S. financial system to launder criminal proceeds or move funds for other illicit purposes. BSA/AML requires each bank to establish a BSA/AML compliance program. By statute, individuals, banks, and other financial institutions are all subject to the BSA recordkeeping requirements. However, there is a void in understanding the effectiveness of these regulations. Consumer markets may be heaven for money laundering and financial crime due to the ability to sometimes hide large sums of illegal money in single transactions. This project studies whether BSA/AML regulations help reduce the banks’ exposure to AML risks in consumer markets using a variety of loan-level consumer data as well as bank-level data over 1990-2023 combined with BSA/AML regulatory shocks and other measurements. Specifically, the intern will use several credit bureau and loan-level data for consumer credit products to investigate effects of BSA/AML regulations on lender risk exposure as well as consumers’ credit and other outcomes including debt, delinquency, and bankruptcy, among others. The analysis will also investigate heterogeneous effects across different groups of consumers, markets, and lenders.
- SAS and/or STATA software knowledge and basic econometrics knowledge.
- Some research experience would be a plus but not compulsory.
- Substantive communication skills
- Strong attention to details
- Problem solving skills
- The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
- We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
- We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.
- All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
- Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
- All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
- This position requires access to confidential supervisory information, which is limited to “Protected Individuals” as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens must sign a declaration of intent to become a U.S. citizen when eligible to do so and pursue a path to citizenship. In addition, all candidates must undergo an applicable background check and comply with all applicable information handling rules.
- The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
- This is not a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
- Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.
Full Time / Part TimePart time
Regular / TemporaryTemporary
Job Exempt (Yes / No)No
Work ShiftFirst (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.