AML Sanctions Specialist I - Woodbridge, NJ

Provident Bank•Oak Ridge, NJ

2d•$25 - $31•Onsite

About The Position

The AML Sanctions Specialist develops knowledge of the regulatory requirements, government orders, laws, OFAC systems, and guidance that govern sanctions risk and compliance practices. The role assists with reviewing and decisioning sanctions alerts escalated by business units and alerts generated by screening systems. This position supports the review and disposition of lower-complexity sanctions alerts, OFAC risk assessments, vendor testing, and regulatory research under appropriate supervision.

Requirements

Bachelor’s degree in finance, Criminal Justice, Accounting, Business Administration, or a related field.
Up to 18 months of relevant experience in AML, BSA, sanctions compliance, risk management, financial crimes, or a related field.
Knowledge of sanctions-related activities within the banking or financial services industry and the ability to identify, prevent, or report concerns.
Ability to perform due diligence reviews and process information with a high level of accuracy and attention to detail.
Knowledge of audit and compliance responsibilities, internal audit processes, quality-control practices, and methods.
Knowledge of internal controls and their use in detecting, correcting, and preventing fraudulent or noncompliant activity.
Ability to create, implement, evaluate, and enhance internal-control processes.
Knowledge of approaches, tools, and techniques for recognizing, anticipating, and resolving organizational, operational, or process issues.

Responsibilities

Assist with reviewing and dispositioning lower-complexity alerts generated by OFAC screening products and the FinCEN 314(a) list.
Escalate potential matches of significance to the BSA/Fraud Data Governance Supervisor.
Develop an understanding of the legal classification and level of risk associated with persons, entities, and geographies using OFAC systems and government websites.
Assist in reviewing new products and services for OFAC-related risk.
Support periodic OFAC risk assessments by analyzing customer, product, and geographic risk indicators, evaluating risk-rating methodologies, and identifying quantitative factors for consideration.
Assist with ongoing OFAC vendor testing and tuning to confirm that screening products function as expected.
Evaluate whether sanctions-list updates are incorporated in an appropriate and timely manner.
Research and provide guidance regarding federal and state statutes and banking regulations involving OFAC and AML requirements.
Support topics including Customer Identification, Currency Transaction Reporting, Money Services Businesses, marijuana-related businesses, politically exposed persons, nonresident aliens, trade finance, and cryptocurrencies.