If you are motivated and believe in the credit union philosophy of "People Helping People," join our team!

PURPOSE:

The OFAC (Office of Foreign Assets Control) Specialist will support SECU’s day-to-day OFAC and sanctions compliance activities to ensure SECU and the institutions we service maintain compliance with all applicable sanctions requirements.

DUTIES:

Carry out requirements of SECU's OFAC Program in a timely manner, which may include, but is not limited to, the following activities: investigating member activity and beneficiary information to identify if transactions are compliant under applicable sanctions law; providing guidance to business lines regarding transaction vetting, diligence requirements, and third-party due diligence questions.

Review and conduct research on any potential match(es) that generates an alert against the OFAC and/or the PEP (Politically Exposed Persons) watch lists through the nightly batch screening process.

Conduct thorough analysis of any potential OFAC and/or PEP matches using research tools such as World Check, Onbase, Image, 3270, CLEAR, WireXchange as well as the internet.

Review, research, and clear all International ACH Transactions (IATs) that generate a potential match against an OFAC sanctioned target and/or that involve a sanctioned country, region, or jurisdiction.

Review, research, and clear all real-time wire transfers that generate a potential match against an OFAC sanctioned target and/or that involves a sanctioned country, region, or jurisdiction.

Perform monthly monitoring and testing of our third-party OFAC screening service provider to ensure the database remains current and reflective of on-going updates OFAC makes to the Specially Designated Nationals (SDN) lists.

Coordinate with the Bank Secrecy Act team within Compliance when suspicious activity is uncovered in the OFAC diligence process.

Support and assist with annual OFAC risk assessment efforts.

Continuously monitor evolving OFAC sanctions programs and identify for management when changes may impact SECU activities.

Keep abreast of any BSA/AML/OFAC related legal or regulatory developments impacting SECU’s products and services.

Conduct reviews to ensure adequate identification and correction of OFAC compliance risks.

Prepare materials and file necessary reports with OFAC and other regulators as required.

Prepare materials necessary for OFAC Compliance training classes and conduct classes at training centers or via web or video conferencing.

Assist with the development, implementation, and audit of policies and procedures to ensure compliance with applicable laws and regulations.

Assist affiliated credit unions with their OFAC compliance as needed.

Assist management with onboarding and training of new hires.

Assist in preparing for regulatory examinations and audits.

Assume other duties and responsibilities as assigned.

REQUIREMENTS:

Two to four years minimum of financial services experience in a highly regulated financial institution (preferably a credit union), at least two of those years having a focus on OFAC/BSA/AML regulations.

Highest level of integrity and objectivity to preserve independence.

Strong organization skills and analytical ability.

Excellent communication skills, both written and verbal.

Dedication to Credit Union philosophy and work ethic.

Must be able to speak and write English fluently.

Must be able to cooperate and collaborate with co-workers.

Must be cordial in all interactions with members and co-workers.

Must adhere to the work schedule and attendance policy established by manager.

Preferred Skills and Experience:

Industry-recognized compliance designation, or a willingness to obtain such a designation.

Basic knowledge of the Credit Union’s core systems.

Good understanding of US sanctions requirements.

JOB ENVIRONMENT:

Hybrid position where working remotely is allowed but in person attendance to the office may be required with physical proximity to other employees. Some background noise from other employees, copy machine, and telephone should be expected.

PHYSICAL DEMANDS:

Must be able to comprehend and carry out verbal and written instructions.

May require a substantial amount of sitting.

Use hands and fingers to press keys on a computer keyboard or applicable assistive technology to enter or retrieve information.

Use hands and fingers to press telephone keypad and lift telephone receiver or applicable assistive technology for telephone access.

Must be able to lift 5 pounds.

SECU provides equal employment opportunity to all qualified persons regardless of race, color, religion, age, sex, sexual orientation, gender identity, national origin, genetic information, disability, veteran status, or other classification protected by law.

Disclaimer

State Employees' Credit Union reserves the right to fill this role at a higher/lower level based on business need.