AML Risk Assessment Specialist

1 month ago

Morristown, United States USAmeriBancorp Full time
Job Overview

The AML Risk Assessment Specialist will be responsible for performing periodic enterprise-wide risk assessments pertaining to Fraud, anti-money laundering (AML) and sanctions compliance (OFAC), to identify inherent risks and the efficacy of internal controls to derive a residual risk profile. The results of the risk assessment process will be utilized to drive monitoring initiatives, control enhancements and resource allocation as new emergent risks are identified.

Job Description

Responsibilities include but are not limited to:

  • Responsible for conducting the enterprise-wide AML Risk Assessment, inclusive of AML and OFAC. Will be solely responsible for enhancing and updating the AML and OFAC risk assessment methodologies, developing the annual assessment plans, executing and properly documenting the assessments, ensuring all deficiencies identified are corrected within the specified time frame, and reporting the results and any outstanding issues to senior management.
  • Liaise with bank regulators, as well as internal and external auditors to communicate the nature, methodology and results of the Financial Crimes risk assessment program .
  • Engage with the various lines of business to analyze processes and controls to identify and assess inherent risk, efficacy of controls, and compliance opportunities related to AML, OFAC and Fraud.
  • Act as liaison with lines of business and provide subject matter expertise in the development of internal controls.
  • Generate standing reporting and risk dashboards designed to identify changes to the risk profile of the bank related to AML, Fraud, or OFAC on an ongoing basis.
  • Monitor and report key risk metrics, Key Risk Indicators and Key Performance indicators to management and applicable governance committee.
  • Review new products, services, markets or geographies for additional risks related to these areas, communicate any such risks to Management, and work with business lines to identify mitigating controls.
  • Assist in the identification of trends consistent with potential risk or compliance issues. Advise on tools and solutions to facilitate risk management and compliance and develop and maintain comprehensive records and reports of associated activities.
  • Maintain a working knowledge of internal controls, best practices in risk management, fraud prevention techniques, AML typologies, and sanctions compliance requirements, as well as other applicable state and federal laws and regulations within the scope of the financial crime functions.
Requirements

Required Skills:
  • Strong knowledge of Bank Secrecy Act, USA PATRIOT Act, OFAC and other anti-money laundering laws and regulations.
  • Strong knowledge of Fraud schemes, trends and prevention strategies.
  • Strong verbal and written communication skills.
  • Must have the confidence and ability to identify potential issues and solutions and work with all levels of management to resolve those issues.
  • Ability to work with various lines of business to ensure proper implementation of AML, Fraud and OFAC policies.
  • Ability to provide guidance and training to all levels of employees within the department and bank-wide regarding financial crime-related issues.
  • Ability to interact and respond intelligently to inquiries from law enforcement and bank regulators.
Required Experience:
  • High School diploma or GED.
  • Minimum of 5 years of experience in performing Fraud, AML, or OFAC Risk Assessments.
Preferred Experience:
  • ACAMS and CFE Certifications

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