Sanctions Associate

Full job description
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.


In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.


The anticipated salary range for this role is between $80,000.00 and $131,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description
Within the Financial Crimes Prevention Unit, ("FCPU"), the Sanctions Compliance Team ("SCT") is responsible for the review of alerts in transaction and customer screening. Associates help lead the team on the behalf of the Vice President ("VP") and report into the VP. Associate have responsibility for overseeing the process under their VP's remit. Associates may be involved in performing assignments in the absence of the VP and ensure compliance of all transaction examination activities in accordance with regulatory requirements Bank Secrecy Act/Anti Money Laundering/Office of Foreign Assets Control (BSA/AML/OFAC), SMBC policies and procedures.


The Associate follows established guidelines to identify and resolve problems and proactively recommends solutions to improve processes where guidelines may not have been developed. Acts as an SME for department and across other functions. May train others. May lead a process involving a team or act as an independent contributor.
Individuals are expected to contribute to work flow or process change and redesign, and to form a strong understanding of the specific process. May direct the day-to-day work of employees or act as a delegate in replace of a VP. Primary focus is on execution within defined parameters, with some expansion based on developing capabilities and experiences.
This position may also provide a second level review on alerted transactions, and escalate appropriately to authority levels, or perform other "checker" related processes under their VP's remit. Reports to the VP or Director level. Complex transactions escalated to next level of management.


Role Objectives
Acts as lead for the process in their department reporting into VP. Assists the VP with day-to-day workflow management, performance and management of assigned staff; assistance in the maintenance and enhancement of department processes; and oversight, testing of upgrades to Compliance applications. May include governance, advisory, or QC related tasks.
Ensures compliance with all regulatory practices outlined by CPAD (Compliance Department) BSA/AML/OFAC and adherence to Bank policies and procedures. Provides management and guidance to assigned team members in scope.
May act as a checker or second reviewer and perform due diligence on alerted transactions. Records decision-making on transactions, SWIFT messages, customers and affiliated parties referred for manual review by the Bank's automated compliance filters.
Ensures business continuity under all conditions, sometimes adverse, with strict adherence to established guidelines and deadlines.
Ensures completion of requests from BSA Officer in relation to conditional approvals or other requirements.
Maintains ongoing contact with branches.
Prepares reports and other materials as required in response to inquiries from internal and external auditors, bank departments, and regulators. Provides timely updates of internal bank policy changes, new regulatory compliance requirements, and recommendations from CPAD.
Ensures maintenance of OFAC sanctions lists and Internal Watchlists utilized by the tool.
Participates in system testing and implements system upgrades to ensure the integrity of systems and processes for transaction monitoring.
Qualifications and Skills
CRITICAL JOB KNOWLEDGE AND CORE COMPETENCIES/SKILLS

Thorough understanding of legal aspects and recordkeeping requirements of banking regulations relating to money transfer (especially OFAC, AML, BSA, USA PATRIOT Act).
Strong knowledge of market practices related to foreign and domestic money transfers.
Strong knowledge of OFAC regulations and Sanctions.
Strong level knowledge of banking policies, statutory and compliance regulations.
Strong knowledge of accounting principles and practices.
Ability to interpret changes in the regulatory framework and implement in investigative review of stopped payments and customer relationships.
Knowledge of SWIFT / Payment Message Types / RMA operations.
Strong sense of urgency, accuracy and accountability; responsive to time sensitive needs.
Strong management skills; decision making, influencing and delegation skills; works independently.
Strong analytical, presentation and communication skills.
Previous sanctions screening experience preferred.
Ability to work under pressure and with tight deadlines.

REQUIREMENTS

Work Experience: 5 to 7 years of specialized experience in Financial Services Compliance, Payment System or Money Transfer preferred. Previous screening experience.
Education: Preferred BA / BS (or equivalent experience)
Licenses / Certifications / Registrations: CAMS preferred
Language Skills: Business fluency in English
Software Systems / Programming Languages: SWIFT preferred. FircoSoft preferred.

SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.


SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com. Read more