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Due Diligence Associate

  • Operations
  • Full time
  • R-302282

About this role:

Wells Fargo is seeking a Due Diligence Associate...

Due Diligence Associate participates and provides compliance support for projects and initiatives with low to high risk to identify, assess and mitigate BSA/AML risks in business activities. Analyzes risks on escalated, referred, or alerted negative news. Communicate negative findings to lines of business and supply guidance on course of action. Identify and research the patterns, trends and anomalies in transactional and customer data to detect, prevent, mitigate and report suspicious activity related to money laundering and terrorist financing. Review Customer Due Diligence information for accuracy in data and documentation discrepancies. Identify Higher Risk clients and obtain Enhanced Due Diligence where appropriate. Analyze potentially suspicious activity, which will require the review of historical activity along with customer information. Interact with compliance representatives to assess potential unusual activity. Maintain program and procedures, making updates as needed. Assist as needed with examinations and/or audits.

Department Overview

Commercial Banking Control Operations caters to Onboarding of New to Bank Customers in Commercial banking domain. Team also has Periodic Review, Data Quality Exceptions and Quality Check Capabilities in Wells Fargo India Financial Crimes Control operations. Financial Crimes Onboarding Team Conducts Know your Customer (KYC) Compliance process for Commercial Banking Line of business processes in line with the requirements of the USA Patriot Act as well as Wells Fargo corporate AML / BSA policy requirements. Is Responsible for assisting with the implementation and monitoring of a risk-based compliance program to assure compliance with federal, state, agency, legal and regulatory requirements. Reviews Customer Due Diligence information for accuracy and investigate discrepancies and Interacts with compliance representatives to assess potential unusual activity. Financial Crimes QC Team - Conducts QC reviews on Know Your Customer (KYC) Onboarding activity, Monitoring and Surveillance activity, and other financial crimes related activities and processes to ensure compliance with both the USA Patriot Act as well as Wells Fargo Corporate AML/BSA policy requirements. - Analyzes risks or errors and communicate negative findings to relevant Financial Crimes partner for rectification. Periodic Review Team Performs KYC Refresh Activity for Commercial banking customers. Data Quality Exceptions Team Reviews and resolves Core data element exceptions to ensure Customer data is consistent with Commercial Banking and enterprise data standard.

In this role, you will:

  • Engage with clients directly or indirectly through relationship managers to support meeting policies or regulatory requirements and focus on client satisfaction
  • Conduct comprehensive research and background investigations on transactions, individuals, entities, organizations or locations to identify and mitigate risks through documenting findings
  • Review basic issues, policies or procedures for which answers can be quickly obtained related to lower risk tasks and deliverables with narrower impact
  • Run periodic due diligence reporting supporting processes reflective of the current business environment
  • Gather and input data utilizing resources to identify documentation required to meet policy or regulatory requirements
  • Receive direction from supervisor and exercise judgment while developing understanding of function, policies, procedures, and compliance requirements
  • Collaborate and consult with peers, colleagues and managers to resolve issues and achieve goals.

Essential Qualifications: 
4+ years of experience in risk (includes financial crimes, operational risk, audit, legal, credit risk, market risk) and a University degree in Business or related discipline.

Required Qualifications, International:

  • Experience in Due Diligence, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education.

Desired Qualifications:

  • • Ability to take initiative and work independently with minimal supervision in a structured environment
    • Ability to research, analyze, and determine a course of action for financial transactions
    • Knowledge and understanding of regulatory compliance requirements surrounding USA PATRIOT Act and Anti Money Laundering (AML) requirements
    • Basic Microsoft Office (Word, Excel, Outlook, and PowerPoint) skills
    • Ability to provide strong customer service and develop customer relationships

Job Expectations:

  • • Conducts reviews of bank customers (individuals/entities), related parties (owners, board of directors, executives) and/or transactions that present a moderate degree of complexity and risk to determine appropriateness for Wells Fargo.
    • Conducts comprehensive research and/or background investigations on individuals, entities, organizations or locations to identify and mitigate associated sanctions, financial crime, and reputational risks and thoroughly documenting findings.
    • Reviews and analyzes due diligence data from a variety of sources to determine overall risk.
    • Screens customers, prospects and/or transactions against various regulatory reporting lists and regionally based sanctions watch lists.
    • Evaluates risks to determine permissibility under sanctions, regulations and/or BSA/AML regulations. Works with high risk customers (e.g. casinos, MSBs, payment processors) to understand controls and activities.
    • Provides appropriate direction to the lines of business through escalating confirmed sanctions alerts, PEP matches and other risks as determined.
    • Performs documentary or non-documentary Customer Identification Program on domestic customers in accordance with regulations and bank’s policy.
    • Ensures compliance with guidelines set forth in federal/state anti-money laundering laws and regulations including the Bank Secrecy Act, USA PATRIOT Act and various sanctions regulations, and in accordance with policy/procedures set by the bank.
    • Consults with peers, line of business managers and other external parties regarding due diligence findings. Participates in moderate size project initiatives.
    • Operates independently with minimal supervision, and effectively manages work requests to meet performance expectations.


We Value Diversity

At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.

Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.

Drug and Alcohol Policy


Wells Fargo maintains a drug free workplace.  Please see our Drug and Alcohol Policy to learn more.

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