Associate, Ofac Compliance Analyst

Job Details
Job Location
Headquarters - NEW YORK, NY
Description
JOB SUMMARY: CFSB seeks an Office of Foreign Assets Control (OFAC) Compliance Analyst with 1 to 3 years of banking and OFAC sanctions screening experience. Within the OFAC Team of the Financial Intelligence Unit, this role analyzes OFAC alerts yielded from CFSB’s full range of offered banking services including ACH settlement services, prepaid card issuance, and retail banking for our general customer base and the various types of Money Services Businesses and FinTech companies serviced by CFSB. The Analyst suitable for this role will display a high degree of professionalism and integrity through their work and will possess a solid understanding of OFAC sanctions, Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations.
Qualifications
Responsibilities:

• Familiarity with OFAC screening within ACH and wire transfer transaction threads
• Effectively utilize and operate all tools and technology appropriate to the role.
• Review daily manual reports for OFAC screening, documenting the reviews and reporting findings to management as necessary.
• Strong research, analysis, communication, writing, and follow-up skills. Ability to identify, escalate and resolve a problem
• Identify potential matches that warrant additional research; escalate potential sanctions violations and/or reputational/financial risks accordingly and document the resolution.
• Organized, detail- oriented, self-motivated, and strong communication, writing, and follow-up skills
• Ability to liaise between internal business lines and external vendors and clients, and to work well both independently and as part of a team
• Ability to obtain necessary information to classify an OFAC hit as a “match” or “not a match” with minimal guidance and supervision. Ability to make accurate decisions supported by detailed documentation justifying decisions.
• Identify potential strategic process improvements and assist with implementation. Assist other teams within Compliance when needed
• Stay abreast of regulatory changes and AML related news, with an emphasis on OFAC sanctions- related developments. Ensure timely completion of all mandatory training requirements.
• 1 to 3 years in an OFAC screening-specific role
• Understanding of compliance and BSA/AML/OFAC regulatory requirements and implications
• Interact with other departments/lines of business on resolution of issues (e.g., Operations Department, CFSB clients).
• Ensure timely completion of all mandatory training requirements. Knowledge, Skills, and Abilities:
• Conduct sanctions screening of real-time and post-transactional alerts in the Bank’s automated sanction screening solution for potential violations of OFAC and other governmental sanctions. Investigate potential matches and true positive hits; escalate for further review and approval as required by procedure
• Ensure escalation of alerts are properly handled and documented according to procedures
• Review potential customer name matches from bi-weekly Financial Crimes Enforcement Network’s (FinCEN’s) 314(a) list
• Ability to work dependably and consistently under team constraints, and to manage time efficiently and effectively

Education, Training, and Experience:

• Experience with OFAC sanction screening of various customer types desired (e.g., Money Services Businesses such as money transmitters; pre-paid card programs; debit card programs: and retail banking customers).
• Proficiency in standard Microsoft Suite programs
• Experience with CGI HotScan’s sanctions screening solution a plus

Salary: $78,000-$100,000
"Base salary range does not include performance-based bonus and/or other benefits, where applicable. Actual base salary offer will vary based on skills and experience."