OFAC and Sanctions Program Officer

Farmers and Merchants Bank of Long Beach•Lakewood, CA

About The Position

The OFAC and Sanctions Program Officer supports and maintains the Bank’s BSA, AML, sanctions, and OFAC compliance program. The role serves as a subject matter expert on sanctions matters, providing guidance to business units and management on sanctions-related risks, regulatory requirements, and control effectiveness. It independently conducts complex sanctions investigations, evaluates compliance risks, recommends corrective actions, and supports regulatory examinations, audits, and program reviews. The Officer also contributes to the ongoing development and enhancement of sanctions policies, procedures, controls, and governance practices, and partners across the Bank to implement regulatory requirements, monitor emerging risks, provide training, and strengthen the financial crimes compliance program. The role requires advanced knowledge of BSA/AML monitoring systems and investigative tools, applicable financial-institution BSA, AML, OFAC, and sanctions requirements, sanctions screening, transaction monitoring, suspicious-activity investigations, and regulatory reporting. The Officer must apply sound judgment, maintain confidentiality, interpret regulations in complex scenarios, communicate findings and recommendations clearly, and manage multiple priorities while meeting deadlines. The position requires a high school diploma or equivalent, at least five years of banking experience with a strong emphasis on customer service and client support, and at least five years of BSA/AML and OFAC compliance experience within a financial institution. CAMS certification is preferred and may be required within a specified timeframe after hire. The position is eligible for an Assistant Vice President Officer Title, subject to defined requirements and approvals. It is designated as a sensitive position and requires a mandatory two consecutive weeks of absence from essential duties each calendar year. The listed exempt salary range is $87,360–$139,360 per year; placement depends on relevant factors including skills, experience, qualifications, geographic location, and internal equity.

Requirements

High school diploma or equivalent.
At least five years of banking experience, with a strong emphasis on customer service and client support.
At least five years of BSA/AML and OFAC compliance experience within a financial institution.
Advanced knowledge of BSA/AML monitoring systems and investigative tools used to identify, review, and report suspicious activity.
Advanced knowledge of BSA, AML, OFAC, and sanctions regulatory requirements applicable to financial institutions.
Strong understanding of financial crimes compliance, sanctions screening, transaction monitoring, suspicious activity investigations, and regulatory reporting.
Knowledge of regulatory guidance, industry best practices, and risk management principles related to sanctions compliance.
Ability to remain current with evolving regulatory requirements, sanctions developments, and emerging financial crimes risks.
Sound judgment, high integrity, and commitment to ethical and professional conduct.
Ability to maintain strict confidentiality and discretion when handling sensitive, proprietary, and regulatory information.
Ability to interpret and apply BSA, AML, OFAC, and sanctions regulations to complex customer, transaction, and investigative scenarios.
Strong analytical, investigative, and problem-solving skills, including the ability to assess risk and provide well-supported recommendations.
Ability to serve as a subject matter expert and guide employees on regulatory requirements, controls, and compliance procedures.
Effective verbal and written communication skills, including presenting findings and recommendations clearly and professionally.
Ability to manage multiple priorities, adapt to changing regulatory requirements, and meet deadlines in a fast-paced environment.
Knowledge of the USA PATRIOT Act and its application within a financial institution compliance framework.
Ability to perform repetitive movements associated with office and computer-based work; sit and/or stand for extended periods; lift, carry, or move objects up to 25 pounds; and use hands and fingers to operate standard office equipment, with or without reasonable accommodation.
Ability to complete a mandatory two consecutive weeks of absence from essential duties each calendar year, scheduled in coordination with management.

Nice To Haves

Certified Anti-Money Laundering Specialist (CAMS) certification preferred; certification may be required within a specified timeframe after hire.

Responsibilities

Conduct and oversee enhanced sanctions investigations involving complex ownership structures, subsidiaries, affiliates, counterparties, vessels, financial institutions, and other parties to determine potential direct or indirect sanctions exposure.
Analyze OFAC and sanctions-related alerts, assess risk, and recommend resolution or escalation to management.
Coordinate and document required blocking or rejection of transactions, including escalation, regulatory reporting, recordkeeping, and follow-up.
Maintain oversight of blocked property and related records, including reconciliation and regulatory reporting.
Monitor OFAC sanctions list updates, sanctions programs, General Licenses, regulatory developments, and emerging risks, and recommend responses to potential impacts on Bank customers, products, services, and operations.
Review real-time wire transfers, ACH transactions, and other customer activity for potential matches against OFAC sanctions lists, watchlists, and high-risk jurisdictions.
Analyze complex transactional activity and customer relationships to identify suspicious, unusual, or high-risk activity and provide investigative recommendations.
Conduct reviews and investigations independently and exercise sound judgment in identifying compliance risks.
Provide Bank personnel with guidance on BSA/AML/OFAC requirements, sanctions risks, and internal policies and procedures.
Partner with BSA management, investigative units, business lines, and branch personnel to resolve compliance concerns and mitigate risk.
Oversee and validate timely implementation of sanctions list updates across applicable screening systems and document required controls.
Support BSA/AML and OFAC risk assessments, internal audits, regulatory examinations, and country risk reviews, providing expertise and recommendations to strengthen controls.
Conduct training and knowledge-sharing sessions for frontline staff and BSA personnel on BSA/AML and OFAC requirements, trends, and industry best practices.
Review and investigate FinCEN Section 314(a) requests bi-weekly and document and disposition potential matches within required timeframes.
Partner with cross-functional team members to provide training, guidance, and operational support as needed.
Support other BSA functions, including Enhanced Due Diligence (EDD), Currency Transaction Reporting (CTR), investigations, and other compliance teams as needed.
Maintain complete, accurate, and timely documentation of investigations, findings, decisions, and regulatory reporting activities.
Lead or participate in special projects, process improvement initiatives, system implementations, and other assignments to enhance the BSA/AML and OFAC compliance program.
Comply with applicable state and federal banking laws, regulations, and internal policies, including requirements related to BSA, AML, OFAC, CIP, financial elder abuse reporting, sexual harassment prevention, information security, and privacy.