Derek Anderson
Palatine
Summary
Seasoned financial crimes compliance leader with over 10 years of progressive experience in BSA/AML, sanctions, and fraud across traditional banking, fintech, and payments sectors. Proven record of implementing, enhancing, and remediating enterprise compliance programs to meet regulatory standards. Recognized for building high-performing compliance teams and establishing strong relationships with front line business units, regulators, and banking-as-a-service (BaaS) partners.
Overview
11
11
years of professional experience
1
1
Certification
Work History
BSA Officer and VP, BSA/AML and Financial Crimes Compliance
B2 Bank N.A.
09.2025 - Current
- Oversee and lead the strategic direction of the organization’s BSA/AML and OFAC compliance program to ensure alignment with regulatory requirements across both BaaS and community banking divisions.
- Perform BSA/AML and OFAC risk assessments to identify, measure, and mitigate money laundering, terrorist financing, and sanctions risks posed to the bank.
- Collaborate with BaaS partners and internal business units to verify proper controls, policies, and procedures are in place to ensure BSA/AML and OFAC compliance.
- Serve as the primary point of contact for regulators, auditors, and law enforcement agencies on BSA/AML matters.
- Leverage AI to create agents that decrease alert level, case level, and SAR cycle times reducing hiring needs and creating scaling efficiencies.
- Oversee internal audits, external audits, model validations, and regulatory examinations including preparation, documentation, and remediation of findings.
- Provide training to staff and senior management on BSA/AML and OFAC requirements and emerging risks.
- Continuously monitor and improve BSA/AML transaction monitoring and screening software models through rule and threshold tuning, data validation, and quality assurance testing.
- Serve as Chair of the Suspicious Activity Reporting (SAR) Committee, overseeing the review and approval of all SAR filings and evaluating customer offboarding decisions.
- Design and implement AI-powered tools to continuously scrape, monitor, and operationalize regulatory updates, accelerating policy adoption, strengthening compliance readiness, and reducing manual review efforts.
- Deliver actionable key performance indicators (KPIs) and key risk indicators (KRIs) to risk committees, senior leadership, and the Board of Directors through executive dashboards.
- Conduct due diligence and manage contracts on BSA/AML third-party relationships and vendors.
Manager, BSA/AML and Financial Crimes Compliance
B2 Bank N.A.
08.2023 - 09.2025
- Restructured and enhanced B2 Bank’s BSA/AML program leading to the termination of the 2023 formal agreement between B2 Bank N.A. and the Office of the Comptroller of Currency (OCC) in September 2025.
- Implemented an end-to-end BSA/AML software and case management system integrating CIP, customer risk scoring, transaction monitoring, sanctions and list screening, and regulatory reporting modules.
- Served as a liaison to the OCC during exams to ensure the bank maintained BSA/AML compliance and a strong relationship with the regulator.
- Developed and implemented adequate systems and controls to ensure that all BSA/AML regulatory requirements were met and adhered to.
- Created and maintained BSA/AML policies and procedures to remain compliant with internal process changes, new product offerings, and updates to BSA/AML regulations.
- Managed caseloads, provided guidance, and ensured SLAs were met on BSA/AML investigations.
- Conducted monthly QA on all investigations and QC on Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).
- Served as the point of contact for 314(b) requests and reporting 314(a) true matches.
- Designed, monitored, and tested rules to detect suspicious activity within the transaction monitoring software.
- Assisted in the creation and maintenance of the BSA/AML risk assessment.
Senior Investigator, Due Diligence
John Hancock
05.2023 - 08.2023
- Conducted complex domestic and international due diligence investigations for high net-worth clients, brokerages, vendors, and private equity firms.
- Gathered OSINT information through in-depth knowledge of external databases, internet resources, and public records.
- Authored objective reports on requested subjects through investigation of court records, corporate registration, regulatory and licensing findings, open-source, social media, adverse media, and watchlist screening.
- Assessed additional AML, sanctions, and jurisdictional risks presented through investigation of the subject’s nexus of related companies and/or individuals.
- Managed and prioritized caseload in accordance with department and requester needs.
- Identified and evaluated third-party vendors and database providers to recommend changes to improve cost, productivity, and performance.
Lead Compliance Specialist, Payment Services AML
Discover Financial Services
10.2022 - 05.2023
- Oversaw and reported partner due diligence payment services AML metrics.
- Executed reconciliations to ensure accuracy of information within the systems of record.
- Partnered with the first line to complete risk assessments on high-risk network partners to ensure their AML, sanctions, and compliance programs met operating regulation requirements.
- Attended partner audit on-site team debriefs to discuss AML impacts and deficiencies with network partners.
- Refreshed compliance questionnaires and team procedures on a regular basis to make sure all items were up-to-date and requirements were clear.
- Managed the payment services AML mailbox to ensure inquiries and requests for guidance were addressed.
- Served as the SME for AML and sanctions compliance requests related to payment services.
- Analyzed money-laundering, terrorist financing, and sanctions risk prior to execution of mergers, acquisitions, or equity investments.
- Collaborated with the first line to modernize the due diligence review process and reduce cycle times.
Partner Diligence Specialist, Payment Services AML
Discover Financial Services
02.2020 - 10.2022
- Performed comprehensive know your customer (KYC), customer due diligence (CDD), and enhanced due diligence (EDD) on payment network partners.
- Reviewed payment services transaction monitoring alerts and filed suspicious activity reports (SARs) if reporting requirements were met.
- Provided subject matter expertise to payment services risk management and enablement partners to ensure documentation met regulatory requirements.
- Evaluated partner contracts and assessed alignment with operating regulations and CDD questionnaires to ensure compliance with AML, BSA, and sanctions regulatory requirements.
- Conducted red flag reviews on network partners identified through unusual activity or escalation.
- Reviewed prepaid programs to ensure they were within guidelines and didn’t present inordinate risk.
- Assisted in the maintenance of the partner risk rating model to enhance and ensure accuracy.
- Trained and mentored new hires on internal systems, procedures, and processes.
Senior Associate, Sanctions and List Screening
Discover Financial Services
08.2018 - 02.2020
- Adjudicated second-level alerts and wire transfers escalated from treasury.
- Researched ad-hoc requests against OFAC SDN lists to provide guidance to the lines of business.
- Examined Cuban national documentation to ensure permanent residency during onboarding.
- Performed testing on new front end screening systems and assisted on ensuing tuning exercises.
- Identified gaps and opportunities to enhance the listing screening process and procedures.
Associate, Sanctions and List Screening
Discover Financial Services
06.2017 - 08.2018
- Safeguarded the bank from regulatory, monetary, and reputational risks by ensuring compliance with executive orders, economic sanctions, general and specific licenses.
- Responsible for the investigation and disposition of potential OFAC, PEP, and adverse media/negative news matches.
- Completed bi-weekly investigations of 314(a) requests from FinCEN.
- Exercised discretion and independent judgment while assessing the risks posed to company when adjudicating alerts.
Fraud Analyst
Accertify - An American Express Company
11.2015 - 06.2017
- Monitored real-time queues and identified high-risk international money transfers.
- Investigated high-risk accounts by reviewing bank statements, residency documents, and ID/facial recognition software.
- Conducted interviews to ascertain the motivation of transfers, relationship to recipients, and association to the country in which the money was being transferred.
- Reviewed transactions to identify fraudulent activity such as account takeovers, consumer scams, and hostile fraud.
- Maintained fraud analysis models to improve efficiency and detect patterns that would reduce potential revenue loss.
Education
B.A. - Psychology
Northern Illinois University
DeKalb, IL01-2010
Skills
- Bank Secrecy Act
- USA PATRIOT Act
- BSA/AML Program Management
- Regulatory Examinations and Remediation
- Fintech & BaaS Partner Oversight
- Policy & Procedure Development
- BSA/AML & OFAC Risk Assessments
- Team Leadership & Development
- Transaction Monitoring
- Sanctions and List Screening
- Know Your Customer and Customer Identification Program
- Customer Due Diligence and Enhanced Due Diligence
- Suspicious Activity Report and Currency Transaction Report Filing
- Quality Assurance and Quality Control
Certification
- Advanced CAMS - Risk Management (ACAMS)
- Certified Anti-Money Laundering Specialist (ACAMS)
- Certified Global Sanctions Specialist (ACAMS)
- Certified Cryptocurrency Expert (Blockchain Council)
Technology And Tools
- Asana
- Jira
- AuditBoard
- Bridger
- Unit21
- Alessa
- Bloomberg Law
- PACER
- OFAC SDN Website
- World Check One
- LexisNexis AML
- United Bankers Bank (UBB)
- Dow Jones Risk Center/Factiva
- World Compliance
- Orbis BvD
- Archer
- Regulatory DataCorp
- Jumio
- CLEAR
- Sayari
- TLOxp
Timeline
BSA Officer and VP, BSA/AML and Financial Crimes Compliance
B2 Bank N.A.
09.2025 - Current
Manager, BSA/AML and Financial Crimes Compliance
B2 Bank N.A.
08.2023 - 09.2025
Senior Investigator, Due Diligence
John Hancock
05.2023 - 08.2023
Lead Compliance Specialist, Payment Services AML
Discover Financial Services
10.2022 - 05.2023
Partner Diligence Specialist, Payment Services AML
Discover Financial Services
02.2020 - 10.2022
Senior Associate, Sanctions and List Screening
Discover Financial Services
08.2018 - 02.2020
Associate, Sanctions and List Screening
Discover Financial Services
06.2017 - 08.2018
Fraud Analyst
Accertify - An American Express Company
11.2015 - 06.2017
B.A. - Psychology
Northern Illinois University