The BSA OFAC Specialist II is primarily responsible for reviewing and researching potential matches to government sanctions, internal watch lists, and 314a sharing information. This position performs ongoing monitoring of the OFAC alerts and decisioning conducted by different areas of the Bank to ensure compliance and correct disposition. The OFAC Specialist conducts special testing reviews to ensure appropriate mitigating controls are in place to reduce risks of money laundering or violations of global sanctions. In addition, the position provides expert advice on new business initiatives and complex transactions ensuring compliance with OFAC regulations.
Responsibilities:
- Perform quality assurance on OFAC alerts/processes in the different areas in the Bank to ensure proper disposition and documentation.
- Test and monitor special areas to ensure adequate controls are in place. Perform AML/OFAC compliance testing to mitigate exposure to regulatory sanctions, fines, and penalties, and ensure compliance with federal and state regulations and organizational policies and procedures.
- Monitor OFAC screening results in different areas of the Bank. Review potential OFAC hits, disposition the alerts in the screening system, and conduct applicable investigation to clear those matches.
- Conduct investigations on escalated OFAC alerts. Research potential matches and request for information to the business units to release, block, or reject the transaction.
- Acting as a point contact and subject matter expert for transactions derived from cases resulting in referrals for information.
- Provide expert advice on new business initiatives and complex transactions ensuring compliance with OFAC regulations.
- Assist in the OFAC blocking and rejection transaction process by completing the necessary forms and documentation to support the bank's decision.
- Assist in the filing of the Annual Report of all property blocked or funds retained under OFAC regulations by the regulatory timeline.
- Identify gaps or issues and escalate to immediate supervisor to ensure data integrity of the uploaded lists against the original sources or potential OFAC violations.
- Assist immediate supervisor in maintaining OFAC and Sanctions screening procedures and desktop procedures.
- Ensure adequate documentation is maintained in all phases of OFAC processes.
- Maintain OFAC logs daily and ensure decisions are well documented.
- Assist in the daily review of Cashier's Checks as needed. Perform daily review of negotiable instruments to ascertain that OFAC Screening was performed in accordance with implemented procedures. Escalate to immediate Supervisor any unusual or suspicious activity noted.
- Process OFAC searches for other areas of the bank such as Operations, Loans, Vendor Management, etc.
- Assist in the FinCEN's 314a screening process.
Communicate with regulatory bodies such the Office of Foreign Assets Control and the Financial Crimes Enforcement Network as needed.
Remain current on regulatory AML/BSA and OFAC requirements and actions.
Assist in the examinations and independent audits.
Participate in ad hoc projects or perform other duties assigned.
Minimum Education and /or Certifications:
Bachelors' Degree in Business Administration or Finance. AML/BSA/OFAC accredited certifications is a plus.
Minimum Work Experience Requirements:
3-5 years of relevant compliance experience (i.e., BSA/AML and OFAC). Strong understanding of BSA/AML and OFAC regulations, regulatory expectations, and leading practices suspicious activity reporting, client screening/OFAC requirements, and risk assessment. Knowledge of operational processes and internal controls required for OFAC.
Technical and/or Essential Knowledge:
Strong verbal, written communication, and organizational skills with the ability to summarize and present findings in a clear and concise manner. Ability to work collaboratively with cross-functional units; ability to navigate a complex organization to influence people across cultures. Ability to manage confidential and sensitive information in a professional manner. MS Word, MS Excel Advanced, and MS PowerPoint are required. Bilingual English/Spanish preferred.
Functional Skills & Knowledge:
Must be a team player, ability to work in high-volume, high pressure processing environment. Self-starter with proven ability to plan and work independently. High level of professionalism, self-motivation, and sense of urgency; ability to re-prioritize work as the immediate needs of the business change. Analytical and deductive reasoning skills Ability to multi-task and prioritize workloads, meet deadlines, maintain attention to detail, resolve issues, and work independently.