OFAC Analyst

US-NY-Long Island City
Category
Operations

Overview

This position is responsible for the review and decisioning of all incoming and outgoing wire transfers and ACH transactions scanned against the Office of Foreign Asset Control (OFAC) list of Specially Designated Nationals (SDN).  This scanning is performed on outgoing transfers at the point closest to the external clearing system.  This scanning is performed on incoming transfers at the point closest to debiting/crediting UNFCU-held accounts.  This position ensures that UNFCU remains in compliance with OFAC directives while also ensuring that payments processing runs in a timely and efficient manner. The positions duties allow members to meet their financial obligations around the world in a manner that also ensures that UNFCU remains compliant with all pertinent OFAC regulatory requirements.

Responsibilities

• Monitor technically segregated processing queues and compliance software queues throughout the processing day for data detected in individual transactions that may be a match for an OFAC hit that requires review.

• Ensure Compliance and Management personnel are notified of any confirmed hits and/or any situations where the Analyst cannot determine the item is clearly not a hit. Investigate and resolve all suspected hits within the required periods. Correspond with appropriate bank personnel as required and document action taken.

• Review wire transfer requests submitted by members in politically sensitive countries (e.g. Cuba, Burma/Myanmar, North Korea, Iran etc.) to determine with UNFCU-held special operating licenses may be applied to the request and processed.

• Review wire transfer requests submitted by members in Sudan to ensure that the attributes of the transaction do not potentially violate any special directives that may result in the wire being delayed and/or returned by any external financial institution. This process may be applied as needed to members in other countries where political issues may affect transaction processing.

• Create, update, and maintain logs for various transactions for record-keeping and/or analysis purposes.

• As needed, communicate directly with OFAC personnel for guidance/decisions on the handling of specific transactions.

• Annotate handling of suspected and/or confirmed OFAC hits on wires and ACH transactions for review and access by Compliance, Management, and internal/external audit.

• Identify and communicate opportunities for internal process improvements in the handling of potentially problematic wire requests in order to effectively support member needs with internal compliance requirements.

• Work with Payment Supervisors, Payment Investigators, and other Payments staff as necessary in troubleshooting member issues that may have an OFAC-related cause.

Qualifications

TYPE & AMOUNT OF EXPERIENCE:
• A high school, plus some college coursework in relevant subjects from a junior college or university and 5 years of wire transfer experience in a high-volume financial institution.

 

TECHNICAL COMPETENCIES:

• Advanced knowledge of OFAC requirements plus advanced experience in high-value and low-value payment processing.
• Intermediate PC skills, strong attention to detail, excellent organizational skills
• Strong customer service orientation
• Good verbal & written communications skills

 

BEHAVIORAL COMPETENCIES:

• Excellent interpersonal skills and detail orientation
• Professional communication skills, both verbal and written
• Ability to manage relationships throughout the organization
• Able to multi-task in a fast paced environment
• Professional appearance and a willingness to work flexible hours
• Strong negotiation, coordination and organizational skills

 

WORK ENVIRONMENT/CONDITIONS:
• Standard office conditions

 

In addition to any specific job requirements in connection with Bank Secrecy Act and/or OFAC (BSA), employee must (i) be aware of BSA matters commensurate with the position; (ii) report any suspicious activity to the manager or compliance department; and (iii) satisfactorily complete any required BSA training.

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