AVP AML Compliance

Purpose of the Position

Our Client, an International Bank based in White Plains, NY, seeks an AVP of AML Compliance to join their team. In close coordination with the SVP, the AVP will be implementing and managing a compliance program focused on BSA (Bank Secrecy Act), AML (Anti Money Laundering), OFAC (Office of Foreign Assets Control) regulations to watch over the proper and timely compliance of the legal dispositions applicable to the New York Agency.

Areas of Responsibility

• The AVP is responsible for supporting the SVP with the implementation of the BSA/AML/OFAC Compliance program for the Bank's New York Agency.
• Support the SVP with the identification, updating, divulgation and verification of the compliance policies, norms and applicable procedures relative to the services and products of the NY Agency as well as the control of preventive measures, as necessary, and as stipulated in the regulations of the United States for all banks with foreign capital. (US regulations and supervision for foreign banks);
• Support the SVP in the execution of the annual compliance regulatory plans approved by the Compliance and Anti-Money Laundering Committee.
• Support the SVP in the review and update of the annual BSA/AML/OFAC Risk Assessment to ensure adequate compliance risk mitigation throughout the New York Agency;
• Support the SVP to ensure that the NY Agency meets all compliance and divulgation requirements on a timely basis as established by applicable regulations, working in close collaboration with the respective areas, especially with the key control units;
• Support the SVP in the maintenance and monitoring measures for BSA/AML/OFAC and CFT (Combat Finance Terrorism), WMD (the proliferation of weapons of mass destruction) in the NY Agency.
• Support the SVP in the identification of all laws, regulations and other supervisory directives with which the New York Agency must comply and perform gap analysis for those related to AML. This involves attendance at seminars, conferences, study of periodicals and correspondence issued by the Federal Reserve Bank of New York (FRBNY), New York State Department of Financial Services (NYDFS), Financial Crime Enforcement Network (FinCEN), and some other regulatory bodies;
• Support in the execution of the Compliance Training Program;
• Support on managing the delivery of the information requests from Government Agencies as required by section 314 (a) of the US Patriot Act;
• Review procedures, manuals and policies to ensure that they incorporate applicable BSA, CIP, OFAC and AML regulatory requirements;
• Support in the filing of suspicious activities reports (SARs) for the NY Agency and report in timely manner to the authorities.
• Support in the management of the process of receipt and response to subpoenas for the NY Agency;
• Support in the preparation of materials for the Compliance and Anti-Money Laundering Committee;
• Assist in the preparation of management’s written responses to regulatory examinations and inquiries prior to submission;
• Assist the SVP with AML Internal Audit processes;
• Participation in projects for the Compliance area;
• Conduct enhanced due diligence processes for new correspondent banking clients and high risk clients;
• Handling alerts from the transactional monitoring system, including correspondent banking alerts and conduct AML investigations.
• Design and execute a program for the periodic transactional review of clients, specially for correspondent banking clients;
• Execution of Compliance Testing process.
• Review and update of the Compliance Risk Appetite Statement.

Interaction Network:

Management team and operations of the New York Agency

Compliance Team (Head Office)

Onboarding and Customer Service

Business and Treasury

Operations and Technology

Internal Audit

External:

Regulatory entities, particularly with regulatory entities of the United States.

Federal Reserve Bank, New York State Banking Department, FinCEN, OFAC and other various regulatory bodies.

Purpose of the interaction:

Maintain an awareness of regulatory developments. This involves attendance at seminars, conferences, study of periodicals and correspondence issued by the FRBNY, NYDFS, FinCEN, and other various regulatory bodies.

Updates of banking practices that will allow NY Agency to properly comply with legal and applicable dispositions.

Minimum Requirements:

BA in Accounting, Economics, Finance, Law or similar degree.

Extensive knowledge of federal, state and local laws, rules and regulations affecting foreign and domestic banking organizations operating in the US.

Five years work experience in related subjects in Compliance and AML, including experience in formulation and execution of policies, and experience in banking operations in general.

Specific Knowledge:

• Knowledge of federal, state and local laws, rules and regulations affecting foreign and domestic banking organizations operating in the US.
• Knowledge of risk analysis, management of information and auditing systems.
• Experience with transaction monitoring alerts and AML investigations.
• Abilities to assess and investigate high risk customers and correspondent banking customers.
• Strong analytical mindset and attention to details.
• Spanish language skills preferred (written and verbal).

Knowledge of the business:

• Knowledge of general banking operations.

Permanent Position

Onsite to begin with then Hybrid working opportunity

Target Salary: $115,000 Competitive Bonus