Associate, OFAC Analyst I

ADP, Inc.; New York (NY); On-site; USD 75,000 - 90,000; Full time

Job summary

Community Federal Savings Bank (CFSB) is a federally chartered bank in New York City offering banking and payment solutions across consumers, businesses, and fintech partners. The OFAC Analyst I will analyze alerts from CFSB's services, adhering to OFAC, AML, and BSA regulations with professionalism and integrity.

The role involves sanctions screening, escalation of potential violations, and coordination with Operations and other departments.

Qualifications

• 1 to 3 years in an OFAC screening-specific role.
• Familiarity with OFAC screening within ACH and wire transfer transaction threads.
• Ability to obtain necessary information to classify an OFAC hit as a 'match' or 'not a match' with minimal guidance and supervision.

Responsibilities

• Conduct sanctions screening of real-time and post-transactional alerts in the Bank's automated sanctions solution for potential violations of OFAC and other government sanctions.
• Review daily manual reports for OFAC screening, documenting the reviews and reporting findings to management as necessary.
• Identify potential matches that warrant additional research; escalate for sanctions violations and/or reputational/financial risks and document the resolution.
• Ensure escalation of alerts are properly handled and documented according to procedures.
• Interact with other departments/lines of business on resolution of issues (e.g., Operations Department, CFSB clients).
• Stay abreast of regulatory changes and AML-related news, with emphasis on OFAC sanctions-related developments.

Skills

OFAC screening

AML knowledge

Regulatory knowledge

Attention to detail

Documentation skills

Tools

CGI HotScan

Microsoft Office

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Associate, OFAC Analyst I

Compliance Full Time Compliance New York, NY, US

2 days ago Requisition ID: 1100

Salary Range: $75,000.00 To $90,000.00 Annually

JOB SUMMARY:

CFSB (Community Federal Savings Bank) is a federally chartered financial institution that provides banking and payment solutions for consumers, businesses, and fintech partners. The bank specializes in supporting embedded finance, Banking-as-a-Service (BaaS), and payment processing while offering traditional banking products such as deposit accounts and lending services. CFSB is recognized for its strong regulatory and compliance focus, partnering with innovative financial technology companies to deliver secure, scalable financial services in a highly regulated environment.

Within the OFAC Team of the Financial Intelligence Unit, this role analyzes OFAC alerts yielded from CFSB's full range of offered banking services including ACH settlement services, pre- paid card issuance, and retail banking for our general customer base and the various types of Money Services Businesses and FinTech companies serviced by CFSB.

In this role, you will display a high degree of professionalism and integrity through their work and will possess a solid understanding of OFAC sanctions, Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations.

Responsibilities:

• Conduct sanctions screening of real-time and post-transactional alerts in the Bank's automated sanction screeningsolutionforpotentialviolationsofOFACandothergovernmentalsanctions.Investigatepotential matches and true positive hits; elevate for further review and approval as required by procedure
• ReviewdailymanualreportsforOFACscreening,documentingthereviewsandreportingfindingsto management as necessary.
• Identifypotentialmatchesthatwarrantadditionalresearch;escalatepotentialsanctionsviolationsand/or reputational/financial risks accordingly and document the resolution.
• Ensureescalationofalertsareproperlyhandledanddocumentedaccordingtoprocedures
• Interactwithotherdepartments/linesofbusinessonresolutionofissues(e.g.,OperationsDepartment,CFSB clients).
• StayabreastofregulatorychangesandAMLrelatednews,withanemphasisonOFACsanctions-related developments.Ensure timely completion of all mandatory training requirements.
• Effectivelyutilizeandoperatealltoolsandtechnologyappropriatetotherole.
• Identifypotentialstrategicprocessimprovementsandassistwithimplementation.Assistotherteamswithin Compliance when needed
• Ensuretimelycompletionofallmandatorytrainingrequirements.

Knowledge,Skills,andAbilities:

• 1to3yearsinanOFACscreening-specificrole
• FamiliaritywithOFACscreeningwithinACHandwiretransfertransactionthreads
• Ability to obtain necessary information to classify an OFAC hit as a "match" or "not a match" with minimal guidanceandsupervision.Abilitytomakeaccuratedecisionssupportedbydetaileddocumentationjustifying decisions.
• Organized, detail- oriented, self-motivated, and strong communication, writing, and follow-up skills
• Abilitytoliaisebetweeninternalbusinesslinesandexternalvendorsandclients,andtoworkwellboth independently and as part of a team
• Abilitytoworkdependablyandconsistentlyunderteamconstraints,andtomanagetimeefficientlyand effectively
• Strongresearch,analysis,communication,writing,andfollow-upskills.Abilitytoidentify,escalateandresolve a problem
• UnderstandingofcomplianceandBSA/AML/OFACregulatoryrequirementsandimplications

Education, Training, and Experience:

• ExperiencewithOFACsanctionscreeningofvariouscustomertypesdesired(e.g.,MoneyServicesBusinesses such as money transmitters; pre-paid card programs; debit card programs: and retail banking customers).
• ProficiencyinstandardMicrosoftSuiteprograms
• ExperiencewithCGIHotScan'ssanctionsscreeningsolutionaplus

About Community Federal Savings Bank (CFSB)

Community Federal Savings Bank (CFSB) is a federally chartered bank founded in 2001 and headquartered in New York City. CFSB has focused on providing superior service and added value to clients though a solid understanding of relationship banking. We offer a full range of services, including loans, bill payments, card services, internet banking, and merchant processing.

We are an equal opportunity employer and do not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, national origin, disability, military and/or veteran status, or any other Federal or State legally-protected classes.