Compliance Officer - Bsa Compliance Dept (Governance & Sanctions Unit) - First Bank Pr

FirstBank Puerto Rico•San Juan, PR

11d•Hybrid

About The Position

The Compliance Officer plays a critical role in ensuring compliance with economic sanctions laws and regulations supporting the development, coordination, and execution of the Corporation’s Sanctions Program. This position assists the Compliance Assistant Manager in conducting daily operational tasks and ensuring adherence to BSA/AML/OFAC regulatory requirements. The specialist contributes to the implementation of compliance controls, supports risk assessments, and helps maintain the integrity of the Bank’s sanctions framework through research, interpretation, monitoring, and reporting sanctions related activities. This role requires an initiative-taking approach to regulatory developments and collaboration across departments to promote a strong culture of compliance.

Requirements

Write, speak, and comprehend both English and Spanish fluently (bilingual required).
Work independently with minimal supervision.
Demonstrate strong analytical thinking and problem-solving skills.
Use Microsoft Excel, Word, Outlook, and PowerPoint proficiently.
Perform effectively in a fast-paced, deadline-driven environment.
Understand regulatory frameworks and provide guidance on compliance issues.
Communicate and collaborate effectively across departments and with external stakeholders.
Identify inconsistencies or red flags in data, documentation, or transactions that may indicate sanctions exposure or compliance risks.
Make sound compliance decisions quickly, especially when dealing with time-sensitive sanctions alerts or escalations.
Draft clear, concise, and well-supported compliance reports, memos, and internal communications.
Bachelor’s degree in business administration or an equivalent field.
Between three to five years of experience in BSA/AML and OFAC/sanctions regulations.
Solid understanding of banking rules and regulations, including those from FinCEN and OFAC/sanctions.
Strong research and communication skills.
Ability to self-train, track, and update compliance issues effectively.
Accountable for adhering to the Bank’s BSA, AML and Office of Foreign Assets Control (OFAC) applicable policies.
The employee must follow specific unit procedures developed in compliance with the policies.
Responsible for reporting any suspicious activity and/or transactions in accordance with the Bank’s processes.
Comply with any mandatory BSA, AML and OFAC training assigned.

Nice To Haves

A J.D. is preferred.
CAMS (Certified Anti-Money Laundering Specialist) certification is also preferred.
Occasional travel across all Bank regions, including Puerto Rico, the U.S. and British Virgin Islands, and Florida.

Responsibilities

Assist the Compliance Assistant Manager with matters related to the Office of Foreign Assets Control (OFAC) and sanctions requirements, including conducting research, interpretating, and supporting the review of related policies and procedures.
Execute daily tasks to ensure the Bank’s compliance with OFAC/sanctions and Anti-Money Laundering (AML) regulatory requirements.
Review and investigate alerts generated by sanctions screening systems (e.g., OFAC, UK, UN lists).
Review and analyze customer and transactional data—such as wire transfers and IACHs—to determine potential matches to sanctioned entities or individuals.
Escalate OFAC/sanctions related alerts to the Compliance Assistant Manager and draft Rejected and Blocked Reports as needed.
Collaborate with the Compliance Assistant Manager on AML and sanctions-related consultations.
Monitor changes in sanctions regulations and assess their impact on the institution.
Coordinate implementation of necessary changes in systems, policies, and procedures.
Conduct periodic reviews and investigations related to FinCEN 314(a) and 311 requests.
Communicate and escalate any issues regarding the execution of the BSA/AML/Sanctions Compliance Program directly to the Compliance Assistant Manager.
Support the execution and development of the OFAC/Sanctions Risk Assessment for the Bank and its regions (Puerto Rico, ECR, and Florida), including affiliates and subsidiaries.
Prepare clear, concise, and precise written summaries of work performed, findings, and recommendations.
Provide guidance to business units on sanctions-related matters as well as participate in discussions regarding the OFAC/Sanctions Risk Assessment with various units, departments, affiliates, and subsidiaries.
Assess and advise on sanctions risks associated with new products, services, or geographies upon delegation.
Develop internal reference guidelines, instructional materials, and training manuals on BSA/AML/Sanctions regulatory requirements and procedures.
Conduct needs assessments to identify knowledge gaps.
Ensure alignment with evolving regulatory requirements and industry best practices.
Conduct periodic reviews and testing of sanctions controls and systems.
Identify control gaps and recommend enhancements.
Prepare and distribute operational bulletins, newsletters, and training materials related to BSA/AML/Sanctions, upon delegation.
Support the Compliance Assistant Manager in preparing reports, presentations, and statistics for Senior Management, the Risk Committee, BSA Committees, and Sub-Committees, including BSA Weekly Reports.
Assist in identifying potential vulnerabilities during the annual OFAC/Sanctions Risk Assessment, recommend enhancements to mitigate sanctions-related risks, and follow up on corrective actions or measures.
Track and manage sanctions-related issues and ensure timely remediation, as well as participate in root cause analysis and control enhancement initiatives.
Deliver or support training sessions and awareness initiatives to ensure staff across business units understand OFAC/Sanctions regulations and screening tools.
Follow defined escalation procedures to ensure timely review and resolution of potential sanctions-related issues.
Assists the Compliance Assistant Manager during examinations and internal audits, including testing, research, and collection of data.
Participates in special projects as assigned by Management.