SVB-Sanctions/OFAC- Enhanced Due Diligence Associate

First Citizens Bank • Raleigh, NC

7h • $89,000 - $120,000 • Hybrid

About The Position

This is a hybrid role that may only be hired in the following locations: North Carolina, Arizona, Texas or Chicago
SVB’s First Line of Defense Enhanced Due Diligence Know Your Customer (“EDD KYC”) team is responsible for conducting EDD on higher risk client segments that may pose a higher risk for money laundering, terrorist financing, sanctions, or reputation risk in support of all legal and regulatory requirements as a large financial institution. Serving a key role within the First Line function, you will partner with the Business and engage directly with clients and prospects. As a Sanctions Enhanced Due Diligence Associate, you will be a part of SVB’s First Line of Defense EDD Team tasked with leading OFAC/Sanctions due diligence reviews of existing clients and prospects, ensuring that they are compliant with the Bank’s Risk Appetite, and any/all applicable sanctions regulations. Sanctions Due Diligence reviews require performing extensive research using open source, proprietary, and third-party tools, reviewing sanctions adverse media, leading client due diligence calls, drafting client specific outreach questions, liaising with numerous teams across the Bank (e.g., Relationship Teams, Onboarding, Underwriting, etc.), and conducting a comprehensive risk analysis to assess a broad spectrum of sanctions risk. Draft high-quality, thoroughly researched sanctions risk analysis as well as governance documentation (e.g., program and procedure documents). Maintains knowledge of laws and regulations, particularly US and international sanctions programs and foreign policy issues, through ongoing research and industry involvement. Demonstrate subject matter expertise by acting as a trusted resource and assist in developing and delivering sanctions training on new or emerging sanctions/trade risks. Partnering with key stakeholders across the Bank’s platform, including relationship, product teams, and Sanctions Compliance is critical, along with comfortability around messaging complex risks across various business units. This role sits within the Bank’s First Line of Defense and works directly with the Commercial Bank Business Units and requires collaboration and a strong working dynamic across the FLOD EDD KYC Team.

Requirements

• Bachelor's Degree and 4 years of experience in Sanctions/OFAC Enhanced Due Diligence/Compliance, OR- High School Diploma or GED and 8 years of experience

Nice To Haves

• Deep knowledge of OFAC sanctions, including application across Commercial Finance products and clients
• Proven ability to collaborate across functions, including with Senior management, Compliance, legal and enterprise risk teams
• Hands on experience with Financial crimes programs, including AML, KYC, BSA, sanctions screening, or customer due diligence, and experience liaising across business units.
• Experience working in or with large financial institutions, particularly in a financial crimes or sanctions compliance capacity
• Client-facing experience, with the ability to engage clients and stakeholders to discuss sanctions exposure, sanctions controls, and more
• Strong understanding of risk management frameworks and controls specific to sanctions or broader financial crime compliance
• Knowledge of US and global regulatory expectations related to OFAC, AML, KYC and BSA and experience drafting concise summaries of regulatory guidance.
• Working Knowledge of enterprise risk and operational risk regulatory guidance, especially as it relates to financial crime controls and governance

Responsibilities

• Enhanced Due Diligence – Perform thorough EDD Sanctions reviews on new and existing clients, ensuring compliance with regulatory requirements and internal policies. Conduct in-depth analysis of client profiles, business activities and ownership structures to assess sanctions, terrorist financing and other financial crime risks. Review and verify client documentation including identification documents, financial statements, and transaction records to ensure accuracy and completeness of KYC information. Assist clients and prospects in establishing the proper sanctions control environment to ensure compliance with the Bank’s requirements and serve as an advisor to the business units you engage with.
• Regulatory Compliance – Serve as Sanctions Subject Matter Expert and ensure compliance with regulatory requirements, industry standards and best practices related to EDD, KYC, BSA, Sanctions and AML regulations. Document and maintain accurate records of due diligence reviews, including findings, decisions, and supporting documentation in accordance with internal policies and regulatory standards. Partner with Compliance, Internal Audit, and other departments to respond to examinations and audit requests, manage execution and implementation of action plans, and ensure all processes and changes implemented fully comply with applicable regulations and legislation, standards, policies, and guidelines.
• Risk Analysis – Lead and champion efforts on identifying and managing existing and emerging risks identified through reviews, and ensuring these risks are effectively assessed, communicated, and controlled. Conduct assessments and profiling of clients based on their risk factors including business type, transaction volume and geographical location. Analyze client transactions and account activity to identify red flags indicative of potential financial crimes, known sanctions evasion techniques or high-risk activities, and utilize third-party due diligence tools designed to enhance the EDD process. Identify and communicate opportunities to automate/streamline quality and compliance efforts.
• Reporting & Training – Develop and report risk tolerance metrics and provide ongoing reporting on high-risk sector pipeline to senior management. Communicate effectively with internal stakeholders, relationship managers and business units to address queries and resolve issues related to EDD. Provide expertise in assessing prelaunch or emerging business models to align with internal requirements for EDD and approval. Collaborate with cross-functional teams to share insights, provide support, training and guidance on policies, procedures, and best practices, promoting a culture of compliance. Conduct Sanctions Training and draft regulatory summaries to be distributed across business lines.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level