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OFAC Manager

  • Location: New York, NY
  • Job Type: Direct Placement
  • Ref No: 20-02912
  • Date: June 26, 2020
  • Job title:

James McDade

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Job Description - OFAC Manager

Our client is a foreign banking organization that is seeking an OFAC Manager. The primary focus of the subject position is to manage and maintain all aspects of the Branch’s OFAC Sanctions program in accordance with applicable laws, regulations, regulatory guidance and expectations, as well as the Bank’s policies and procedures.

The responsibilities include, but are not limited to the following:

  1. Manage and supervise the OFAC/Sanctions Unit from an Advisory perspective and Operational level.

  1. Maintain Branch’s OFAC Sanctions Compliance Program.

  1. Maintain and oversee processes and controls to maintain an effective sanctions program.

  1. Identify areas of risk and work with Compliance and business units to identify control gaps, provide remediation and work on implementation.

  1. Manage transactions escalated to Manager’s Review, OFAC inquiries, investigations and suspense account reconciliations.

  1. Update and maintain all sanctions related Policies, Methodologies and Procedures.

  1. Ensure all applicable regulations and guidance from different regulatory bodies such as: Office of Foreign Assets Control (OFAC), Client Client (FRBNY) and New York State Department of Financial Services (NYSDFS) are incorporated accordingly.

  1. Ensure implementation and compliance to regulations and guidelines issued by the regulatory bodies.

  1. Assist with OFAC/Sanctions risk assessment (methodology and process).

  1. Prepare periodic MIS reports for Senior Management and HO.

  1. Prepare OFAC Annual Blocked Property Report, OFAC Block Reports, OFAC Reject Reports and Voluntary Self Disclosures.

  1. Provide advisory and support on new business initiatives, policies and procedures, control structures, and regulatory issues.

  1. Identify and escalate potential screening gaps and support implementation plans to address them if necessary.

  1. Handle various sanctions filtering related projects and meet timely deadlines.

  1. Coordinate and provide materials for internal and external OFAC/sanctions-related regulatory examinations.

  1. Maintain required attributes of the Filtering Program as required by Part 504 NYDFS Superintendent’s Regulations.

  1. Monitor and review the effectiveness of implementation of resolutions for compliance concerns raised by regulators and/or auditors.

  1. Provide input on the development of targeted training materials on recent sanctions updates, enforcement actions as well as sanctions risks for each Line of Business.

  1. Provide training to the Sanctions Unit, Compliance Department, and various lines of business.

  1. Participate in special projects in support of the US Sanctions Compliance program or as directed by management.

  1. Conduct special investigations per request from Head Office, Bank branches and other regulatory bodies in liaison with IBGHO Compliance. Inform IBG-HO- Compliance unless it is prohibited by local laws.

  1. Ensure all Internal Audit reports conducted in the Branch relating to Regulatory Compliance are retained

  1. Ensure development and implementation of action plan for audit observations are properly executed within the deadlines. This function examines and evaluates the adequacy and effectiveness of internal controls to ensure the Branch’s processes and procedures are in-line with local regulatory requirements. 

  1. Ensure all statutory reports and/or requests for information received from different regulators are handled in timely manner.

  1. Perform additional tasks as required / determined by MLRO, IBG HO Compliance or Branch Management.


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