AML Sanctions Specialist I - Woodbridge, NJ

How would you like to join one of the most highly regarded financial institutions in New Jersey with deep roots in the community?  Provident is a successful and highly regarded multi-billion-dollar bank that continues to grow with branches in New Jersey, Eastern Pennsylvania and New York.  Our longevity is a testament to our commitment to placing our employees, customers, and the communities we serve at the center of all we do.  At Provident Bank, we are committed to enhancing our customer and employees’ experience. 

POSITION OVERVIEW 

The AML Sanctions Specialist develops knowledge of the regulatory requirements, government orders, laws, OFAC systems, and guidance that govern sanctions risk and compliance practices. The role assists with reviewing and decisioning sanctions alerts escalated by business units and alerts generated by screening systems. 

This position supports the review and disposition of lower-complexity sanctions alerts, OFAC risk assessments, vendor testing, and regulatory research under appropriate supervision. 

KEY RESPONSIBILITIES 

Sanctions Alert Review and Disposition 

• Assist with reviewing and dispositioning lower-complexity alerts generated by OFAC screening products and the FinCEN 314(a) list. 

• Escalate potential matches of significance to the BSA/Fraud Data Governance Supervisor. 

• Develop an understanding of the legal classification and level of risk associated with persons, entities, and geographies using OFAC systems and government websites. 

OFAC Risk Assessment Support 

• Assist in reviewing new products and services for OFAC-related risk. 

• Support periodic OFAC risk assessments by analyzing customer, product, and geographic risk indicators, evaluating risk-rating methodologies, and identifying quantitative factors for consideration. 

Vendor Testing and Screening Effectiveness 

• Assist with ongoing OFAC vendor testing and tuning to confirm that screening products function as expected. 

• Evaluate whether sanctions-list updates are incorporated in an appropriate and timely manner. 

Regulatory Research and Guidance 

• Research and provide guidance regarding federal and state statutes and banking regulations involving OFAC and AML requirements. 

• Support topics including Customer Identification, Currency Transaction Reporting, Money Services Businesses, marijuana-related businesses, politically exposed persons, nonresident aliens, trade finance, and cryptocurrencies. 

MINIMUM QUALIFICATIONS 

• Bachelor’s degree in finance, Criminal Justice, Accounting, Business Administration, or a related field. 

• Up to 18 months of relevant experience in AML, BSA, sanctions compliance, risk management, financial crimes, or a related field.

• Knowledge of sanctions-related activities within the banking or financial services industry and the ability to identify, prevent, or report concerns. 

• Ability to perform due diligence reviews and process information with a high level of accuracy and attention to detail. 

• Knowledge of audit and compliance responsibilities, internal audit processes, quality-control practices, and methods. 

• Knowledge of internal controls and their use in detecting, correcting, and preventing fraudulent or noncompliant activity. 

• Ability to create, implement, evaluate, and enhance internal-control processes. 

• Knowledge of approaches, tools, and techniques for recognizing, anticipating, and resolving organizational, operational, or process issues. 

WORKING CONDITIONS:

Work is performed in a normal office environment. Noise levels are usually moderate. This position involves travel to customers and property locations.

• Prolonged sitting
• Lifting from 5 to 10 lbs. (printer paper, storage boxes)
• Occasional bending or overhead lifting (storing files or boxes)
• The hazards are mainly those present in a normal office setting

This job description may not be all-inclusive. Employees are expected to perform other duties as assigned and directed by management. Job descriptions and duties may be modified when deemed appropriate by management.

This job description may not be all-inclusive.  Employees are expected to perform other duties as assigned and directed by management.  Job descriptions and duties may be modified when deemed appropriate by management.

Provident Bank recognizes and supports the importance of creating a socially and culturally diverse employee base. We understand, value, and appreciate the unique perspectives that a diverse workforce can contribute to our organization. We put the employee and the customer at the center of strategy because culture is a critical differentiator for why people choose to work here.                                                                                         

We are an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to age 40 and over, color, disability, gender identity, genetic information, military or veteran status, national origin, race, religion, sex, sexual orientation or any other applicable status protected by state or local law.

Pay Details:

$24.51 - $30.59

Please note, the base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, education, geographic location, internal equity, and other applicable business and organizational needs.

This role is incentive eligible based upon company, business, and/or individual goal achievement and performance.

Team members accrue paid time-off (PTO), receive Holiday (PTO) and are eligible to participate in the bank’s Health and Wellness benefits including Medical, Dental and Vision Plans, Flexible and Health Savings Accounts, and a 401(k) Retirement Plan. In addition, the company provides Disability Insurance, an Employee Assistance Program, and Basic Life Insurance. Company sponsored Tuition Disbursement and Loan Repayment programs are also available. Voluntary benefits include Supplemental Life Insurance, Accident, Critical Illness, Hospital Indemnity and Legal plans.