The Federal Reserve Bank of New York (FRBNY) is seeking a BSA/AML Compliance Risk Specialist to join the LISCC supervision program.  The LISCC supervision program is the Federal Reserve’s national supervisory program for the nation’s largest and most systemically important financial institutions.  LISCC Compliance Risk Specialists are responsible for understanding and assessing  firms’ risk profiles, governance structures, and strategies with the goal of identifying institutional-specific and horizontal/systemic areas of concern. The LISCC supervisory program’s primary objective is to maintain a safe and sound and competitive U.S. and global banking system. The program is overseen by the LISCC Operating Committee (the “OC”) and is executed by hundreds of staff supplied by multiple Reserve Banks and the Board of Governors.

The BSA/AML Compliance Risk Specialist will focus on understanding and evaluating the compliance control framework of financial institutions with respect to anti-money laundering (AML), sanctions, and counter-terrorist financing (CTF) regulations. The specialist will participate in and direct examinations of supervised financial institutions and is also expected to contribute to other examination, analytical, and policy work conducted by the LISCC Supervision Program.

The Risk -Specialist is expected to effectively interact with senior executives at supervised firms and with senior supervisors and Federal Reserve System management, legal staff, and policymakers across agencies. Roles and Responsibilities:

  • Plan and conduct examinations to evaluate firms’ compliance risk management practices and determine compliance with relevant anti-money laundering (AML) laws and regulations, such as the Bank Secrecy Act (BSA), as amended to include certain provisions of Title III of the USA PATRIOT Act, and the requirements ofOffice of Foreign Assets Control (OFAC) and other CTF regulations;
  • Assess the quality and effectiveness of an institution’s BSA/AML and OFAC compliance programs in relation to the inherent risks of the institution, supervisory expectations, and sound practices;
  • Present findings to Federal Reserve and bank management and produce reports, memoranda and work papers in support of findings conforming to Federal Reserve expectations;
  • Develop a comprehensive understanding of laws and regulations pertinent to compliance expectations of the largest and most complex financial institutions, which may include laws and regulations pertinent to AML, OFAC and other sanctions, and CTF regulations;
  • Develop a strong familiarity with pertinent literature used by industry practitioners;
  • Develop subject matter expertise in the identification and management of risks posed by individual business lines, products, or services;
  • Participate in or lead other financial institution examinations and special projects, perform analyses, and assist in the development of supervisory policy, as needed;
  • Collaborate with other regulatory agencies and with internal Federal Reserve stakeholders, such as legal and supervisory personnel; and
  • Depending on experience, lead and manage individuals and projects; provide meaningful performance feedback, and provide training and coaching to junior examiners.

Qualifications and Education Requirements:

  • Minimum of five years of experience with a particular focus on BSA/AML and OFAC compliance and related issues: financial institution compliance department, compliance consultant in the financial services industry, auditor, or bank examiner;
  • Experience with relevant laws and regulations and strong knowledge of bank operations, with a particular focus on BSA/AML and OFAC regulations;
  • Experience in assessing, validating, designing, or managing various risk management controls, automated monitoring systems, transaction surveillance, operations monitoring, reporting, and/or interdiction systems is a plus;
  • Bachelor’s degree, relevant advanced degrees or accreditations;

Preferred Skills:

  • Strong critical thinking, analytical and decision making skills;
  • Strong written and oral communication skills, with the ability to deliver written and oral messages confidently and accurately;
  • Strong negotiation skills and ability to build collaborative relationships;
  • Flexibility to adapt to new situations and work sites, including ability to travel and ability to function effectively and independently in a dynamic and evolving work environment;
  • Familiarity with FinTech, RegTech, and artificial intelligence technologies is a plus;
  • Strong prioritizing, planning, and organization skills; and
  • Public service orientation a plus.

This position requires access to confidential supervisory information, which is limited to “Protected Individuals” as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

To apply for this job please visit frb.taleo.net.

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