OFAC Analyst

The OFAC Analyst is responsible for independently reviewing, investigating, and resolving potential OFAC, PEP, and regulatory screening alerts generated by the Bank’s monitoring systems. This position also coordinates with other departments that require OFAC, World Check, or Ocean Bank internal list assistance.  The OFAC Analyst ensures compliance with Bank policies and regulatory requirements through thorough research, documentation, and escalation when necessary.

• Review, investigate, and disposition OFAC, PEP, OB, and FinCEN 314(a) alerts generated by the Bank’s screening systems, determining whether to clear or escalate cases to the OFAC Manager.
• Conduct detailed investigations using internal systems (KYC, core banking platforms) and external sources, including internet research and World-Check, to resolve customer and transaction screening alerts.
• Review alerts related to new account openings, customer profile updates, and ongoing monitoring activity to ensure accurate risk assessment.
• Analyze bi-monthly FinCEN 314(a) lists for potential matches and document findings in accordance with regulatory standards.
• Prepare complete case documentation by annotating decisions and attaching supporting evidence within the OFAC monitoring system.
• Create and maintain system files for confirmed or potential OFAC matches requiring escalation.
• Support internal business units, including Retail Banking, Lending, Commercial Real Estate, International, Wire Transfers, and Wealth Management—by performing enhanced OFAC and PEP research and verifications.
• Communicate with account officers to obtain additional customer or non-customer identifying information when required.
• Update and maintain the Bank’s charge-off and internal watch lists within the OFAC system, as requested by Special Assets and Regulatory Risk Management.
• Assist with updates to departmental policies and procedures and participate in team meetings, special projects, and other assigned compliance initiatives.

Education/Experience:

Requirements

1. Associates Degree in Business Administration or Criminal Justice
2. 2+ years experience with BSA/AML or OFAC/Sanctions Compliance in the banking industry.
3. Must be able to work with tight deadlines.

Combination of education and experience will be considered.

Skills & Competencies

1. Strong knowledge of U.S. sanctions laws and regulations, particularly licensing requirements, and the programs related to high-risk jurisdictions (e.g., Russia, Iran, Venezuela, Cuba).
2. Must be able to understand and implement job related policies and procedures.
3. Strong analytical and investigative skills.
4. Must possess good organizational, interpersonal, time management, written and verbal communication skills.
5. Computer proficiency in MS Software (e.g. Excel, Word, and Outlook).

Preferences

• Prior experience with wire transfer payment systems
• Prior experience with automated sanctions screening systems
• Knowledge of banking laws and regulations and the Bank Secrecy Act and Patriot Act
• Bilingual English/Spanish preferred.

Licenses/Certifications

• None, but FIBA OFAC Sanctions certificate a plus.