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Compliance Officer, Commercial Payment Services



United States
Posted on Friday, March 29, 2024

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The role

We are looking for a purposeful leader who is interested in building out the Commercial Payment Services program for SoFi Bank, N.A. This includes collaboration with the line of business partners - inclusive of Galileo, Technologies, Operations, Third Party Oversight, Risk Management, Credit, Marketing and Compliance to create and maintain a world-class Commercial Payment Services Compliance Program.

This role serves as a trusted advisor, consulting and guiding Bank personnel in the establishment and maintenance of a strong control and compliance environment to mitigate risks to the Bank and its clients and customers. Meaningful partnerships with the business units and third party clients will be critical to the effectiveness in the role.

What you’ll do:

  • Be the Compliance lead for the Bank’s Commercial Payments program by offering certain clients a commercial debit or credit card, supplemented with ACH, wire and other payments capabilities
  • The role is responsible for ensuring sponsorship programs are managed in full compliance with regulatory environments and card network rules
  • Collaborate with internal and external stakeholders during the onboarding and implementation processes
  • Assess regulatory applicability to the CPS products and services and advise on appropriate controls needed to meet applicable compliance requirements
  • Partner with Enterprise Risk Management to perform thorough client-based Risk Assessments for each CPS product and work to establish mitigation plans as necessary to appropriately manage identified risks
  • Develop and perform client based Third Party Oversight due diligence and second line of defense monitoring and reporting. Identify, track, and remediate any identified issues
  • Engage with the business to develop appropriate first line of defense controls
  • Assist SoFi Bank and Galileo leadership with identification and onboarding of new clients
  • Generate monthly and quarterly reports on compliance and overall program performance
  • Partner with the Enterprise Chief BSA/AML officer to ensure appropriate AML/OFAC oversight
  • Ensure Fed/NACHA compliance
  • Manage customer complaints
  • Active participation in the development and management of customer facing contracts and network relationships
  • Potential to hire, train and oversee incremental staff as the Commercial Payment program matures and expands
  • Develop strong relationships with third party leadership

What you’ll need:

  • 5+ years of Commercial Payment / BIN Sponsorship / Issuing Bank experience
  • Demonstrated success in applying effective compliance oversight/third-party risk management strategies applicable to Bank-Fintech Partnerships or “Banking-as-a-Service” relationships at regulated financial institution.
  • 5+ years of experience in commercial client due diligence and monitoring; including oversight of client policies and governance
  • Knowledge of commercial BSA AML regulatory oversight
  • Expertise in MC/Visa payment networks and overall payment ecosystem
  • Experience with funds settlement, ACH, and wire processes
  • Proven history of facilitating organization-wide client management and review with multiple senior level stakeholders
  • Ability to analyze and interpret applicable rules, regulations, and policies
  • Known for being detail-oriented with a demonstrated ability to self-motivate
  • Possess a growth mindset (to problem solve and innovate)
  • High-level of initiative to push for excellence, results, and process improvement
  • Commitment to building an inclusive culture
  • Comfort with working in a remote environment, as well as, performing onsite client due diligence reviews and writing detailed reporting of the review results
  • Ability to thrive in the ambiguity of changing priorities and the flexibility to embrace innovative ideas within a fast paced environment
  • Teamwork makes the dream work mentality

Nice to have:

  • Experience working with the Office of Comptroller of Currency (OCC)
  • College degree
  • Compliance certifications such as CRCM and CAMS
  • Experience establishing new BINs/ICAs/BIDs and setting up digital wallets
  • Knowledge of Mastercard and Visa Interbank Card Association requirements
  • Experience with the Google suite of products
  • Experience leading high performing teams
  • Effective oral, written, and interpersonal communication skills
Compensation and Benefits
The base pay range for this role is listed below. Final base pay offer will be determined based on individual factors such as the candidate’s experience, skills, and location.
To view all of our comprehensive and competitive benefits, visit our Benefits at SoFi page!
SoFi provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion (including religious dress and grooming practices), sex (including pregnancy, childbirth and related medical conditions, breastfeeding, and conditions related to breastfeeding), gender, gender identity, gender expression, national origin, ancestry, age (40 or over), physical or medical disability, medical condition, marital status, registered domestic partner status, sexual orientation, genetic information, military and/or veteran status, or any other basis prohibited by applicable state or federal law.
The Company hires the best qualified candidate for the job, without regard to protected characteristics.
Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records.
New York applicants: Notice of Employee Rights
SoFi is committed to embracing diversity. As part of this commitment, SoFi offers reasonable accommodations to candidates with physical or mental disabilities. If you need accommodations to participate in the job application or interview process, please let your recruiter know or email accommodations@sofi.com.
Due to insurance coverage issues, we are unable to accommodate remote work from Hawaii or Alaska at this time.
Internal Employees
If you are a current employee, do not apply here - please navigate to our Internal Job Board in Greenhouse to apply to our open roles.