Legal & Compliance Risk Senior Associate at Federal Reserve Bank (FRB) in New York City, New York

Job Description:

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic-all combined with a passion for public service.

What we do:
The Federal Reserve Bank of New York (FRBNY) is seeking a senior BSA/AML Compliance Risk Specialist to join the Large and Foreign Banking Organizations Function in the Supervision Group. Through its assessment of risk management practices at financial firms, the LFBO Compliance Risk and Analytics Department plays an important role in executing Federal Reserve safety and soundness and financial stability objectives.

The senior 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) controls, sanctions, counter-terrorist financing (CTF) and the adequacy of firm-wide compliance programs across business lines to address risks posed by the firms' business models. The specialist will participate in and direct examinations of supervised financial institutions, conduct continuous monitoring of firms under enforcement action, and contribute to other examination, analytical, and policy work conducted by the Compliance Risk and Analytics Department.

Your role as Senior Associate- Anti-Money Laundering Specialist (BSA/AML):

• Interact with senior executives of supervised firms and with senior supervisors and Federal Reserve System/FRBNY management, legal staff, and policymakers across agencies.
• Lead multiple examinations and/or supervisory activities to evaluate the quality and effectiveness of 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 of the Office of Foreign Assets Control (OFAC) and other CTF regulations;
• Monitor compliance with complex BSA/AML and OFAC enforcement actions and overall adequacy of corrective action;
• Present findings to Federal Reserve and bank management and produce reports, memoranda and work papers in support of findings conforming to Federal Reserve expectations;
• Demonstrate 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;
• Possess strong and detailed knowledge/ expertise on specific sub-components of compliance, such as BSA-AML, OFAC and other CTF regulations and the associated tactical examination/supervision practices, techniques and strategies as well as good knowledge about risk and mitigation trends within supervised firms;
• Maintain good working relationships with various stakeholders within the Supervision function, FRBNY legal staff, Federal Reserve Board staff and other regulatory agencies with respect to tactical and day-to-day aspects of supervision, examination and enforcement activity for assigned projects or firms.

• Bachelor's degree, relevant advanced degrees or accreditations are a plus;
• Minimum of eight to ten 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; remediation of regulatory findings including transaction reviews.
• 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; Contribute to ongoing efforts to implement innovative technology in the execution of BSA/AML and OFAC supervision;
• Ability to synthesize complex ideas and communicate them clearly;
• Strong coordination and collaboration skills and the ability to build effective working relationships within the Group and with external stakeholders.
• 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;
• Prepare speeches, conducts visual and verbal presentations of considerable duration, for large groups, with wide variety of audiences, and responds to questions from audience members.

Benefits:
Our organization offers benefits that are the best fit for you at every stage of your career:

• Fully paid Pension plan and 401k with Generous Match
• Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
• Subsidized Public Transportation Program
• Tuition Assistance Program
• Onsite Fitness & Wellness Center
• Flexible Work Arrangements
• And more

Please note that the position requires access to confidential supervisory information and/or FOMC 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, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

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.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.