Job Title: OFAC Compliance Officer
Reports to: Chief Compliance Officer
Supervises: OFAC Team
The role entails drafting and updating compliance policies, procedures and training relating to the Sanctions Compliance Program; periodic review and updating of the compliance framework relating to the Sanctions Compliance Program; and special projects, including implementing programs to comply with new legal and regulatory initiatives related to economic sanctions compliance.
- Responsibility includes areas of OFAC
- Provide and maintain a compliant working environment by adhering to all laws, regulations and ethical standards and to lead by example
- Provides advice to lines of business on OFAC sanctions regulations and internal policy
- The Compliance Officers role is responsible for the interpretation and adherence to OFAC Sanctions
- Maintain all sections of the Compliance policies and procedures
- Act as either first or second verify in the review of OFAC real time transactions
- Review inquiries being sent out for pertaining for OFAC investigations
- Prepares and reports on OFAC and other issues to the Branch Compliance Committee and ensure the committee decisions and law/regulation changes was received by all branch staff.
- Provides training and testing to members of staff on OFAC issues
- Has broad latitude in the writing and implementation of any new or changes to OFAC Sanctions.
- Keep up with current events as they relate to Laws and Regulations.
- Informs Chief Compliance Officer of any potential regulatory compliance shortfalls within the OFAC program. Opines on any new regulatory pronouncements or changes and impact they may have on the Branch or Bank.
- Establish quality assurance process related to the Sanctions Compliance Program.
- Maintain effective practices and procedures for Sanctions screening
- Responsible for testing new/updated systems for the Sanctions Compliance Program.
- Assists the Chief Compliance Officer in the carrying out of his/her duties
- Performs other compliance related duties as required
- Experienced compliance professional with a number of proven years of experience in economic sanctions
- Strong project management and execution skills.
- Strong written and verbal communications, and ability to collaborate with stakeholders in all divisions.
- Ability to understand business issues and develop solutions that meet regulatory requirements while minimizing impact to normal business processes.
Job Order ID: 1203