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Compliance Processing Specialist

Company First Republic Bank
Location San Francisco, CA
Update 4 Day ago

First Republic is an ultra-high-touch bank that provides extraordinary client service. We believe that one-on-one interactions build lasting relationships. We move quickly to serve our clients’ needs so that their financial transactions are handled with ease and efficiency. Client trust and security are paramount in our line of business. Ultimately, our goal is unsurpassed client satisfaction which will lead to personal referrals – our number one source of new business. We recognize that our competitive advantage starts with our people and our culture. At First Republic, we work hard and move quickly as a very coordinated team. If you are looking for an opportunity to grow and contribute in a fun, fast-paced environment, First Republic is the place for you. We have exceptional people focused on providing extraordinary service.

The Compliance Processing Specialist is responsible for the daily processing of key functions within Compliance Processing, including, but not limited to the following: Regulation D, Non-Resident Alien (NRA), Year-End processing of form corrections, Individual Retirement Account (IRA), Interest on Lawyers Trust Accounts (IOLTA), Unclaimed Property, and Legal Processing (Levy). The individual must be detailed oriented, able to multi-task, and to prioritize work load. The Specialist must adhere to Federal regulations/guidelines and departmental procedures.

The Individual will work under general supervision, demonstrate good judgment capabilities, provide a high level of client service, and build effective relationships with representatives from various lines of businesses. In this role, the Specialist must be able to make sound decisions and communicate effectively with team members, other departments, clients, bankers, and outside vendors.

This is an individual contributor role with regular client contact, responsible for identifying and resolving issues of high complexity and of a sensitive nature. This position requires strong analytical skills, great attention to detail, and strong communication skills.

  • Communicate with internal and external clients, providing excellent client service and ensuring client relationship is maintained at the highest possible level.
  • Excellent verbal and written communication skills are required.
  • Work within the following functions:
    • Regulation D (excess activity account monitoring).
    • Non Resident Alien (NRA) – W8 forms review and processing.
    • B-Notices and Back-up Withholding.
    • Year End form corrections, i.e., 1099-INT, 1099-DIV, 1042-S, etc.
    • Individual Retirement Account (IRA) Support.
    • Unclaimed Property (Dormant and Escheatment).
    • Interest on Lawyer’s Trust Account (IOLTA) (reporting and remittance).
    • Legal Processing (Levy).
  • Minimum 2 years of related experience; BS/BA degree or equivalent experience preferred.
  • Provide ongoing feedback to improve quality and process efficiencies of Compliance Processing functions.
  • Problem solving and decision-making abilities.
  • Ability to work well under pressure during department peak seasons, multi-task, and prioritize work at all times.
  • Partner with other teams, i.e., Accounting, Call Center, Bankers Helpline, Item Processing, Core Support, etc., as needed.
  • Contribute to ongoing evolution of risk management policies and procedures.
  • Proficient with MS Office software; Outlook, Word, and Excel.
  • Perform duties and responsibilities specific to department functions and activities.
  • Performs other duties and responsibilities required or assigned by Manager.
  • Responsibilities include the following: 1) adhering to and complying with the applicable, federal and state laws, regulations and guidance, including those related to Anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.) 2) adhering to Bank policies and procedures, 3) completing required training, 4) identifying and reporting suspicious activity to the AML Officer, and 5) knowing and verifying the identity of any customer(s) that enters into a relationship with the Bank.
  • Able to demonstrate the ability to coordinate multiple priorities, successfully resolve complex matters, quickly understand processes/workflows, identify risks, and effectively tailor communication (written/verbal) to their audience in a clear and concise manner.
  • Must be able to identify opportunities for process enhancements while supporting existing standards with focus on providing excellent service to our clients.