Compliance Associate

Advantage Insurance; San Juan (PR); On-site; USD 60,000 - 85,000; Full time

Job summary

Advantage supports BSA/AML and OFAC programs across its regulated businesses, including counsel to Advantage International Bank Corp., Advantage Life Assurance I.I., and Advantage Life Puerto Rico A.I. Our team performs due diligence, monitoring, sanctions screening and testing to ensure robust compliance across the enterprise.

The role involves handling CDD/EDD, KYC, sanctions screening, and reviews, with responsibilities extending to wire transfers, recordkeeping, and periodical audits.

Qualifications

• Bachelor's degree in Business Administration (Accounting, Finance or General) preferred.
• Juris Doctor is a strong plus.
• Certified Anti-Money Laundering Specialist (CAMS) and/or Certified Fraud Examiner (CFE) preferred.
• Two to four years of experience in banking/insurance or compliance (BSA/AML or Regulatory).

Responsibilities

• Perform CDD/EDD for policyholders, premium payors, beneficiaries, lives assured, banking customers and others.
• Obtain information and documentation for new policies and accounts to ensure effective Compliance Program.
• Screen all relevant parties against OFAC lists and escalate potential matches; perform sanctions screening.
• Assist with OFAC license reviews and maintain records.
• Monitor banking activity for suspicious patterns and escalate suspicious activity.
• Conduct periodic compliance reviews.
• Conduct testing to ensure systems reflect updated 314(a) and SDN Lists.
• Review wire transfers for Travel Rule compliance.
• Maintain complete audit trails for CDD/EDD, monitoring, training, testing and sanctions screening.
• Execute additional duties for the Compliance Department.

Skills

English communication

Microsoft Word

Microsoft Excel

Education

Bachelor's degree in Business Administration

Juris Doctor

CAMS

CFE

Tools

Microsoft Word

Microsoft Excel

Job description

Job Overview

The Compliance Associate supports the BSA/AML and OFAC Program (Compliance Program) across the following regulated businesses: Advantage International Bank Corp., Advantage Life Assurance I.I. and Advantage Life Puerto Rico A.I.’s (collectively Advantage).

Job Overview

The Compliance Associate supports the BSA/AML and OFAC Program (Compliance Program) across the following regulated businesses: Advantage International Bank Corp., Advantage Life Assurance I.I. and Advantage Life Puerto Rico A.I.’s (collectively Advantage).

Duties include, but are not limited to, due diligence, monitoring, sanctions screening, compliance reviews, alerts, and exception testing related to Section 314 (a) and SDN Lists, among other tasks assigned from time to time by the Chief Compliance Officer or their designee. These tasks will ensure the effectiveness of the Compliance Program.

Job Responsibilities

Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and Know Your Customer (KYC)

• Perform CDD/EDD for policyholders, premium payors, beneficiaries, lives assured, banking customers, and any other relevant party.
• Obtain customer/relevant parties-related information and documentation necessary for new businesses (policies and deposit accounts) and policies activities to ensure there is an effective Compliance Program.
  
  

Sanctions Compliance

• Screen all relevant parties against OFAC lists and escalate potential matches.
• Perform sanctions screening, including OFAC’s 50% Rule and Sectoral Sanctions Identifications (SSI) restrictions.
• Review potential matches including those notified by the OFAC modules and 314(a) lists, and document the results of the reviews conducted.
• Assist with OFAC license reviews and recordkeeping.
  
  

Transaction Monitoring & Red Flags

• Monitor policy and banking activity for suspicious patterns.
• Review and resolve flags and exceptions and document the results of such reviews. In addition, he/she must promptly escalate any suspicious activity or transaction noticed during these reviews for further investigation.
  
  

Compliance Reviews

• Conduct periodic compliance or reviews due to triggering events.
  
  

Testing

• Conduct testing to ensure the systems accurate capture and reflect updated Section 314 (a) and SDN Lists.
  
  

Wire Transfers

• Review wire transfers to ensure compliance with the Travel Rule and OFAC laws and regulations.
  
  

Record Keeping

• Maintain complete and accurate audit trails for CDD/EDD, monitoring, training, testing, wire transfers, and sanctions screening as required by the Compliance Program.
• Executes any additional duties or responsibilities that may be assigned periodically in support of the Compliance Department’s functions.
  
  

Skills And Qualifications

• Highly skilled in English communication, both written and spoken
• Proven working knowledge of Microsoft Word and Excel
  
  

Job Requirements

• Bachelor’s degree in Business Administration (Accounting, Finance or General) or Criminal Justice preferred.
• Juris Doctor is a strong plus.
• Certified Anti-Money Laundering Specialist (CAMS) and/or Certified Fraud Examiner (CFE) preferred.
• Two (2) to four (4) years of experience in the banking or insurance industry or in compliance, either in BSA/AML and OFAC or Regulatory Compliance.