I would guess no, I let bam move in right in that spot, well one space closer to the water, and I cant. There's a waterfall like that on mine too.
If a house wasn't there, then yea you can build a bridge close to a waterfall.
If you can I'd be surprised and would want bam one more space away like yours..
I've had other issues with villagers being 3 spaces away from the river and I can't build a bridge a little bit in front of them or behind them.