Job Information
SMBC Sanctions Advisory Vice President in Jersey City, New Jersey
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $128,000.00 and $178,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
Within the Financial Crime Prevention Unit, ("FCPU"), the Sanctions Compliance Team ("SCT") provides second-line oversight to the SMBC in the New York branch. The Sanctions Advisory Vice President ("V.P.") supports the Director and reports into the Director of the Sanctions Advisory team. The V.P. has responsibilities for overseeing the process under their Director's remit including drafting reports to the applicable sanctions regulators, regulatory change management, and giving advice to multiple different business units and AD entities. The V.P. may be involved in performing assignments in the absence of the Director and ensures compliance in accordance with regulatory requirements Bank Secrecy Act/Anti Money Laundering/Office of Foreign Assets Control (BSA/AML/OFAC), SMBC policies and procedures.
The V.P. follows established guidelines to identify and resolve problems and proactively recommends solutions to improve processes where guidelines may not have been developed. The V.P. acts as an SME for department and across other functions, and as an independent contributor or as part of a larger team. The V.P. is expected to contribute to workflow, process changes and redesign as warranted. The V.P. is required to form a strong understanding of US sanctions related rules and regulations. The V.P. may support the day-to-day work of other teams within the Sanctions Compliance team function, and function as a delegate in replacement of a V.P. This position may also provide support to the Analytics Team to effectively update, tune and optimize sanctions filtering system. The V.P. must possess solid business acumen, natural curiosity, and the ability to effectively shift between communications styles based on the audience.
Role Objectives
Provides subject matter expertise and timely guidance about sanctions matters to stakeholders both within the branch and to other affiliates and AD entities as necessary.
Acts as a lead for the process in the Advisory Sanctions Department reporting into the Director. Ongoingly assists the Director with day-to-day workflow management, maintains and enhances Advisory department processes and tasks.
Ensures compliance with all regulatory practices outlined by Compliance Department of Americas Division (CPAD), BSA/AML/OFAC and with Bank policies and procedures. Provides management and guidance to assigned team members in scope for regulatory change management process.
Performs due diligence on alerted transactions escalated by the Investigations teams (Level 1 and Level 2 teams) on ad hoc basis. Records decision-making on different escalations which can includes but not limited to requests from different SMBC business units, and transactional or customers and affiliated parties related alerts.
Ensures completion of requests from BSA/AML/OFAC Compliance Officer in relation to conditional approvals or other requirements.
Prepares overview of significant regulatory changes.
Prepares reports and other materials as required in response to inquiries from internal and external auditors, bank departments, and regulators. Provides timely updates of internal bank policy changes, new regulatory compliance requirements, and makes recommendations for the Sanctions Compliance team.
Prepares OFAC reject/block reports and participates in submission of the Annual Report of Blocked Property.
Performs additional, targeted research on certain parties to determine a sanctions nexus, make recommendations or take steps to propose watchlist entries to benefit screening controls.
Ensures business continuity under all conditions, sometimes adverse, with strict adherence to established guidelines and deadlines.
Maintains ongoing contact with branches and compliance counterparts throughout the enterprise.
Qualifications and Skills
Thorough understanding of legal aspects and recordkeeping requirements of banking regulations (especially OFAC, AML, BSA, USA PATRIOT Act) relating to money transfer.
Strong knowledge of market practices related to foreign and domestic money transfers; knowledge of OFAC.
Strong level knowledge of banking policies, statutory and compliance regulations.
Strong knowledge of accounting principles and practices.
Expertise and experience in US sanctions and export controls laws and regulations.
Experience in using industry standard sanctions screening tools.
Experience in reviews, investigation and resolution of sanctioned related issues.
Strong sense of urgency, accuracy and accountability; responsive to time sensitive needs.
Strong management skills; decision making, influencing and delegation skills, and ability to work independently.
Strong analytical, presentation and communication skills, and ability to work collaboratively with all levels of company personnel.
Additional Requirements
D&I Commitment
Responsible for fostering a culture of diversity and inclusion, holding leaders accountable for creating an inclusive environment through awareness and practice of equity in recruiting, developing, and promoting diverse talent.
SMBC’s employees participate in a hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.