BSA/AML - OFAC Specialist

Towne Family of Companies•Suffolk, VA

About The Position

Primary Purpose: This position is a part of BSA/AML Department, a team that is integral to TowneBank’s efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank’s businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The OFAC Specialist works within the BSA/AML Department to disposition sanctions screening alerts and related processes. The OFAC Specialist is responsible for reviewing transaction and account opening sanctions alerts for potential OFAC matches, which includes real-time screening and batched alerts, to ensure compliance with OFAC sanction regulations. OFAC escalations are received from multiple business lines and includes international ACH (IAT) and international wire activity. OFAC Specialists are responsible for documenting results of alert reviews, retaining supporting documentation, and compiling data from sanctions screening for reporting while acting as subject matter expert for other departments including the branch network.

Requirements

1-2 years banking experience and knowledge of bank operations
Knowledge of bank products and services
Working knowledge of federal requirements under the Bank Secrecy Act requirements including Customer Identification Program, USA PATRIOT Act and Office of Foreign Assets Control (OFAC) regulations and be familiar with FFIEC BSA/AML Manual guidelines
Ability to develop strong relationships with peers, and ability to interact with multiple levels of management, internal and external auditors/examiners
Ability to multi-task, work independently and within a team setting
Strong written and verbal communication skills
Detail oriented with good organization skills with proven success meeting deadlines
Ability to handle confidential customer information
Working knowledge of Microsoft Office Suite

Nice To Haves

Bachelor’s degree in related field such as business management, criminal justice, or economics
Experience in a financial institution with asset size $10B and over

Responsibilities

Disposition OFAC screening alert potential matches for newly on-boarded members and on the full member database when OFAC database has been updated
Conduct OFAC screenings on institution’s vendors and dispositions alerts
Obtain and maintain supporting documentation for all escalations and escalation depositions
Review OFAC escalations from other Lines of Business including Wire/ACH department, Indirect Lending and Mortgage Departments to disposition positive matches
Serves as subject matter expert contact for OFAC related inquires
Communicate with Lines of Business when additional supporting documentation is warranted to support alert dispositions
Perform necessary research on new and revised sanction programs as directed by the Office of Foreign Assets Control
Review of rejected transactions and reporting of positive hits as blocked property
Member of OFAC team for Business Continuity Purposes
Perform FinCEN 314a screenings and dispositions alerts
Conduct PEP screenings and investigates reviews
Assist BSA Reporting Manager during audits, exams, and quality control reviews
Conduct OFAC training awareness across lines of business
Update job aids and procedures as necessary
Adheres to applicable federal laws, rules, and regulations including those related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA).
Other duties as assigned.