AML Investigations Officer

GENERAL SUMMARY

The AML Investigations Officer is responsible for assisting the AVP AML Economic Sanctions Manager in day-to-day monitoring and/or investigation of potential suspicious activity, ensuring accurate and timely submission of all required reports (i.e. SARs), conducting enhanced due diligence reviews, and reviewing other new or existing high risk customer relationships for the bank, conducting OFAC, 314a list and other Sanctions searches to ensure timely and accurate updating of lists to the Bank's systems and to ensure potential matches are identified; communicates findings to AVP AML Economic Sanctions Manager for a resolution that may include rejecting or blocking a transaction.

Additionally, the Foreign Correspondent Bank (FCB) Program is focused on the effective execution of Department Treasury *1010.610 (Special due diligence programs for correspondent accounts for foreign financial institutions). Due to the complexity of FCB activity, the officer must be very familiar with Correspondent Banking.

Assists in all aspects of bank wide oversight for the Office of Foreign Assets Control ("OFAC") as regulated by the U.S. Department of Treasury. Other duties may be assigned which may include the monitoring of activities relating to the USA/FFIEC's Bank Secrecy Act Anti-Money Laundering Examination Manual's guidance.

This position requires strong ownership of the learning process, prioritization and substantial analytic skills, case management skills and an ability to drive positive change. Requiring the individual to exercise sound judgment, attention to detail, and to observe the highest degree of confidentiality and accuracy in the handling of information received in the course of performing responsibilities.

ESSENTIAL FUNCTIONS

• Makes most decisions independently but will consult with upper management on more complex issues.
• May have authority to represent the division and organization in highly sensitive and confidential matters.
• Conduct analysis of names, transactions, documents, and articles to identify, detect trends and unusual patterns for various processes which include Trade Finance, Correspondent Banking, Foreign Exchange, and OFAC Screening activities.
• Send Request For Information (RFI) to FCBs, Cathay Bank Departments and Branches to provide supporting documentation and or reasoning/explanation for alerted/sampled transactions.
• Analyze data, identify suspicious activity and document findings.
• Organize and summarize the analysis performed into cohesive and concise narrative to enrich customer profile.
• Conduct Adverse Media/Negative News on entities/activities that alerted or were sampled.
• Ensure that all analysis information and documentation is organized and maintained appropriately.
• Identify significant variance increases/decreases with appropriate documentation and rationalization of factors driving variance.
• Render conclusion of analyses and account disposition for AML system alerts, cases, and narratives in reviews.
• Ensure accurate tracking of assignments and requests for documentation for proper tracking of deadlines, as well as following up on pending items in a timely manner.
• Assist branches and other business units in reviews of potential OFAC suspects, ensuring timely and documented response for each suspect case. Identifies OFAC and other Sanctions suspect transactions and customers.
• Assist with the analysis and enhancements of high-risk country program, ensuring timely updates are made to systems, applications and documented policy and procedures as required.
• Assist with updating the Special Measures list (i.e., Section 311) into necessary screening systems and applications, conducting customer screening and ensure suspect reviews are timely, complete, and accurate, including identification, management and investigation escalation, and completion of required regulatory reporting as necessary.
• Other responsibilities assigned by the AVP AML Economic Sanctions Manager.

QUALIFICATIONS

• Education: Bachelor's Degree in related fields of business or finance, preferred. Professional certification (ACAMS, CFE) is a plus.
• Experience: Five or more years of investigative or related experience with specific emphasis on BSA/AML, SDD/KYC, Trade Finance and OFAC. Trade Finance and Foreign Correspondent Banking experience is required.
• Skills/Ability:
  
  
  
  
  • Advanced knowledge of BSA/AML/CFT, OFAC/UNATMO laws and the ability to apply this knowledge in assessing bank policies, procedures, controls and risk management practices, as well as transaction activity and monitoring of high-risk customers and relationships.
  • Quickly grasp and understand varying banks products and services and how they may be exploited for money laundering and terrorist financing activities and other financial crimes.
  • Problem solving and analytical skills with proven ability to turn findings into executable plans.
  • Familiarity with BIS regulations, Export Control Classification Number (ECCN), Commerce Control List (CCL) required.
  • Possess knowledge of FFIEC, FATF and Wolfsberg guidelines.
  • Knowledge of SWIFT and Fed wire formats.
  • Strong understanding of Financial Institutions' business and relevant products/services (e.g. Letters of Credit, Trade Finance, Clearing).
  • Ability to understand changes to BSA/AML laws and regulations and report impact of changes to senior management.
  • Strong analytical and problem resolution skills.
  • Excellent communication skills, both written and verbal.
  • Ability to work well independently and with others.
  • Ability to multi-task prioritize deliverables in a timely and effective manner.
  • Flexibility to adapt to changing priorities to meet business needs.
  • Proficient in the Microsoft suite of products and Internet-based research.
  
  
  
  

OTHER DETAILS

$34.62 - $39.42 / hour
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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