BSA OFAC Specialist II

The BSA OFAC Specialist II is primarily responsible for reviewing and researching potential matches to government sanctions or internal watch lists. This includes determining if there is a true match, performing and documenting research, reporting, and escalating to the BSA AML OFAC Risk & Controls Officer when appropriate. Responsible for querying the 314a list and reviewing and documenting any potential matches. This position conducts investigations of potential matches and sends referrals for information to the respective business units. In addition, the OFAC Specialist files the reports to OFAC and FinCEN and maintains the logs and the documentation supporting the bank’s decisions on false positives or matches. 

• Monitor daily screening results for customer records and ACH transactions. 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 department. Research potential matches and request for information to the business units to release, block, or reject the transaction 
• Acting as a point contact and subject matter expert for sancttransaction.s derived from cases resulting in referrals for information. 
• Assist in the OFAC blocking and rejection transaction process by completing the necessary forms and documentation to support the bank’s decision. 
• Assist in the filing of the Annual Report of all property blocked or funds retained under OFAC regulations by the regulatory timeline. 
• Perform testing reviews to ensure updates to OFAC Sanctions and Non-Sanctions lists such as the OFAC Specially Designated Nationals (SDN) lists are uploaded in the bank’s screening system 
• Identify gaps or issues and escalate to immediate supervisor to ensure data integrity of the uploaded lists against the original sources or potential OFAC violations.
• Provide expert advice on new business initiatives and complex transactions ensuring compliance with OFAC regulations.
• Assist immediate supervisor in maintaining OFAC and Sanctions screening procedures and desktop procedures.
• Ensure adequate documentation is maintained in all phases of OFAC processes.
• Perform test on alerts closed by the wire department to ensure proper disposition and documentation. 
• Maintain OFAC logs daily and ensure decisions are well documented. 
• Provide technical assistance and guidance to staff on BSA/AML and OFAC compliance or other matters as assigned.
• 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. 
• Query the customer and transaction records against the FinCEN’s 314a list every 14 days, and/or as requested by FinCEN. 
• Review and analyze FinCEN 314(a) inquiries and potential hits. 
• Ensure review of Customer, Wire, and ACH potential 314a 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 OFAC Specialist is responsible to conduct 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. 
• Communicate with regulatory bodies such the Office of Foreign Assets Control and the Financial Crimes Enforcement Network as needed
• Remain current on regulatory AML/BSA and OFAC requirements and actions. 
• Assist in the examinations and independent audits 
• Participate in ad hoc projects or perform other duties assigned.

Functional Skills & Knowledge: 

Must be a team player, ability to work in high-volume, high pressure processing environment. Self-starter with proven ability to plan and work independently. High level of professionalism, self-motivation, and sense of urgency; ability to re-prioritize work as the immediate needs of the business change. Analytical and deductive reasoning skills Ability to multi-task and prioritize workloads, meet deadlines, maintain attention to detail, resolve issues, and work independently.

Minimum Education and /or Certifications:  

Bachelors’ Degree in Business Administration or Finance. AML/BSA/OFAC accredited certifications is a plus. 

Minimum Work Experience Requirements: 

3-5 years of relevant 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 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.