Financial Crime System Transformation Specialist

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Accounting & Finance
New York, NY, USA
Posted on Thursday, June 27, 2024


Federal Reserve Bank of New YorkWorking at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do:

The Compliance Function is a second-line independent advisory and control function within the Federal Reserve Bank of New York. The mission of the Compliance Function is to protect the Bank and serve the public interest by ensuring the Bank adopts sound risk-based compliance controls and by promoting a strong ethical mindset.

Working with the Bank’s Technology Group partners and stakeholders across the Bank’s business areas, the Associate for Financial Crime Systems Transformation will oversee the development and effective implementation of a new technology solution that advances the Bank’s Anti-Money Laundering Strategy. Once implemented, the focus of the position will transition to the development and oversight of a dynamic set of AML transaction monitoring scenarios appropriate to the Bank’s risk appetite and customer base.

Your role as Financial Crime System Transformation Specialist:

  • Partner with the Director of Financial Crime Monitoring and Systems Transformation to develop and execute the financial crime technology implementation project roadmap in partnership with the Group product owner and Technology Group teams.

  • Identify and implement AML transaction monitoring scenarios appropriate to the Bank’s products and services and consistent with its risk appetite and customer base.

  • Under the oversight of the Director of Financial Crime Monitoring and Systems Transformation, test and tune AML transaction monitoring scenarios prior to implementing them in a production environment.

  • Evaluate internal control structures related to automated AML solutions to identify potential weaknesses and associated risks.

  • Develop and implement reporting metrics related to AML transaction monitoring.

  • Partner with appropriate First Line colleagues to oversee the implementation of Know-Your-Customer and case management functionality.

  • Establish and maintain working relationships with third-party vendors relevant to the financial crime systems initiative.

  • Develop collaborative working relationships with other Bank stakeholders including the Risk and Audit Groups, relevant to the implementation of this technology.

  • Develop role related presentations and perform special projects as assigned.

What we are looking for:

  • Relevant work experience and subject matter expertise in regulatory, financial crime, AML and sanctions compliance.

  • Established track record working with financial crime compliance technologies, in particular AML transaction monitoring.

  • Implementation experience in AML technologies, in particular transaction monitoring rule tuning and optimization.

  • Expertise in common fraud or money laundering typologies.

  • Ability to work in a complex and dynamic organizational, technological, and operating environment.

  • Strong collaboration skills, with a focus on positive intent, and ability to develop strong relationships and partner effectively with others in pursuit of common goals.

  • Ability to independently identify and analyze issues, draw conclusions, and produce reports and recommendations that translate an idea into appropriate action.

Salary Range: $155000 - $185000 / year

We believe in transparency at the NY Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.

Our Touchstone Behaviors—Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership—help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.


Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match

  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)

  • Subsidized Public Transportation Program

  • Tuition Assistance Program

  • Onsite Fitness & Wellness Center

  • And more

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of “protected individual” under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, pregnancy, or military service.

We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at ny.leaves@ny.frb.org and we’ll be glad to help. Please note, this is a dedicated e-mail box designed exclusively to assist applications with accommodation requests in relation to our recruiting process. All other inquires including the status of applications will not receive a response from this e-mail box.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

Full Time / Part Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category

Legal Family

Work Shift

First (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.

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