Virtual Currency Senior Analyst; Financial Services Specialist ; Compliance), SG

Duties Description

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation;

and preserving the stability of the global financial system.

The Department of Financial Services is seeking candidates for the position of Virtual Currency Senior Analyst, SG-23, in the Virtual Currency and Limited Purpose Trusts Units within the Research & Innovation Division. The Virtual Currency Senior Analyst serves as a specialist for regulated Virtual Currency and trust company entities, including companies holding licenses to engage in virtual currency business activities (“Bit Licenses”).

The successful candidate must be available to travel within and outside of New York State.

• Maintains a thorough understanding of the business models of assigned Bit Licensees (BTLs)/Trust Companies (LPTCs) and identifies and assesses relevant current and emerging risks;
• Conducts risk-based assessments of BTLs’/LPTCs’ governance, compliance, and internal audit controls; BSA/AML program; operational, regulatory and legal risks and controls; risk management program; financial condition; etc;
• Leads periodic meetings, ad hoc supervisory engagements and some examinations (e.g. desk-based and onsite exams, horizontal thematic reviews) of less complex BTLs/LPTCs, and other DFS-regulated Virtual Currency entities, for compliance with relevant laws, regulations, guidance, and supervisory expectations;
• Supports the supervision examinations of complex BTLs, LPTCs, and other DFS-regulated Virtual Currency entities, for compliance with relevant laws, regulations, guidance, and supervisory expectations;
• As needed, reviews and processes applications for LPTC charters and BTL Licensing, and participates in non-periodic supervision of regulated BTL/LPTC entities, including applications to adopt material changes of business;
• Meets with BTL/LPTC management to receive periodic business updates, discusses examination scope, requests information and materials needed for supervision and examination, and maintains an understanding of the institution's operations and the scale and scope of its business;
• Prepares accurate, comprehensive reports of examination of the financial condition of the institution, complete with narrative and analytical presentations on the various operations of the institution with suggestions or recommendations to the senior management team and board of directors on corrective measures that need to be taken, and presents recommendations internally for supervisory actions;
• Discusses findings with management and obtains their responses to comments on the operation of their institution;
• Writes internal memoranda regarding supervisory recommendations and program improvements;
• Supports the development of, and enhancements to, internal supervisory policy views, policies, and procedures documentation related to the supervisory process, such as examination manuals and internal best-practice guides for LPTCs and BTLs;
• Remains up-to-date on emerging risks and industry best practices as well as regulatory best practices, including skills involving blockchain monitoring/analytics, transaction sampling and monitoring model validation, and sanctions screening systems; the verification of claimed virtual currency holdings; validation of stablecoin backing assets; the auditing of the self-certification of coin listings by regulated companies; and observation of the application of anti-fraud and market-manipulation policies and procedures;
• Communicates with and presents to senior and executive management, both orally and in written memoranda;
• Travel up to 50% may be required.
• Other duties as assigned.

• Knowledge of Virtual Currency and relevant business models;
• Experience in…