AML Sanctions Specialist II

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 SUMMARY

The AML Sanctions Specialist II will apply his/her expertise and knowledge of the regulatory requirements, government orders, laws, OFAC systems, guidance that govern sanctions, risk and compliance practices. The AML Sanctions Specialist II will assist in the creation and dissemination of OFAC/SDN/314 bulletins to the Bank’s business lines and assist in appropriate compliance response to any changes to OFAC/SDN/314 re-quirements or newly sanctioned parties. Additionally, the Specialist II will OFAC Vendor Testing to ensure filtering criteria and timeliness of updating the OFAC list are appropriate and reasonable for each OFAC screening product. Additionality, the Specialist will be responsible for reviewing and decisioning sanction alerts escalated from business units.

• Review and disposition alerts generated from OFAC screening products as well as FinCEN 314(a) list and escalate to the Bank’s OFAC Officer potential matches of significance. Understand legal classification of risks associated with persons, entities, geographies, as well as the level of risk identified in OFAC systems and government websites.  

• Assist in review of new products and services for risk associated with OFAC and support BSA Management’s periodic OFAC risk assessments through the analysis of data elements related to potential indicators of customer, product or geographic risk, evaluating and enhancing the risk rating methodologies, and identifying new quantitative factors that can be incorporated into the OFAC risk assessment process.  

• Assist in ongoing OFAC Vendor Testing and tuning to ensure each OFAC screening product is functioning as expected and timeliness of updating OFAC updates are appropriate and reasonable. 

• Research and provide guidance on federal and state statues and banking regulations involving areas of OFAC, as well as AML legislation, including but not limited to: Customer Identification, Currency Transaction reporting, Money Service Business, Marijuana Related Businesses, PEPs, NRAs, Trade Finance, crypto currencies, etc.

SUPERVISORY RESPONSIBILITIES

       None

SKILLS AND TRAINING

• Understanding of the necessity and value of accuracy and attention to detail; ability to perform due diligence reviews and process information with high levels of accuracy.

• Knowledge of and ability to prevent or report Sanctions-related activities in banking and financial services industry.

• Knowledge of and ability to manage the major responsibilities, accountabilities, and organization of the Audit and Compliance function or department.

• Knowledge of organization's internal audit processes, quality control practices and methods.

• Knowledge of and ability to employ internal controls and to enhance business strategies for the purpose of detecting, correcting and preventing fraudulent activities.

• Knowledge of and ability to create, implement, evaluate and enhance processes in internal controls.

• Knowledge of approaches, tools, techniques for recognizing, anticipating, and resolving organizational, op-erational or process problems; ability to apply this knowledge appropriately to diverse situations.

  EDUCATION 

• Bachelor's degree in finance, criminal justice, accounting, business administration, etc. required

  WORK EXPERIENCE 

•  Two to four years relevant experience in OFAC and AML Sanctions     

Feature Benefits

• Medical/Dental/Vision Insurance
• Flexible Savings Account
• 401(k)
• Tuition Disbursement and Reimbursement
• College Loan Pay Down Program
• and other great benefits
   

WORKING CONDITIONS

Work is performed in a normal office environment.  Noise levels are usually moderate. 

HAZARDS

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

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.