A retail and consumer bank is seeking an OFAC Analyst that can manage the alerts clearing and filtering system for the compliance department. The bank has traditional consumer and retail clients but also provides banking services to MSBs and Fintech companies. The best candidates will have experience perfroming OFAC duties at a bank and preferably have experience in an AML and OFAC role within an MSB.
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 Office of Foreign Assets Control ( "OFAC ) sanctions, Anti-
Money Laundering (AML) and Bank Secrecy Act (BSA) regulations.
Key Responsibilities Include:
Conduct sanctions screening of real-time and post-transactional alerts in the Bank’s automated
sanctions screening solution for potential violations of OFAC and other governmental sanctions.
Review daily manual reports for OFAC screening, documenting the reviews and reporting findings
to management, as necessary.
Responsible for reviewing potential customer name matches from the biweekly FinCEN 314a list.
Identifying potential matches that warrant additional research, and escalate potential sanctions
violations and/or reputational/financial risks accordingly and document the resolution.
Ensure hits/alerts are handled in accordance with defined procedures that meet standards for
both quality and timeliness.
Ensure escalation of alerts are properly handled and documented according to procedures.
Interact with other departments/lines of business on resolution of issues (ex. Operations
Department, and clients).
Stay abreast of regulatory changes and AML related news, with an emphasis on OFAC
Effectively utilize and operate all tools and technology appropriate to the role.
Identify potential strategic process improvements and assist with the implementation.
Investigate potential matches and true positive hits and escalate for further review and approval.
Assist the Transaction Monitoring & Sanctions Screening Manager when needed.
Ensure timely completion of all mandatory training requirements
1-3 years in an OFAC screening specific role
Experience with OFAC sanction screening of various customer types (ex. money service
businesses, money transmitters, pre-paid card programs, debit card programs, and retail
banking customers desired).
The ability to decide as to "a match or "not a match with minimal guidance and
Experience with CSI Watchdog Elite sanctions screening solution a plus.
Familiarity with OFAC screening within ACH and wire transfer transaction threads.
Bachelor’s degree in Business or related field.
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