Summary
The position's responsibilities include the following: monitoring transactions utilizing various internal systems in order to verify that the Bank's activity is in compliance with applicable laws and regulations, and to review transactions to identify for potentially suspicious transactions. He/she is expected to be able to work in a team environment, whilst simultaneously managing his/her own individual workload.
Key Responsibilities
- Review of AML monitoring alerts to ensure that all activity is in compliance w/ current BSA/AML regulatory standards, and ensure that AML monitoring alerts are documented and dispositioned in compliance with the standards established in the Bank’s policies and procedures.
- Conduct enhanced investigations when needed on individuals and activity that are deemed possibly suspicious.
- File Suspicious Activity Reports for confirmed Suspicious Activity.
- Review of Sanctions Screening alerts that are generated from the Bank’s nightly scrub against the sanctions lists.
- Assist with compilation and analysis of data for the Bank's BSA/AML and OFAC Risk Assessments.
- Assist with the model validation and testing of the Transaction Monitoring Tool, to ensure the tool is in compliance with NYS DFS Regulation Part 504 and SR Letter 11-7.
- Assist the team with any remediation projects in regards to the Bank’s AML compliance tools or policies and procedures.
- Assist in the annual process of compliance certification with NYS DFS Regulation Part 504.
- Assist with AML training of relevant staff.
Management and Reporting
The position reports directly to the Head of AML/OFAC Compliance.
Key Internal Contacts
The employee will most likely interact on a regular basis with the Client On Boarding group, Front Office personnel, Head Office Compliance personnel, and IT support.
Key External Contacts
The employee may have occasion to interact with external auditors and/or regulations during exams.
Qualifications/Education Required
- College Degree
- ACAMS preferred
Experience Required
Competencies Required
Knowledge of US AML and OFAC regulations
Familiarity with finance and banking products preferred
Skills & Knowledge Requirements
- Knowledge of Microsoft applications
- IT Knowledge of Payment systems preferred
