Associate, OFAC Analyst I

Responsibilities

• 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.
• Review daily manual reports for OFAC screening, documenting the reviews and reporting findings to management as necessary.
• Identify potential matches that warrant additional research; escalate potential sanctions violations and/or reputational/financial risks accordingly and document the resolution.
• Ensure escalation of alerts are properly handled and documented according to procedures.
• Interact with other departments/lines of business on resolution of issues (e.g., Operations Department, CFSB clients).
• 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.
• Effectively utilize and operate all tools and technology appropriate to the role.
• Identify potential strategic process improvements and assist with implementation.
• Absorb and implement new processes and technologies as needed.

Requirements

• 1 to 3 years in an OFAC screening-specific role.
• Familiarity with OFAC screening within ACH and wire transfer transaction threads.
• 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.
• 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 work dependably and consistently under team constraints, and to manage time efficiently and effectively.
• Strong research, analysis, communication, writing, and follow-up skills.
• Ability to identify, escalate and resolve a problem.
• Understanding of compliance and BSA/AML/OFAC regulatory requirements and implications.

Qualifications

• 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.