OFAC Compliance Officer Job


The Horizon Group is continually looking for OFAC compliance officers for our banking clients located in New York, NY. Although this particular job may not be open at the moment, this is typical of the job descriptions that we receive from our clients for OFAC compliance officer positions. If you are interested in a OFAC compliance officer job, submit your resume. If you are qualified for the position, one of our recruiters will reach out to you.


Job Summary:

Mainly responsible for overseeing all the day to day OFAC and Sanctions Compliance activities. Ensure and enforce Compliance with regulatory requirements and bank policies and procedures. Manage and maintain the OFAC Compliance program. The OFAC Compliance Officer shall have access to all departments and documentation that may be necessary to carry out his/her responsibilities. The OFAC Compliance Officer shall provide guidance and support to business units on OFAC matters and has the authority to implement corrective action upon discovering actual or possible violations. Any corrective actions are subject to approval of the Chief Compliance Officer.


Job Duties / Responsibilities:

U.S. laws and regulations

  • Prepare annual OFAC Risk Assessment for management review.
  • Perform periodic review of business OFAC procedures for compliance with OFAC regulation; ensure policies and procedures are current and followed.
  • Manage staff in day-to-day operation of OFAC responsibilities, particularly related to Settlements unit personnel with OFAC responsibilities.
  • Lead investigations and/or due diligence reviews where OFAC issues are present, such as in connection with relevant customer on-boarding or wire transactions.
  • Develop, implement and monitor OFAC training to appropriate personnel.
  • Handle OFAC issues arising from the AML transaction monitoring system.
  • Maintain the bank’s OFAC Policies and Procedures.
  • Perform Section 314(a) Information Sharing
  • Responsible for OFAC Lists updates ensuring appropriate dissemination and testing of the bank’s systems.
  • Keep abreast of OFAC related regulations and inform the Compliance Department accordingly.
  • Manage responses to subpoenas or other document requests from law enforcement or regulatory agencies as they relate to OFAC.
  • Meet with regulatory authorities as warranted.
  • Prepare reports to OFAC regarding blocked/rejected transactions.
  • Monitor OFAC website for updates and create and disseminate OFAC bulletins to the firm’s business lines and ensure appropriate compliance response to any changes to OFAC requirements or new sanctioned parties.
  • Develop categories of appropriate Management Information regarding the OFAC Program, and ensure completion of same for Senior Compliance and Business Management.
  • Understand OFAC/sanctions compliance screening systems.
  • Assist the Chief Compliance Officer in providing responses to audit findings and examination for OFAC related matters and other regulatory matters.
  • Raise or escalate all serious OFAC compliance issues to the Chief Compliance Officer.
  • Support the functionality of the Transaction Monitoring System to include alert closure flow process and monitoring customers’ activity.
  • Assist in the preparation and testing of updates to systems for the Compliance functionality.


Skills / Requirements:

  • Strong subject matter knowledge of U.S. sanctions programs administered by OFAC and practical application in a financial services environment.
  • Must have sound management skills and experience.
  • Must also have knowledge of the Anti-Money Laundering laws, including the Bank Secrecy Act and the USA Patriot Act.
  • Must have a minimum of 8 years of experience with U.S. banking regulations and knowledge of best industry practices.
  • Excellent oral and written communication skills.
  • Must have experience in Excel, Word, SWIFT, eGifts, Gifts EDD, NICE Actimize and Surety
  • Bachelor’s degree