BSA OFAC Specialist II

Amerant Bank•Miramar, FL

About The Position

The BSA OFAC Specialist II reviews and researches potential matches to government sanctions and internal watch lists, determines whether matches are valid, documents research and decisions, and reports or escalates matters to the BSA AML OFAC Risk & Controls Officer when appropriate. The role queries FinCEN’s 314(a) list and reviews, investigates, and documents potential matches, including referring matches to the Financial Intelligence Unit for enhanced due diligence. It also investigates escalated OFAC alerts, coordinates requests for information with business units, and supports decisions to release, block, or reject transactions. The specialist supports OFAC and FinCEN reporting, blocking and rejection processes, annual reporting of blocked property or retained funds, and maintenance of logs and supporting documentation. The role tests list updates and alert dispositions, supports screening procedures and controls, reviews negotiable instruments and cashier’s checks, and provides guidance on BSA/AML and OFAC compliance. The specialist also communicates with regulatory bodies as needed, remains current on applicable requirements, and assists with examinations, independent audits, and ad hoc projects.

Requirements

Bachelor’s degree in Business Administration or Finance.
3–5 years of relevant compliance experience, such as BSA/AML and OFAC.
Strong understanding of BSA/AML and OFAC regulations, regulatory expectations, and leading practices in suspicious activity reporting, client screening/OFAC requirements, and risk assessment.
Knowledge of operational processes and internal controls required for OFAC.
Strong verbal, written communication, and organizational skills, including the ability to summarize and present findings clearly and concisely.
Ability to work collaboratively with cross-functional units and navigate a complex organization to influence people across cultures.
Ability to manage confidential and sensitive information professionally.
Required proficiency in MS Word, advanced MS Excel, and MS PowerPoint.
Ability to work as a team player in a high-volume, high-pressure processing environment.
Self-starter with the ability to plan and work independently.
High level of professionalism, self-motivation, and urgency; ability to reprioritize as business needs change.
Analytical and deductive reasoning skills.
Ability to multitask, prioritize workloads, meet deadlines, maintain attention to detail, and resolve issues.

Nice To Haves

AML/BSA/OFAC accredited certifications.
Bilingual English/Spanish.

Responsibilities

Monitor daily screening results for customer records and ACH transactions; review potential OFAC hits, disposition alerts in the screening system, and investigate matches as applicable.
Investigate escalated OFAC alerts from the Wire department and request information from business units to determine whether transactions should be released, blocked, or rejected.
Act as a point of contact and subject matter expert for sanctions transactions resulting in referrals for information.
Assist with OFAC blocking and rejection processes by completing required forms and documentation.
Assist with filing the Annual Report of all property blocked or funds retained under OFAC regulations within the regulatory timeline.
Test OFAC sanctions and non-sanctions list updates, including SDN lists, to ensure they are uploaded to the bank’s screening system.
Identify data-integrity gaps or issues with uploaded lists and escalate them to the immediate supervisor, including potential OFAC violations.
Provide expert advice on new business initiatives and complex transactions to support compliance with OFAC regulations.
Assist the immediate supervisor in maintaining OFAC and sanctions screening procedures and desktop procedures.
Maintain adequate documentation throughout OFAC processes.
Test alerts closed by the Wire department to confirm appropriate disposition and documentation.
Maintain OFAC logs daily and document decisions.
Provide technical assistance and guidance to staff on BSA/AML and OFAC compliance and other assigned matters.
Assist with daily reviews of cashier’s checks and negotiable instruments to confirm OFAC screening followed established procedures, escalating unusual or suspicious activity to the immediate supervisor.
Process OFAC searches for other bank areas, including Operations, Loans, and Vendor Management.
Query customer and transaction records against FinCEN’s 314(a) list every 14 days and/or as requested by FinCEN.
Review and analyze FinCEN 314(a) inquiries and potential hits.
Ensure customer, Wire, and ACH potential 314(a) matches are reviewed and documented within 14 days and/or as requested by FinCEN.
Determine whether potential 314(a) hits are false positives or positive matches using available bank records and identifiers; conduct due diligence when information is insufficient to disposition a hit.
Refer 314(a) matches to the Financial Intelligence Unit for enhanced due diligence.
Communicate with regulatory bodies, including OFAC and FinCEN, as needed.
Remain current on regulatory AML/BSA and OFAC requirements and actions.
Assist with examinations and independent audits.
Participate in ad hoc projects and perform other assigned duties.