Sanctions Associate

Role Description

Within the Financial Crimes Prevention Unit, ("FCPU"), the Sanctions Compliance Team ("SCT") manages sanctions risk from a second-line of defense perspective. Investigations is a team within the SCT which is responsible for performing investigations and supports certain watchlist management processes. Associates in the Investigations teams help lead the team on the behalf of the Vice President ("VP") and report into the VP. Associates have responsibility for overseeing the process under their VP's remit. Associates may be involved in performing assignments in the absence of the VP and ensure compliance with regulatory requirements Bank Secrecy Act/Anti Money Laundering/Office of Foreign Assets Control (BSA/AML/OFAC), SMBC policies and procedures.

The Associate follows established guidelines to identify and resolve problems and proactively recommends solutions. Associates also act to improve processes where guidelines may not have been developed and serve as SME for the department and across other functions. Can provide training for others and may lead a process involving a team, and acts as an independent contributor.

Individuals are expected to contribute to workflow or process change and redesign, and to form a strong understanding of the specific process. 

This position may perform second level review on alerted transactions, escalate appropriately to authority levels, or perform other "checker" related processes under their VP's remit. Reports to the VP or Director level. Complex transactions escalated to next level of management.

Role Objectives

• Primary responsibility for the sanctions list management process in their department reporting into VP.
• Monitors, performs, coordinates, and oversees all aspects with regard to ongoing list updates including OFAC, MOFA, United Nationals Security Council and other internal lists employed at SMBC.
• Ensures all updates are completed in accordance with procedures and within prescribed service level turn-around times.
• Maintains supporting documents for each process step within a list update
• Escalates to, and works, with Head Office to identity and resolve potential source file data quality issues
• Escalates to, and works with, Technology Teams to resolve potential automated process components
• Escalates to, and works, with upper management and across America Division to identity and resolve any issues.
• Participates in system testing and implements system upgrades to ensure the integrity of systems and ongoing process.
• Makes recommendations to improve efficiency and bring automation to additional aspects of the List Management process
• Works with FCC partners to perform ongoing monthly review and maintenance of the New Branch Internal Watchlist
• Responsible for the updating and maintenance of various List Management guideline documents
• Supports QA, Audit, and external examinations of the List Management process. Prepares reports and other materials as required in response to related inquiries. Provides timely updates of internal bank policy changes, new regulatory compliance requirements, and recommendations from CPAD.
• Ensures maintenance of OFAC sanctions lists and Internal Watchlists utilized by the tool.
• Ensures business continuity under all conditions, sometimes adverse, with strict adherence to established guidelines and deadlines.
• May also be called upon to assist other department members with day-to-day workflow management, performance and management of assigned staff; assistance in the maintenance and enhancement of department processes; and oversight, testing of upgrades to Compliance applications. May include governance, advisory, or QC related tasks.
• Will support Investigative work and reviews on a secondary basis, and may also support sanctions alert-clearing processes on a contingency basis

CRITICAL JOB KNOWLEDGE AND CORE COMPETENCIES/SKILLS

• Thorough understanding of legal aspects and recordkeeping requirements of banking regulations relating to money transfer (especially OFAC, AML, BSA, USA PATRIOT Act).
• Strong knowledge of OFAC regulations and Sanctions
• Working knowledge of sanctions screening filter maintenance
• Solid understanding of global sanctions lists
• Strong knowledge of market practices related to foreign and domestic money transfers.
• Strong management skills; decision making, influencing and delegation skills; ability to largely work independently
• Strong level knowledge of banking policies, statutory and compliance regulations.
• Strong knowledge of accounting principles and practices.
• Strong sense of urgency, accuracy and accountability; responsive to time sensitive needs.
• Strong analytical, presentation and communication skills.
• Previous sanctions screening experience preferred.
• Ability to work under pressure and with tight deadlines.
• Knowledge of SWIFT / Payment Message Types / RMA operations

Qualifications and Skills

• Work Experience: 5 to 7 years of specialized experience in Financial Services Compliance, Payment System or Money Transfer preferred. Previous screening experience.
• Experience with Sanctions List Update processes required
• Experience with project and process automation preferred
• Experience with Dow Jones Factiva preferred
• Education: Preferred BA / BS (or equivalent experience)
• Licenses / Certifications / Registrations: CAMS preferred
• Language Skills: Business fluency in English
• Software Systems / Programming Languages: Fircosoft preferred (Continuity, Trust, FMM, and Classic).  SWIFT Preferred