Sanctions Associate
Company: Flagstar Bank
Location: Hicksville
Posted on: April 28, 2024
Job Description:
The Sanctions Associate is responsible for maintaining certain
aspects of the Bank's BSA/AML compliance program and assists in
meeting and maintaining BSA/AML compliance requirements of the
Bank. Complies with all applicable, federal and state laws,
regulations and guidance, including those related to Anti-Money
Laundering (i.e. Bank Secrecy Act, USA PATRIOT Act, etc.), as well
as adhering to the Bank's policies and procedures to reduce
loss/risk to the Bank. Assigned to a team that is responsible for
ensuring that the Bank is in compliance with all OFAC Sanctions as
well as monitoring for various other requirements. The primary
responsibilities are to conduct searches, review, and report any
positive matches in a timely and accurate manner. The job includes;
the review of wire transfers for potential matches with terrorist
suspect lists, research of potential OFAC hits, and review scanning
results of accounts for potential matches with terrorist suspect
lists. In addition, the associate monitors; OFAC Alerts clearance
for new accounts, IAT, wires, Monetary Instrument Logs, Loan Logs
and periodic bank-wide monitoring. Pay Range: $17.00 - $21.25 -
$25.50
- (90% of time) Responsible for the overall daily review,
investigation and clearance of all potential sanction matches
including new accounts, wires, ACH.
- (5% of time) Escalate potential sanctions matches to senior
colleagues.
- (5% of time) Engage in additional assignments as directed by
management. Attend and participate in team/department staff
meetings and continuing education training. Acquire knowledge and
maintain currency of all compliance, regulatory, and business unit
policy, standard and procedure requirements associated with the
job. Ensure compliance with applicable federal, state and local
laws and regulations. Complete all required compliance training.
Maintain knowledge of and adhere to internal compliance policies
and procedures. Take responsibility to keep up to date with
changing regulations and policies.
- Performs special projects, and additional duties and
responsibilities as required.
- Consistently adheres to regulatory and compliance policies and
standards linked to the job as listed and complete required
compliance trainings. - Accountable to maintain compliance with
applicable federal, state and local laws and regulations.
Job Qualifications:
- Education level required: High School / High School Equivalency
(GED, HiSET, TASC) / Foreign Equivalent Field of study required or
equivalent work experience: Finance, accounting, business
management, or criminal justice
- One to three years of experience in Sanctions/OFAC
Processes
- Good knowledge and understanding of general BSA/AML, OFAC, and
USA PATRIOT Act and risk management principles
- Knowledge of core banking systems, and BSA monitoring
systems
- Knowledge of banking regulations
- Computer literacy skills with proficiency in Microsoft Office
as well as Internet research techniques
- Sound analytical and problem-solving skills
- Ability to meet deadlines and manage multiple tasks in a
fast-paced environment
- Excellent communication, time management and investigative
skills
- High degree of accuracy and attention to detail
- No travel requirements
- Physical demands (ADA): No unusual physical exertion is
involved.
Keywords: Flagstar Bank, Hempstead , Sanctions Associate, Other , Hicksville, New York
Didn't find what you're looking for? Search again!
Loading more jobs...