Sanction Manager (Remote) Position: A Comprehensive Overview
In today’s globalized economy, banking and financial institutions play a significant role in maintaining economic stability. In order to ensure compliance with various regulations, banks often rely on specialized professionals such as a Sanction Manager. A leading regional bank is currently seeking an experienced individual to fill the role of a Sanction Manager (Remote). This is an excellent opportunity for a candidate with a minimum of five years of banking sanctions experience and relevant qualifications, offering a salary range between $100K – $140K. The successful candidate will work remotely within the United States.
Understanding the Role of a Sanction Manager
The Sanction Manager is a key figure in supporting the Bank’s enterprise-wide BSA/AML/Sanctions Program. This role is vital in ensuring compliance with the Bank’s OFAC/Sanctions requirements as well as the USA PATRIOT Act section 314(a) requirements. The person in this role will oversee the Sanctions Operations team and maintain the Bank’s Sanctions compliance program in accordance with policy and procedure.
Key Responsibilities
The Sanction Manager’s duties will extend to a variety of areas within the bank. They will manage the FIU Sanctions team and assist with the oversight of sanctions screening functions throughout the Bank. Ensuring compliance with OFAC/Sanctions requirements, policies, procedures, and processes throughout the organization is a key responsibility.
The Sanction Manager will conduct in-depth analysis of relationships, accounts, and transactions to identify sanctions risks and compliance with the Bank’s OFAC/Sanctions requirements. They will also provide recommendations to senior management, collaborate with business lines and departments to ensure compliance with the company-wide Sanctions program and procedures, and guide the Sanctions team on new or changing sanctions laws and regulations.
As a subject matter expert in OFAC/Sanctions, the Sanction Manager will also be responsible for escalating concerns promptly, ensuring the proper resolution of failures resulting from automated scans according to Bank policy and procedures, and notifying the appropriate personnel of any identified potential unusual or suspicious activity.
Qualifications and Experience Needed
Prospective candidates should hold a degree and preferably full ACAMS or CGSS accreditations. They should have at least five years of sanctions management experience and a deep understanding of relevant regulations and frameworks in a banking environment.
A strong understanding of U.S. sanctions regulatory requirements is essential, along with experience conducting evaluations of activity and persons to identify sanctions risks or prohibitions/restrictions. Candidates should also have experience with and knowledge of screening technology and systems, preferably LexisNexis Bridger and Verafin. A background in international banking and foreign trade finance activities would be advantageous.
This role presents an excellent opportunity for candidates looking to step into their first managerial role. Please note that while the position is fully remote, candidates must be based in the USA with full US working rights.
Interested candidates are invited to submit their details to the Managing Director, David Symes FCA at mailto:dmsymes@compliancerecruitment.com, including a contact number. Please note that only successful applicants will be contacted, and your details will not be passed on without your specific permission.
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