Sanctions Associate

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 MANUBANK, 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 $80,000.00 and $131,000.00. 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 Crimes Prevention Unit, ("FCPU"), the Sanctions Compliance Team ("SCT") manages sanctions risk from a second-line of defense perspective. Investigations is a team within the SCT which is responsible for performing investigations and supports certain watchlist management processes. Associates in the Investigations teams help lead the team on the behalf of the Vice President ("VP") and report into the VP. Associates have responsibility for overseeing the process under their VP's remit. Associates may be involved in performing assignments in the absence of the VP and ensure compliance with regulatory requirements Bank Secrecy Act / Anti Money Laundering / Office of Foreign Assets Control (BSA / AML / OFAC), SMBC policies and procedures.

The Associate follows established guidelines to identify and resolve problems and proactively recommends solutions. Associates also act to improve processes where guidelines may not have been developed and serve as SME for the department and across other functions. Can provide training for others and may lead a process involving a team, and acts as an independent contributor.

Individuals are expected to contribute to workflow or process change and redesign, and to form a strong understanding of the specific process.

This position may perform second level review on alerted transactions, escalate appropriately to authority levels, or perform other "checker" related processes under their VP's remit. Reports to the VP or Director level. Complex transactions escalated to next level of management.

Role Objectives

• Primary responsibility for the sanctions list management process in their department reporting into VP.
• Monitors, performs, coordinates, and oversees all aspects with regard to ongoing list updates including OFAC, MOFA, United Nationals Security Council and other internal lists employed at SMBC.
• Ensures all updates are completed in accordance with procedures and within prescribed service level turn-around times.
• Maintains supporting documents for each process step within a list update
• Escalates to, and works, with Head Office to identity and resolve potential source file data quality issues
• Escalates to, and works with, Technology Teams to resolve potential automated process components
• Escalates to, and works, with upper management and across Americas Division to identity and resolve any issues.
• Participates in application testing and implements system upgrades to ensure the integrity of systems and ongoing processes.
• Makes recommendations to improve efficiency and bring automation to additional aspects of the List Management process
• Works with FCC partners to perform ongoing monthly review and maintenance of the New York Branch Internal Watchlist
• Responsible for the updating and maintenance of various List Management guideline documents
• Supports QA, Audit, and external examinations of the List Management process. Prepares reports and other materials as required in response to related inquiries. Provides timely updates of internal bank policy changes, new regulatory compliance requirements, and recommendations from CPAD.
• Ensures maintenance of OFAC sanctions lists and Internal Watchlists utilized by the filtering system
• Ensures business continuity under all conditions, sometimes adverse, with strict adherence to established guidelines and deadlines.
• May also be called upon to assist other department members with day-to-day workflow management, performance and management of assigned staff; assistance in the maintenance and enhancement of department processes; and oversight, testing of upgrades to Compliance applications. May include governance, advisory, or QC related tasks.
• Will support Investigative work and reviews on a secondary basis, and may also support sanctions alert-clearing processes on a contingency basis

Qualifications and Skills

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. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.