Job Overview

The Compliance Associate supports the BSA/AML and OFAC Program (Compliance Program) across the following regulated businesses: Advantage International Bank Corp., Advantage Life Assurance I.I. and Advantage Life Puerto Rico A.I.’s (collectively Advantage).

Duties include, but are not limited to, due diligence, monitoring, sanctions screening, compliance reviews, alerts, and exception testing related to Section 314 (a) and SDN Lists, among other tasks assigned from time to time by the Chief Compliance Officer or their designee. These tasks will ensure the effectiveness of the Compliance Program.

Job Responsibilities

Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and Know Your Customer (KYC)

• Perform CDD/EDD for policyholders, premium payors, beneficiaries, lives assured, banking customers, and any other relevant party.
• Obtain customer/relevant parties-related information and documentation necessary for new businesses (policies and deposit accounts) and policies activities to ensure there is an effective Compliance Program.

Sanctions Compliance

• Screen all relevant parties against OFAC lists and escalate potential matches.
• Perform sanctions screening, including OFAC’s 50% Rule and Sectoral Sanctions Identifications (SSI) restrictions.
• Review potential matches including those notified by the OFAC modules and 314(a) lists, and document the results of the reviews conducted.
• Assist with OFAC license reviews and recordkeeping.

Transaction Monitoring & Red Flags

• Monitor policy and banking activity for suspicious patterns.
• Review and resolve flags and exceptions and document the results of such reviews. In addition, he/she must promptly escalate any suspicious activity or transaction noticed during these reviews for further investigation.

Compliance Reviews

• Conduct periodic compliance or reviews due to triggering events.

Testing

• Conduct testing to ensure the systems accurate capture and reflect updated Section 314 (a) and SDN Lists.

Wire Transfers

• Review wire transfers to ensure compliance with the Travel Rule and OFAC laws and regulations.

Record Keeping

• Maintain complete and accurate audit trails for CDD/EDD, monitoring, training, testing, wire transfers, and sanctions screening as required by the Compliance Program.
• Executes any additional duties or responsibilities that may be assigned periodically in support of the Compliance Department’s functions.

Skills and Qualifications

• Highly skilled in English communication, both written and spoken
• Proven working knowledge of Microsoft Word and Excel

Job Requirements

• Bachelor’s degree in Business Administration (Accounting, Finance or General) or Criminal Justice preferred.
• Juris Doctor is a strong plus.
• Certified Anti-Money Laundering Specialist (CAMS) and/or Certified Fraud Examiner (CFE) preferred.
• Two (2) to four (4) years of experience in the banking or insurance industry or in compliance, either in BSA/AML and OFAC or Regulatory Compliance.