OFAC and Sanctions Program Officer

Farmers and Merchants Bank of Long Beach•Lakewood, CA

2d•$87,360 - $139,360•Onsite

About The Position

The OFAC and Sanctions Program Officer is responsible for supporting and maintaining the Bank's Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Sanctions and Office of Foreign Assets Control OFAC Compliance Program, including sanctions monitoring, investigations, regulatory reporting, risk assessment, and control oversight. The position serves as a subject matter expert on OFAC and sanctions matters, providing guidance to business units and management regarding sanctions-related risks, regulatory requirements, and control effectiveness. This role independently conducts complex sanctions investigations, evaluates potential compliance risks, recommends appropriate corrective actions, and supports regulatory examinations, audits, and sanctions program reviews. The Officer contributes to the ongoing development and enhancement of sanctions policies, procedures, controls, and governance practices to ensure compliance with applicable laws and regulations. The Officer partners with stakeholders across the Bank to implement regulatory requirements, monitor emerging risks, provide training and guidance, and support strategic initiatives designed to strengthen the Bank's financial crimes compliance program.

Requirements

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 requirements.
Knowledge of applicable 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.
Demonstrates sound judgment, high integrity, and a strong commitment to ethical and professional conduct.
Ability to maintain strict confidentiality and exercise 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 with the ability to assess risk and provide well-supported recommendations.
Ability to serve as a subject matter expert and provide guidance to employees regarding BSA/AML/OFAC regulatory requirements, internal controls, and compliance procedures.
Effective verbal and written communication skills, including the ability to present 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.
High School Diploma or equivalent required
Minimum of five (5) years of banking experience, with a strong emphasis on customer service and client support.
Minimum of five (5) years of experience in BSA/AML and OFAC compliance within a financial institution.

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, evaluate associated risk, and provide recommendations to management regarding appropriate resolution and escalation.
Coordinate and document the blocking or rejection of transactions when required and ensure appropriate escalation, regulatory reporting, recordkeeping and follow-up in accordance with regulatory requirements and Bank policy.
Maintain oversight of blocked property and related records ensuring accurate reconciliation, regulatory reporting, and compliance with applicable sanctions requirements.
Monitor and assess OFAC sanctions list updates, new sanctions programs, General Licenses, regulatory developments, and emerging sanctions risks, and provide recommendations regarding potential impacts to 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 potential suspicious, unusual, or high-risk activity and provide comprehensive investigative recommendations.
Perform reviews and investigations independently while exercising sound judgment in identifying potential compliance risks.
Serve as a subject matter expert and trusted resource to Bank personnel by providing guidance on BSA/AML/OFAC regulatory requirements, sanctions-related risks, and internal policies and procedures.
Partner with BSA management, investigative units, business lines, and branch personnel to resolve potential compliance concerns and mitigate risk.
Oversee and validate the timely implementation of sanctions list updates across applicable screening systems and document completion of required controls.
Support and contribute to BSA/AML and OFAC risk assessments, internal audits, regulatory examinations, and country risk reviews, providing subject matter expertise and recommendations to strengthen controls and compliance practices.
Conduct training and knowledge-sharing sessions for frontline staff and BSA personnel regarding BSA/AML and OFAC requirements, trends, and industry best practices.
Review and investigate FinCEN Section 314(a) requests on a bi-weekly basis and appropriately document and disposition potential matches within required timeframes.
Partner with cross-functional team members to provide training, guidance, and operational support when needed.
Provide support to other BSA functions, including Enhanced Due Diligence (EDD), Currency Transaction Reporting (CTR), investigations, and other compliance-related teams as needed.
Maintain complete, accurate, and timely documentation of investigations, findings, decisions, and regulatory reporting activities in accordance with Bank policy and regulatory expectations.
Lead or participate in special projects, process improvement initiatives, system implementations, and other assignments to enhance the effectiveness of the Bank's BSA/AML and OFAC compliance program.