7 months ago
A large banking client of ours is looking for a number of Business Risk & Compliance Liaison Officers to take on positions with the business. The Compliance & Risk Liaison Officer is a First Line of Defense position supporting the BSA/OFAC functions in the respective business units/regions. The roles report to the respective Regional Head directly with a dotted line reporting relationship to the BSA/OFAC department. The roles actively promote the culture of Compliance by establishing the tone, commitment, and accountability and ensuring compliance obligations are satisfied and duties assigned to the 1LOD can be adequately completed.
- Serves as the BSA/OFAC Subject Matter Expert for the 1st line of defense and serves as the first point of contact on all BSA/OFAC matters.
- Escalates any matter to the appropriate contact in the BSA/OFAC Department for questions, issues, or follow-up, as appropriate.
- Ensures awareness of BSA/OFAC red flags for all Bank/Branch employees such that they are cognizant of known red flags & typologies that would constitute unusual or questionable behavior.
- Ensures the BSA/OFAC Risk Assessment methodology and framework are aligned with the Branch/Business Unit operations.
- Performs and maintains the Customer Risk Rating (CRR) as well as all onboarding documentation in the customer file.
- Provides clear guidelines on the types and degree of risk that the bank is willing and prepared to assume, with the appropriate rationale and ensuring operations are conducted within the defined financial crime compliance risk appetite.
- Advises business unit on BSA/OFAC policy/program documents and related screening standards and ensures that the lines of business act in accordance with applicable laws, regulations, and Bank approved governance.
- Initiates the collection of information required to develop customer profiles, collecting verification documentation from the customer and acting as a conduit of information between the BSA/OFAC department and the customer.
- Screens transactions, names and associated parties for sanctions exposure, in line with specific 1st line of defense business unit requirements
- Conducts targeted training based on results of exams, audits, and Adherence Unit testing to ensure that specific individuals/departments enhance and/or follow existing Bank governance and corresponding processes.
- Bachelor’s degree ideally in Business, Economics, Accounting or Criminal/Criminal Justice or related major or equivalent working experience.
- 5+ years direct work experience in BSA/OFAC or equivalent with related experience in other areas of banking/financial services industry.
- CAMS, CFCS or CFE preferred.
- Knowledgeable of the laws applicable to money laundering, including the Bank Secrecy Act, the USA PATRIOT act, US Treasury AML guidelines, OFAC requirements, and Suspicious Activity Reporting requirements.
- Strong understanding of testing and quality assurance standards, processes and techniques.
If this is an opportunity that interests you, please get in touch!