Summary/Objective: The OFAC Manager is responsible for the management of the Bank’s OFAC Program the Bank’s OFAC systems. This role ensures effective identification, investigation, escalation, and reporting of sanctions-related risks across all Bank products, services, customers, and transactions. Essential Functions:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. - 1. Develop specialized knowledge of all BSA, USA Patriot Act and OFAC compliance requirements;
- 2. Develop, implement, and maintain the Bank’s OFAC compliance program, including policies, procedures, and internal controls.
- 3. Oversee customer, transaction, and vendor screening systems to ensure timely and accurate OFAC screening.
- 4. Review, investigate, and disposition OFAC or PEP alerts, including potential matches and true hits.
- 5. Ensure blocked and rejected transactions are handled, reported, and maintained in accordance with regulatory requirements.
- 6. Develop and deliver OFAC training program for employees, tailored to job functions and risk exposure
- 7. Provide guidance to frontline staff, operations, and compliance team on sanctions-related matters.
- 8. Support internal audits, compliance testing, and independent reviews of the OFAC Program
- 9. Has primary responsibility for the Bank’s OFAC system, including sanctions screening systems/lists.
- 10. Conduct periodic risk assessments to identify sanctions exposure across business lines, products, and customers.
- 11. Maintain records of all required BSA documentation within regulatory and Bank retention guidelines.
- 12. Assist with preparation of regulatory examination materials as needed;
Competencies: In order to perform the job successfully, an individual should demonstrate the following competencies:
1. Apply core BSA/OFAC skills to financial products and processes. 2. Communicate issues to Deputy BSA Officer, BSA Officer or Chief Compliance Officer in an effective manner. 3. Technical knowledge and analytical ability to manage the Bank’s BSA systems and assist in validation, tuning and optimization. Supervisory Responsibility: - 1. Supervise OFAC staff.
- 2. Interview, hire, and train OFAC staff; plan, assign, and direct work; appraise performance; reward and discipline employees; addressing complaints and resolving problems.
Travel Requirements: N/A Required Education and Experience:
Bachelor's degree from an accredited four-year college or university. MBA or JD from an accredited college/university preferred but not required. 6 to 10 Years of AML/OFAC compliance experience in the financial industry. Advanced understanding of AML/OFAC principles, specifically the laws, regulations, and guidance promulgated under the BSA, USA PATRIOT Act and OFAC Additional Qualifications:
CAMS Certification. Language/Communication Skills: Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers. This is a 2nd Line of Defense position. 2nd Line of Defense Risk Management responsibilities, include: - provide first line with advisory guidance and routinely monitor for compliance, assess risks and the activities to mitigate the risks.
- establish the Bank risk appetite statement; assist the first line on risk identification and assessment, and independently determine if the Bank risk profiles are within the Bank risk tolerance.
- has sufficient authority, stature, independence, resources and access to the Board & executive management to raise risks and concerns
|
