BSA OFAC Specialist - Temporary

The BSA OFAC Specialist is responsible for monitoring the organizations internal policies, procedures, and controls to assure compliance with anti-money laundering regulations and rules.

Duties and responsibilities

Review potential OFAC hits, disposition the alerts in the screening system, and conduct applicable investigation to clear those matches. Conduct investigations on escalated OFAC alerts derived from the Wire departments. Research potential matches and request for information to the business units to release, block, or reject the transaction Escalate OFAC hits to immediate supervisor accordingly.

Identify gaps or issues and escalate to immediate supervisor to ensure data integrity related files being screened or OFAC list updates. Ensure adequate documentation is maintained in all phases of OFAC processes. Maintain OFAC logs daily and ensure decisions are well documented Assist in the daily review of Cashier’s Checks.

Perform daily review of negotiable instruments to ascertain that OFAC Screening was performed in accordance with implemented procedures. Escalate to immediate Supervisor any unusual or suspicious activity noted. Process OFAC searches for other areas of the bank such as Operations, Loans, Vendor Management, etc. Remain current on regulatory AML/BSA and OFAC requirements and actions.

Review and analyze FinCEN 314(a) inquiries and potential hits. Review of Customer, Wire, and ACH potential matches are reviewed and properly documented within 14 days, and/or as requested by FinCEN. Determine whether a potential hit is a false positive or a positive match considering the customer’s bank records including but not limited to name, street address, state, country, unique identifiers (i.

e. social security number, employer identification number, tax identification, passport, etc.) In addition, the BSA OFAC Specialist is responsible for conducting due diligence on possible matches where there is not enough information to disposition the hit. Refer 314a matches to the Financial Intelligence Unit to conduct enhanced due diligence as needed .

Participate in ad hoc projects or perform other assignments as needed. Minimum Education and/or Certifications Requirements: Bachelors’ Degree in Business Administration . AML/BSA/OFAC accredited certifications is a plus Minimum Work Experience Requirements: 1-3 years of compliance experience (i.e., BSA/AML and OFAC).

Strong understanding of BSA/AML and OFAC regulations, regulatory expectations, and leading practices suspicious activity reporting, client screening/OFAC requirements, and risk assessment. Knowledge of operational processes and internal controls required for OFAC. Technical and/or Other Essential Knowledge: Strong verbal, written communication, and organizational skills with the ability to summarize and present findings in a clear and concise manner.

Ability to work collaboratively with cross-functional units; ability to navigate a complex organization to influence people across cultures. Ability to manage confidential and sensitive information in a professional manner. MS Word, MS Excel Advanced, and MS PowerPoint are required. Bilingual English/Spanish preferred.