AML Analyst - Cannabis Banking

About CFG Bank

CFG Bank, based in Baltimore, Maryland, serves the healthcare and multifamily sectors nationally and the Mid-Atlantic region. As Baltimore's sixth-largest bank by deposits and the largest bank headquartered locally, CFG has grown its assets from $1 billion in 2019 to over $6 billion today. With three decades of industry experience and a leading position in healthcare bridge-to-HUD lending, CFG combines the strengths of a large institution with a boutique bank's agility and spirit. The bank is recognized as a Best Place to Work by the Baltimore Business Journal and is dedicated to fostering employee growth, meaningful impact, and fulfilling careers.

Position Overview

The AML Analyst for Cannabis Banking oversees daily monitoring and risk management of cannabis-related clients in line with the Bank Secrecy Act (BSA), Anti Money Laundering (AML), Counter Terrorist Financing (CFT) regulations, and CFG's Cannabis Banking Policy. This role acts as a subject matter expert on cannabis-associated risks, including licensing, ownership structures, transaction trends, and regulatory requirements. Responsibilities include examiner-ready documentation, enhanced due diligence, transaction surveillance, and reporting suspicious activities related to cannabis businesses.

Key Responsibilities

• Perform initial and ongoing Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) for cannabis-related customers covering both direct and indirect businesses.
• Evaluate customer licenses, beneficial ownership, regulatory compliance, transaction activity, and cash flows against declared business purposes and risk profiles.
• Maintain comprehensive, precise documentation supporting regulatory audits and examinations.
• Analyze automated transaction alerts and referrals tied to cannabis clients using AML monitoring systems.
• Investigate unusual or potentially suspicious activities, focusing on cash handling, rapid fund movements, commingling, third-party payments, structuring, and other cannabis-specific risk indicators, documenting outcomes clearly and defensibly.
• Escalate identified risks or concerns appropriately to the BSA Officer or management.
• Prepare timely and accurate Suspicious Activity Reports (SARs) with thorough cannabis-specific risk narratives.
• Maintain supporting records and investigative workpapers to ensure compliance during regulatory reviews.
• Contribute to cannabis-specific BSA/AML risk assessments by identifying inherent risks and evaluating controls.
• Assist in developing and updating cannabis banking policies, procedures, and internal controls.
• Support coordination during regulatory audits, examinations, and independent testing, providing documentation and responses as needed.
• Serve as an internal consultant on cannabis AML/CFT matters for staff across departments.
• Help design and deliver cannabis-focused BSA/AML training to enhance staff awareness of risks and regulatory expectations.
• Participate in broader BSA/AML compliance activities as required based on priorities.

Qualifications & Requirements

• Bachelor's degree or equivalent experience combined with 3 to 5 years of BSA/AML experience in financial institutions, including CDD/EDD, monitoring, and SAR investigations.
• In-depth knowledge of cannabis-related AML risks like cash-heavy operations and complex ownership structures.
• Experience with cannabis banking programs at regulated financial institutions is preferred.
• Professional certifications such as CAMS, CFE, or equivalent AML/compliance credentials are advantageous.
• Prior involvement in regulatory examinations by federal or state banking agencies preferred.
• Familiarity with GreenCheck and/or Verafin software tools preferred.
• Strong understanding of BSA/AML/CFT regulations and examiner expectations favored.

Work Environment

The role offers a hybrid work schedule with four days onsite and one remote day per week after an initial 90-day period.

Compensation & Benefits

Annual salary ranges from $68,000 to $77,000, set according to experience, qualifications, and internal equity, pursuant to Maryland's Equal Pay for Equal Work Act.

• Comprehensive employer-sponsored benefits including medical, dental, vision, disability, life insurance, mental health support, and wellness programs.
• Paid leave encompassing vacation, sick, and volunteer days.
• Retirement plan with a 401(k) employer match.
• Additional compensation features such as discretionary annual bonuses and overtime pay for non-exempt roles.

Equal Employment Opportunity

CFG Bank is an Equal Opportunity Employer committed to all protected groups, including veterans and individuals with disabilities. Accommodation requests related to the application process can be made via the bank's Talent Acquisition contact.