OFAC Sanctions Associate

Our Client has a temporary position for an experienced Associate in their Financial Intelligence Unit (FIU). Reporting to the FIU Manager, you will be a key member of the Compliance Department in its day-to-day management of AML/BSA risk and ensuring compliance with all federal and state laws and regulations. The primary function of this position is to support the Bank’s Sanctions Program.

Essential Functions

• Dispositions OFAC alerts triggered on live domestic and international payments via the Bank’s OFAC filtering systems to ensure all transactions are in compliance with OFAC regulations and AML policies.
• Working knowledge of comprehensive and sectoral sanctions with the ability to decision potential matches.
• Ability to clearly, accurately document decisioning thought process when clearing false positives.
• Conducts research on escalations/referrals from internal Bank departments with respect to potential OFAC hits, negative news, and PEP hits.
• Assist with blocking, rejecting, and reporting transactions to OFAC as needed.
• Update OFAC logs and other items as needed.
• Provide guidance on OFAC matters to other Associates within the group and other business units.
• Perform quality assurance checks and validations of OFAC filtering systems to ensure systems are compliant per periodic release of OFAC SDN updates.
• Ensures maintenance of OFAC sanctions lists and Internal Watchlists utilized by the Bank.
• Participates in system testing, optimization and validation to ensure the integrity of systems and processes for OFAC monitoring.
• Other duties assigned by management, including supporting other BSA Department areas as needs arise (e.g., investigate alerted transactions or customer relationships for AML/Sanctions risks and provide guidance on SAR filings as needed).
• Candidate must be able to interact with all lines of business to resolve issues as appropriate.

Other Functions

• Research laws, regulations, and guidance impacting the Bank as it relates to new/modified products/services.
• Support management with development and rollout of initiatives impacting the Bank.
• Support Executive and Senior Management

Specific Skills

• Thorough understanding of legal aspects and recordkeeping requirements of banking regulations (especially relating to OFAC, AML, BSA, USA PATRIOT Act).
• Strong knowledge of OFAC regulations and Sanctions
• Strong communication, writing, and collaboration skills, including the ability to work effectively with others at all levels across the Bank.
• Strong analytical, research, and problem-solving skills are a must.
• Ability to quickly assimilate information relating to complex issues, maintain poise, diplomacy, and the ability to use discretion when making decisions, and exercise good judgment.
• Effectively provide solutions and direction, multi-task, work independently and deliver results in a timely manner.
• Highly motivated, results oriented individual who can work in a time sensitive environment.

Qualifications

• Education: Associate degree or equivalent experience
• Experience: Minimum of 1 year of AML/BSA OFAC Compliance
• CAMS preferred