Sanctions Associate

Sumitomo Mitsui Banking • Jersey City, NJ

347d • $80,000 - $131,000 • Hybrid

About The Position

Within the Financial Crimes Prevention Unit, the Sanctions Compliance Team is responsible for the review of alerts in transaction and customer screening. Associates help lead the team on behalf of the Vice President and report into the VP. Associates have responsibility for overseeing the process under their VP's remit. They may be involved in performing assignments in the absence of the VP and ensure compliance of all transaction examination activities in accordance with regulatory requirements such as the Bank Secrecy Act, Anti Money Laundering, and Office of Foreign Assets Control (BSA/AML/OFAC), as well as SMBC policies and procedures. The Associate follows established guidelines to identify and resolve problems and proactively recommends solutions to improve processes where guidelines may not have been developed. They act as a Subject Matter Expert (SME) for the department and across other functions, may train others, and may lead a process involving a team or act as an independent contributor. Individuals are expected to contribute to workflow or process change and redesign, and to form a strong understanding of the specific process. They may direct the day-to-day work of employees or act as a delegate in place of a VP. The primary focus is on execution within defined parameters, with some expansion based on developing capabilities and experiences. This position may also provide a second level review on alerted transactions and escalate appropriately to authority levels, or perform other 'checker' related processes under their VP's remit. Reports to the VP or Director level, with complex transactions escalated to the next level of management.

Requirements

• 5 to 7 years of specialized experience in Financial Services Compliance, Payment System or Money Transfer preferred.
• Preferred BA / BS (or equivalent experience).
• CAMS preferred.
• Business fluency in English.
• SWIFT preferred.
• FircoSoft preferred.

Nice To Haves

• Previous sanctions screening experience.

Responsibilities

• Acts as lead for the process in their department reporting into VP.
• Assists the VP with day-to-day workflow management, performance and management of assigned staff.
• Assists in the maintenance and enhancement of department processes.
• Oversees and tests upgrades to Compliance applications.
• Ensures compliance with all regulatory practices outlined by CPAD (Compliance Department) BSA/AML/OFAC.
• Provides management and guidance to assigned team members in scope.
• Acts as a checker or second reviewer and performs due diligence on alerted transactions.
• Records decision-making on transactions, SWIFT messages, customers and affiliated parties referred for manual review.
• Ensures business continuity under all conditions with strict adherence to established guidelines and deadlines.
• Ensures completion of requests from BSA Officer in relation to conditional approvals or other requirements.
• Maintains ongoing contact with branches.
• Prepares reports and other materials as required in response to inquiries from internal and external auditors, bank departments, and regulators.
• Provides timely updates of internal bank policy changes, new regulatory compliance requirements, and recommendations from CPAD.
• Ensures maintenance of OFAC sanctions lists and Internal Watchlists utilized by the tool.
• Participates in system testing and implements system upgrades to ensure the integrity of systems and processes for transaction monitoring.

Benefits

• Competitive salary range between $80,000.00 and $131,000.00.
• Annual discretionary incentive award.
• Competitive portfolio of benefits.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Industry: Credit Intermediation and Related Activities
• Education Level: Bachelor's degree
• Number of Employees: 5,001-10,000 employees