29 days old

Sanctions Manager - 0000FXBD

New York, United States
Apply Now
Apply on the Company Site
  • Job Code
    840475

Sanctions Manager - 0000FXBD
Description

!*!

Provides OFAC compliance support to the most complex areas/products in specialized businesses within HBUS. The Compliance Officer (Specialized) is responsible for tracking and reporting on new and amended OFAC regulations and assessing their impact, to provide direction and counsel directly to the line of business regarding requirements for compliance. Assists compliance and/or line management, including business, operations and product managers, in implementing changes to products, services, systems, and operations to ensure and maintain compliance. Monitors assigned products to ensure full compliance with pertinent rules and regulations.

Escalates issues discovered during ongoing review and assessment of OFAC compliance risk that require escalation to Senior Management for direction on resolution. Makes determinations on applicability of OFAC sanction program regulatory requirements in respect to real time transactions and relationships.

 

 

Impact on the Business

  • Assists in assessment of potential breaches or violations of U.S. economic sanctions and trade restrictions.
  • Assists with maintenance of, and projects relating to, sanctions lists updates and enhancements.
  • Identifies OFAC sanctions risks and provides guidance to HSBC Bank USA, N.A. (HBUS) business lines & HSBC Group Affiliates on outstanding matters/transactions.
  • Assists in the development, administration, and implementation of the HBUS OFAC compliance program.
  • Maintains awareness of regulatory changes relating to OFAC affecting assigned business(es); ensure appropriate communication and development of appropriate policy/procedure changes to remain compliant.
  • Reviews and analyzes compliance monitoring reports and other related source documents for suspicious/unusual patterns of activity, providing appropriate response and follow up on areas requiring attention. When applicable, follow-up with responsible area for explanations and discussions for appropriate action.
  • Identifies and reports all significant regulatory compliance breaches or gaps to senior management. Collaborate with senior management and relevant internal parties to ensure development and implementation of solutions to prevent future occurrence. 
  • Records and tracks filter interdiction request from the DoJ and OFAC.
  • Reviews entries retained on Global or Local Internal Lists as prescribed by internal procedures.
  • Coordinates and tracks incoming OFAC administrative subpoenas and ensures compliance with all response dates.
  • Co-owns Sanctions Risk Events SharePoint, which includes granting user access, completing change requests, and making enhancements to the functionality and interface of the SharePoint.
  • Provides support in implementing bank initiatives and transformation projects into the sanctions compliance program.
  • Performs gap analysis of local policies and procedures to maintain alignment to the Global standards and emerging regulations and works with procedure owners to address gaps
  • Conducts a weekly review of team trackersto ensure all entries are input accurately with all required rationale and information.

 

Customers / Stakeholders

  • Assists management in identifying and containing compliance risk, compliance monitoring and fostering a compliance culture. Works with management in the development and enhancement of products to ensure compliance with applicable laws and regulations; coordinates development and maintenance of supporting policies, procedures, agreements and contracts.
  • Provides written summaries to senior management regarding findings in audits/investigations. As appropriate, leads or assists in implementing corrective actions for first, second, third line of defense and regulatory issues.
  • Provides assigned data quests/reports to pertinent external regulatory agencies as requested and or assigned, or on a repeating basis
  • Participates in the yearly Enterprise-Wide Risk Assessment (EWRA) by reviewing internal trackers and Management Information to answer sanctions related questions. Ensures timely submission of metrics and data to business and compliance stakeholders.

 

Leadership & Teamwork

  • Promotes an environment that supports diversity and reflects the HSBC brand.
  • Complete other responsibilities, as assigned.

 

Operational Effectiveness & Control

  • Provides support to assigned areas on compliance-related issues, including documentation and forms review for compliance with applicable regulations.
  • Adheres strictly to compliance and operational risk controls in accordance with Company and regulatory standards, policies and practices; reports control weaknesses, compliance breaches and operational loss events.
  • Discharges Compliance Officer accountabilities by pro-actively assisting management in identifying and containing compliance risk, monitoring, reporting and certification, fostering a compliance culture and optimizing relations with regulators.
  • To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
  • Complete other responsibilities, as assigned.

 

Major Challenges  

  • The position addresses legal compliance matters in daily activities to ensure regulatory requirements and operating practices within the most complex areas. However, ultimate authority for compliance risk management and policy decisions rest with senior management.
  • Positions designated as “specialized compliance” are typically focused on multiple major lines of specialized businesses within a financial institution (i.e. GBM, wealth management, private banking, anti-money laundering (AML), brokerage, etc.). Many of the businesses entail the highest degree of regulatory compliance and reputational risk, particularly with respect to risks arising out of non-compliance with extensive and complex regulations. Failure to comply with these regulations would have significant negative effects on relations with regulators, the reputation of the Company with the public and may result in regulatory impediments to mergers and acquisitions and significant regulatory sanctions, including regulatory fines of material amounts.
  • The candidate will need to operate effectively under the pressure of deadlines, constant regulatory oversight, and pressure on the level of unit performance

 

Role Context  

  • Demonstrates knowledge of OFAC interdiction filter software technologies;
  • Demonstrates knowledge of anti-money laundering (AML) laws and regulations, including USA Patriot Act, suspicious activity reporting and politically exposed persons;
  • Has familiarity with international payment practices and systems is preferred (ex. Global Payment Systems (GPS), Society for Worldwide Interbank Financial Telecommunications (SWIFT), Federal Reserve Bank settlements (Fedwire), Clearing House Interbank Payment Systems (CHIPS), Automated Clearing House settlements, foreign exchange transactions, book transfers, etc.);
  • Demonstrates thorough knowledge of commercial banking products, services, operations and systems, and extensive dealing with laws, regulations and regulatory agencies related to OFAC sanctions
  • Routinely interacts with management for assigned businesses, division and country managers, other Group managers, regional and local compliance functions, and peers throughout the organization and examination officials conducting regulatory examinations.

 

Management of Risk

  • Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
  • Meets all deliverables for QA reviews, analyses, and regular reporting.
  • Significant travel may be required.
  • Adheres to HNAH’s Statement of Business Principles and Code of Ethics.

 

Observation of Internal Controls

  • Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
  • Communicates control weaknesses to other group leaders and business management in accordance with issue escalation procedures.

!*!

Employment eligibility to work with HSBC in the U.S. is required as the company will not pursue visa sponsorship for these positions

  • Must have working knowledge of OFAC Sanction programs.
  • Minimum of three years proven audit, compliance, financial services operations and/or regulatory experience, or equivalent.
  • Bachelor’s degree in business, finance, accounting, related field or equivalent experience.
  • Good interpersonal, organizational, communications, analytical and project management skills.
  • Knowledge of products, services, operations and systems and extensive dealing with laws, regulations and regulatory agencies related to assigned areas.
  • Proficiency with personal computers and pertinent mainframe systems and software packages.

 

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.


Primary Location !*!

Employment eligibility to work with HSBC in the U.S. is required as the company will not pursue visa sponsorship for these positions

  • Must have working knowledge of OFAC Sanction programs.
  • Minimum of three years proven audit, compliance, financial services operations and/or regulatory experience, or equivalent.
  • Bachelor’s degree in business, finance, accounting, related field or equivalent experience.
  • Good interpersonal, organizational, communications, analytical and project management skills.
  • Knowledge of products, services, operations and systems and extensive dealing with laws, regulations and regulatory agencies related to assigned areas.
  • Proficiency with personal computers and pertinent mainframe systems and software packages.

 

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.


Schedule North America-United States-New York-Buffalo
Unposting Date 
Posted: 2021-07-02 Expires: 2021-08-02

HSBC offers the opportunity to develop a fulfilling career within a supportive and inclusive environment. We aim to be a place where everyone can achieve their full potential, regardless of their background.

Featured Job

Featured Employer

Before you go...

Our free job seeker tools include alerts for new jobs, saving your favorites, optimized job matching, and more! Just enter your email below.

Share this job:

Sanctions Manager - 0000FXBD

HSBC Bank USA
New York, United States

Join us to start saving your Favorite Jobs!

Sign In Create Account
Powered ByCareerCast