Job Title:                     Head, OFAC - USA

Industry:                      Banking

Location:                    New York-USA

Salary:                         Competitive Salary Package + Benefits

Job Summary

Head, OFAC is responsible for the day-to-day management of Sanctions Investigation Unit (SIU). Executes operational processes, maintains quality performance within the Compliance Department, and ensures proper regulatory reporting and risk mitigation, while providing advice and counsel to business lines regarding Sanctions associated risk mitigation activities. Ensures all activities conducted comply with governing regulations, internal policies, and procedures. The incumbent of this position shall be responsible for adhering to the provisions stated in the Employee Accountability Policy Statement.

Essential Functions & Accountabilities

• Accountable for job performance actions, which includes decision(s) impacting position responsibilities conforming to the bank’s risk appetite and tolerance levels as articulated in the bank's Risk Appetite & Tolerance Framework, mitigating violations or breaches to the bank’s risk appetite in the exercise of their empowerment and the achievement of desired job performance outcomes as directed by Management.
• Prioritizes and manages investigations of potential sanctions violations and other sanctions related matters referred to the Compliance Department, including monitoring quality and performance metrics. Oversees and leads designated team within the SIU.
• Contributes to, recommends, and reviews policies, procedures, and operational workflows for SIU activities.
• Manages investigations conducted by the Sanctions analysts, including monitoring quality, workload, and performance metrics. Reviews investigation reports, along with related documents, and provides feedback, as appropriate.
• Ensure the SIU’s timely reporting of OFAC reports and related SAR filings to the proper regulatory authority, in accordance with regulations.
• Develop key KRI/MIS relating to sanctions compliance and help prepare regular Compliance Reports to Compliance Committee, Bank Management and Head Office.
• Develops and maintains templates and tools that facilitate standardization and the consistent application of investigative procedures.
• Identifies potential patterns of activities, and/or complex schemes that may pose significant Sanctions risk to the Bank. Prepares reports/materials and delivers investigative results to the appropriate staff, including identification of trends and areas for improvement.
• Maintains up-to-date knowledge and skills sets relevant for sanctions and other related regulatory matters to perform complex investigations.
• Develops OFAC awareness training addressing trends and changes in sanctions regulations and recent events.
• Participate in ad-hoc projects such as new system implementation, system model validation etc.
• Assist the HoC to respond to audit and regulatory requests for information and during audits/examinations.

Qualifications

Experience:

• Minimum 5 years of relevant experience preferably in a bank of a foreign banking organization.
• Extensive knowledge of OFAC Sanctions Programs
• Strong investigative skills and understanding of financial transactions.
• Prior experience, organizational knowledge and leadership skills within a comparable team size or workload complexity

General:

• Excellent interpersonal, organization, and communication skills.
• Excellent writing, presentation, and analytical skills.
• Uses an analytical approach to problem solving, with a focus on managing a team environment coupled with attention to results and a sense of urgency.
• Proven ability to use excellent judgment and solid leadership.

Education & Qualifications:

• Bachelor’s degree required.
• ACAMS certification and membership.

PC skills:

• Strong working knowledge of Microsoft Word, Excel, Power Point; Lexis-Nexis, World-Check, Banker’s Almanac, etc.
• Strong internet search capabilities.