Associate, OFAC Analyst I
About The Position
CFSB is seeking an Associate, OFAC Analyst I to join the OFAC Team within its Financial Intelligence Unit. The role analyzes OFAC alerts generated by the bank’s banking services, including ACH settlement services, prepaid card issuance, retail banking, and services for Money Services Businesses and FinTech companies. The analyst is expected to demonstrate professionalism and integrity and to apply a sound understanding of OFAC sanctions, AML, and BSA regulations. The analyst reviews real-time and post-transactional alerts, investigates potential matches and true positive hits, documents findings and decisions, and escalates cases as required by procedures. The position also reviews daily manual screening reports, coordinates with internal departments and CFSB clients to resolve issues, monitors relevant regulatory and sanctions developments, and helps identify and implement process improvements. The role may also support other Compliance teams as needed.
Requirements
- 1 to 3 years of experience in an OFAC screening-specific role.
- Familiarity with OFAC screening in ACH and wire transfer transaction flows.
- Ability to obtain information and classify OFAC hits as matches or non-matches with minimal guidance and supervision.
- Ability to make accurate decisions supported by detailed documentation.
- Organized, detail-oriented, and self-motivated, with strong communication, writing, and follow-up skills.
- Ability to liaise between internal business lines and external vendors and clients, and to work independently and as part of a team.
- Ability to work dependably under team constraints and manage time efficiently and effectively.
- Strong research and analytical skills, including the ability to identify, escalate, and resolve problems.
- Understanding of compliance and BSA/AML/OFAC regulatory requirements and implications.
- Proficiency in standard Microsoft Suite programs.
Nice To Haves
- Experience with OFAC sanctions screening for varied customer types, such as Money Services Businesses (including money transmitters), prepaid card programs, debit card programs, and retail banking customers.
- Experience with CGI HotScan’s sanctions screening solution.
Responsibilities
- Conduct sanctions screening of real-time and post-transactional alerts in the bank’s automated screening solution for potential violations of OFAC and other governmental sanctions.
- Investigate potential matches and true positive hits, escalating cases for further review and approval as required by procedure.
- Review daily manual OFAC screening reports, document reviews, and report findings to management as necessary.
- Identify potential matches requiring additional research; escalate potential sanctions violations and reputational or financial risks, and document resolutions.
- Ensure alert escalations are handled and documented according to procedures.
- Work with other departments and lines of business, including Operations and CFSB clients, to resolve issues.
- Stay current on regulatory changes and AML-related news, particularly OFAC sanctions developments.
- Complete mandatory training requirements on time.
- Effectively operate tools and technology appropriate to the role.
- Identify potential process improvements and assist with implementation.
- Assist other Compliance teams when needed.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
No Education Listed
