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.

As a BSA/AML Risk Specialist, you will work in a dynamic, team environment and play an important role in helping the Federal Reserve carry out its regulatory responsibilities. Significant industry experience in BSA/AML and OFAC compliance in a governance, operational, independent audit, compliance testing or consultant capacity is essential. Existing expertise in digital assets is a plus to understand trends that may impact financial services BSA/AML and OFAC compliance programs.

You will focus on understanding and evaluating the compliance control framework of complex 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. Participate in 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 Analysis Department. You will serve as a technical expert for all BSA/AML-related regulations and may also support Federal Reserve efforts to keep abreast of transformational trends, including innovative efforts to combat money laundering and terrorist financing.

Your role as BSA/AML Risk Specialist:

• Interact with senior executives of supervised firms, the Federal Reserve System, Federal Reserve Bank of New York, and, 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.
• Build, manage and maintain communication channels and work closely with internal stakeholders to develop supervisory plans to assess the BSA/AML and OFAC compliance programs and remediation of regulatory findings.
• Present supervisory assessments to Federal Reserve and bank management.
• Prepare comprehensive workpapers to support assessments.
• Possess depth and breadth of subject matter expertise (SME) in multiple area such as private banking, trade finance, correspondent banking, cryptocurrency, and payment message standards.
• Possess strong and detailed knowledge/expertise on specific sub-components of compliance, such as BSA-AML, OFAC and other CTF regulations, risk, and mitigation trends within supervised firms.
• Demonstrate significant thought leadership, good decision making and execution. Contribute to internal management information reports regarding relevant areas of interest (i.e., emerging trends).
• Create and maintain good working relationships with various stakeholders, such as the Supervision function, FRBNY legal staff, Federal Reserve Board staff, and other regulatory agencies (e.g., OCC, NYSDFS, FDIC, FINRA, etc.)
• Big picture orientation to assist Team Leaders/Unit Leaders and managers in the development of a supervisory view/strategy on various institutions or segments of specific aspects of institutions.
• Lead and manage individuals and projects, as required; provide meaningful performance feedback and serve as a resource for coaching/training junior examiners.
• Provide input or participate in groups with peers, Team Leaders, or department managers to facilitate the development of departmental strategic goals and initiatives.
• Incumbent could fill in for their team leader with ease in unexpected absence. You will have significant impact on your team and function.

• Bachelor`s Degree; relevant advanced degrees or accreditations are a plus.
• 10 + years of experience with a 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 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.
• Significant experience with BSA/AML and OFAC enforcement actions: remediation of regulatory findings including transaction reviews.
• Advanced knowledge of the Banking Industry and Economic Conditions.
• Strong self-management, analytical and decision-making skills, including managing multiple projects while adapting to changing priorities.
• Lead and contribute to ongoing efforts to implement innovative technology in the execution of BSA/AML and OFAC supervision.
• Superior written and oral communication skills, with the ability to synthesize complex ideas and communicate them clearly.
• Flexibility to adapt to new situations and work sites, including ability to travel.
• Take initiative and produce results under tight time constraints and manage effectively given rapidly evolving priorities.
• Prepare speeches, conduct visual and verbal presentations of considerable duration, for large groups, with wide variety of audiences, and respond 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.