Associate, OFAC Analyst I

JOB SUMMARY: 

CFSB (Community Federal Savings Bank) is a federally chartered financial institution that provides banking and payment solutions for consumers, businesses, and fintech partners. The bank specializes in supporting embedded finance, Banking-as-a-Service (BaaS), and payment processing while offering traditional banking products such as deposit accounts and lending services. CFSB is recognized for its strong regulatory and compliance focus, partnering with innovative financial technology companies to deliver secure, scalable financial services in a highly regulated environment.

Within the OFAC Team of the Financial Intelligence Unit, this role analyzes OFAC alerts yielded from CFSB’s full range of offered banking services including ACH settlement services, pre- paid card issuance, and retail banking for our general customer base and the various types of Money Services Businesses and FinTech companies serviced by CFSB.

In this role, you will display a high degree of professionalism and integrity through their work and will possess a solid understanding of OFAC sanctions, Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations.

Responsibilities:

• Conduct sanctions screening of real-time and post-transactional alerts in the Bank’s automated sanction screening solution for potential violations of OFAC and other governmental sanctions. Investigate potential matches and true positive hits; escalate for further review and approval as required by procedure
• Review daily manual reports for OFAC screening, documenting the reviews and reporting findings to management as necessary.
• Identify potential matches that warrant additional research; escalate potential sanctions violations and/or reputational/financial risks accordingly and document the resolution.
• Ensure escalation of alerts are properly handled and documented according to procedures
• Interact with other departments/lines of business on resolution of issues (e.g., Operations Department, CFSB clients).
• Stay abreast of regulatory changes and AML related news, with an emphasis on OFAC sanctions- related developments. Ensure timely completion of all mandatory training requirements.
• Effectively utilize and operate all tools and technology appropriate to the role.
• Identify potential strategic process improvements and assist with implementation. Assist other teams within Compliance when needed
• Ensure timely completion of all mandatory training requirements.

• 1 to 3 years in an OFAC screening-specific role
• Familiarity with OFAC screening within ACH and wire transfer transaction threads
• Ability to obtain necessary information to classify an OFAC hit as a “match” or “not a match” with minimal guidance and supervision. Ability to make accurate decisions supported by detailed documentation justifying decisions.
• Organized, detail- oriented, self-motivated, and strong communication, writing, and follow-up skills
• Ability to liaise between internal business lines and external vendors and clients, and to work well both independently and as part of a team
• Ability to work dependably and consistently under team constraints, and to manage time efficiently and effectively
• Strong research, analysis, communication, writing, and follow-up skills. Ability to identify, escalate and resolve a problem
• Understanding of compliance and BSA/AML/OFAC regulatory requirements and implications

Education, Training, and Experience:

• Experience with OFAC sanction screening of various customer types desired (e.g., Money Services Businesses such as money transmitters; pre-paid card programs; debit card programs: and retail banking customers).
• Proficiency in standard Microsoft Suite programs
• Experience with CGI HotScan’s sanctions screening solution a plus

About Community Federal Savings Bank (CFSB)

Community Federal Savings Bank (CFSB) is a federally chartered bank founded in 2001 and headquartered in New York City. CFSB has focused on providing superior service and added value to clients though a solid understanding of relationship banking. We offer a full range of services, including loans, bill payments, card services, internet banking, and merchant processing.

We are an equal opportunity employer and do not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, national origin, disability, military and/or veteran status, or any other Federal or State legally-protected classes.