United States onlyThe Sanctions-Watchlist team works to ensure Atlantic Union Bank’s compliance with the regulatory requirements of the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA).
The Sanctions-Watchlist Specialist will report directly to the Manager – FIU Sanctions-Watchlists and play as an integral role on the Sanctions – Watchlist team. Will serve as a subject matter expert to the various lines of business of the bank when there is a sanctions alert during front-line screening. Responsibilities will also include the review and evaluation of Sanctions alerts related to both new and existing customers, as well as alerts relating to pending transactions such as international ACH transactions (IAT).
Position Accountabilities:
Regulatory Compliance and Change
- Maintain an understanding of relevant laws, regulations, guidelines, and advisories issued by OFAC, FinCEN (Financial Crimes Enforcement Network), and other regulatory bodies pertaining to economic sanctions, AML, and CTF.
- Keep abreast of changes in OFAC regulations, guidelines, and enforcement actions.
- Ensure the Bank’s operations are aligned to current OFAC regulations and guidelines.
Risk Assessment
- Conduct risk assessments to identify potential exposure to OFAC sanctions risks with the Bank’s operations. Evaluate business activities, transactions, and counterparties to determine compliance risk.
Monitoring and Due Diligence
- Perform due diligence, by screening against various databases and watchlists, on customers, vendors, and others to ensure they are not on any OFAC sanctions lists or associated with sanctioned entities, as needed.
- Assist in carrying out internal controls to ensure that relevant daily alert dispositions were performed by AUB teammates and/or Third-Party Contractors.
- Identify and present additions to “accept lists” to the Manager – FIU Sanctions-Watchlists to eliminate recurring false positive matches within screening systems.
- Assist in model testing and calibration exercises for automated screening systems.
- Review transactions in real-time or periodically to identify suspicious activity.
- Assist with peer review process of other teammates’ work, as needed.
- Identify opportunities to enhance OFAC compliance processes and procedures within the Bank.
- Other duties may be assigned by the Manager – FIU Sanctions-Watchlists and/or his/her designees.
Investigations and Reporting
- Review and disposition Sanction/Watchlist, Politically Exposed Persons (PEP), 314(a), and FinCEN alerts generated by internal and external automated systems in a timely fashion and maintain consistent documentation.
- Escalate true alert matches to the Manager – FIU Sanctions-Watchlists with appropriate supporting documentation, and plan of action.
- Conduct investigations into potential OFAC violations identified through monitoring or other means
- Gather evidence, document findings, and report violations to the appropriate regulatory authorities, as required by law, and as needed.
Training and Awareness
- Provide training and guidance to employees on OFAC regulations, compliance procedures, and sanctions risks.
Compliance Documentation
- Maintain accurate records and documentation related to OFAC compliance efforts, including policies, procedures, risk assessment, due diligence reports and investigations findings.
- Maintain documentation of potential sanctions issues identified by the various lines of business and reported to the FIU OFAC-Sanctions Team.
Communication/Liaison
- Serve as point of contact for OFAC-related inquiries from internal stakeholders, such as Legal, Compliance/Risk, and the Business Units.
- Participate in all required Atlantic Union Bank and functional area trainings.
Ethical Conduct and Professionalism
- Uphold the highest standards of professional ethics, integrity, and confidentiality in all activities related to sanctions compliance and financial crime prevention.
- Serve as a role model for compliance and ethical behavior within the organization, fostering a culture of integrity and accountability.
Organizational Relationship
This position reports to the Manager – FIU Sanctions-Watchlists
Position Qualifications
Education & Experience
- Bachelor’s degree in criminal justice, business, or a related field is (preferred)
- One to three years of applicable sanctions experience, preferably in a financial institution (required)
Knowledge & Skills
- Knowledge of, and familiarity with, AML/BSA and OFAC laws
- Ability to meet tight deadlines, and use critical thinking skills make risk-based decisions
- Advanced qualitative research and investigative skills
- Excellent written and verbal communication skills
- Working knowledge of financial institution operations and banking products
- Proficiency with the Microsoft Office suite
- Demonstrated ability to work collaboratively with multiple lines of business to achieve stated objectives.
- Excellent analytical, documentation, and organization skills
Salary offered will be based on several factors including but not limited to education, work experience, certifications, etc. This position is also eligible to participate in either an applicable incentive compensation plan for the position or a discretionary profit sharing bonus program. General information on our comprehensive benefits package can be found by visiting https://www.atlanticunionbank.com/about/careers/benefits.
We are proud to be an EEO/AA employer, Minority/Female/Disability/Veteran. We maintain a drug-free workplace.
