OFAC and Sanctions Program Officer

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Full Time 2 Professional Lakewood, CA, US

Salary Range: $87,360.00 To $ Annually

Job Summary

The OFAC and Sanctions Program Officer is responsible for supporting and maintaining the Bank's Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Sanctions and Office of Foreign Assets Control OFAC Compliance Program, including sanctions monitoring, investigations, regulatory reporting, risk assessment, and control oversight. The position serves as a subject matter expert on OFAC and sanctions matters, providing guidance to business units and management regarding sanctions-related risks, regulatory requirements, and control effectiveness.

This role independently conducts complex sanctions investigations, evaluates potential compliance risks, recommends appropriate corrective actions, and supports regulatory examinations, audits, and sanctions program reviews. The Officer contributes to the ongoing development and enhancement of sanctions policies, procedures, controls, and governance practices to ensure compliance with applicable laws and regulations. The Officer partners with stakeholders across the Bank to implement regulatory requirements, monitor emerging risks, provide training and guidance, and support strategic initiatives designed to strengthen the Bank's financial crimes compliance program.

Key Responsibilities

• Conduct and oversee enhanced sanctions investigations involving complex ownership structures, subsidiaries, affiliates, counter parties, vessels, financial institutions, and other parties to determine potential direct or indirect sanctions exposure. Analyze OFAC and sanctions-related alerts, evaluate associated risk, and provide recommendations to management regarding appropriate resolution and escalation.
• Coordinate and document the blocking or rejection of transactions when required and ensure appropriate escalation, regulatory reporting, recordkeeping and follow-up in accordance with regulatory requirements and Bank policy.
• Maintain oversight of blocked property and related records ensuring accurate reconciliation, regulatory reporting, and compliance with applicable sanctions requirements.
• Monitor and assess OFAC sanctions list updates, new sanctions programs, General Licenses, regulatory developments, and emerging sanctions risks, and provide recommendations regarding potential impacts to Bank customers, products, services, and operations.
• Review real-time wire transfers, ACH transactions, and other customer activity for potential matches against OFAC sanctions lists, watchlists, and high-risk jurisdictions.
• Analyze complex transactional activity and customer relationships to identify potential suspicious, unusual, or high-risk activity and provide comprehensive investigative recommendations.
• Perform reviews and investigations independently while exercising sound judgment in identifying potential compliance risks.
• Serve as a subject matter expert and trusted resource to Bank personnel by providing guidance on BSA/AML/OFAC regulatory requirements, sanctions-related risks, and internal policies and procedures.
• Partner with BSA management, investigative units, business lines, and branch personnel to resolve potential compliance concerns and mitigate risk.
• Oversee and validate the timely implementation of sanctions list updates across applicable screening systems and document completion of required controls.
• Support and contribute to BSA/AML and OFAC risk assessments, internal audits, regulatory examinations, and country risk reviews, providing subject matter expertise and recommendations to…