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||Arlington Heights, IL
|| Accounting/Auditing, Banking, Computers, Software, Finance/Economics, Financial Services, Executive Management, Quality Control, Research & Development
Vice President US Sanctions Manager|
Directs and oversees the investigations of all escalated OFAC/Global Sanctions cases. The role will be responsible for providing overall leadership regarding investigation of escalated OFAC and Global Sanctions cases. The Global Sanctions Investigations Manager will provide expertise and support on a corporate level and to individual lines of business as well as the corporate functions of the institution on activity concerning economic sanctions. Supports the review and detection of customer activity related to OFAC and Global Sanctions programs and ensures overall performance of the unit including meeting all deadlines and maintaining consistent methodologies.
Impact on the Business
- Directs and oversees investigations of all escalated OFAC/Global Sanctions cases.
- Lends expertise and support across all lines of business and corporate functions on economic sanctions activity to provide a consistent view and approach.
- Ensures programs and methodology related to OFAC and Global Sanctions are operating effectively and meeting all deadlines.
- Reviews, evaluates and implements new and innovative techniques and tools which will provide greater certainty in the Department’s ability to detect and report OFAC activities.
- Ensures that information which is developed regarding potential OFAC and Global Sanctions is effectively communicated to the Sanctions Director in a timely and complete manner.
- Fully understands the regulatory requirements for compliance with Federal standards (FFIEC Guidelines) and ensures investigative procedures comply with those requirements.
- Is cognizant of all banking products and OFAC risk associated with those products and services, changing Global Sanctions, and demonstrates a comprehensive understanding of OFAC requirements and remain vigilant to changes
Customers / Stakeholders
- Acts as senior liaison between the OFAC investigative area and the AML/FIU and SAR Office.
Leadership & Teamwork
- Manages and leads multiple teams of experienced analysts and investigators who work complex and sensitive OFAC alerts and investigations.
- Provides advice and guidance to the Global Sanctions Director regarding HSBC’s exposure to activities related to OFAC and Global Sanctions.
- Provides oversight of the economic sanctions (OFAC) area.
- Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
- Promote an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
- Regularly interfaces with Business line and compliance partners to establish, maintain, and improve upon the identification areas and methods to address and mitigate Sanctions risks
- 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.
- 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.
- Achieves and maintains advances in processes and systems to enable effective, expeditious handling of escalated cases.
- Through partnering with business lines and compliance functions, effectively coordinates and communicates with all stakeholders so that all participants are as well-equipped as possible to help ensure compliance risk in this critical area is properly mitigated.
- Historical compliance issues in AML place more pressure on this and related functions. The candidate will need to operate effectively under the pressure of deadlines, constant regulatory oversight, and pressure on the level of unit performance.
- Consistently keeps abreast of changing regulatory environment and expectations.
- Works with the Global Sanctions Director regarding HSBC’s Risk Profile and LOB procedures to provide advice and guidance on Global Sanctions policies and procedures to ensure complex investigations are handled appropriately.
- Is cognizant of changing OFAC and Global Sanctions requirements and updates to various lists and information databases as necessary
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., The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials.The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Meets all deliverables for QA reviews, analyses, and regular reporting.
- Meets or exceeds all regulatory, Group, HSBC, Compliance Risk Management Program Manual and associated and supporting policy guidance, methodology, and procedures.
- 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.
- Ensures (GBM Compliance) is aligned to regulatory requirements, the Compliance FIM, HNAH’s Enterprise Compliance Policy and Program, the CRMP Manual, HNAH’s BSA/AML Policy, other Group policies and all related policies and procedures. Communicates control weaknesses to other group leaders and business management in accordance with issue escalation procedures.
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Qualifications & Requirements
- Minimum of 7-10 proven and progressive Compliance, Legal, and/or Audit experience or equivalent.
Knowledge of aspects of sanctions/OFAC compliance; including the USA PATRIOT Act, Global Sanctions requirements, in regards to other regulatory government agencies and have a strong understanding of non-U.S. sanctions related laws and regulations (ex. EU and UKHMT).
- Minimum of a Bachelor's degree in Business, Accounting, Finance, or equivalent field experience.
- Strong managerial, planning, analytical, decision-making, lateral thinking, leadership, influencing, communications, interpersonal, and project management skills.
- Knowledge of aspects of AML compliance; including the U.S. Bank Secrecy Act, the USA PATRIOT Act, Global Sanctions requirements and have a strong understanding of non-U.S. AML laws and regulations.
- Proficiency with personal computers as well as relevant mainframe systems and software packages.