Virtual Currency Specialist (Financial Services Specialist 4 (Compliance), SG-27)

Description The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system. Duties Description The Department of Financial Services is seeking candidates for the position of Virtual Currency Associate, SG-27, in the Virtual Currency Unit. The Virtual Currency Associate serves as a specialist for regulated Virtual Currency entities, including companies holding licenses to engage in virtual currency business activities ("BitLicenses"). The successful candidate must be available to travel within and outside of New York State. Duties will include, but not be limited to, some or all of the following: Conducts the supervision (e.g. cadence meetings, ad hoc supervisory engagements), examination (e.g. desk-based and onsite exams, horizontal thematic reviews) and licensing review work of assigned higher risk, complex BitLicensees, Virtual Currency Trust Company charters, and other DFS-regulated Virtual Currency entities, for compliance with relevant laws, regulations, guidance, and supervisory expectations; Conducts peer reviews and supports team members in conducting on-going supervision, periodic exams, and licensing reviews; Maintains a thorough understanding of the business models of assigned Licensees and identifies and assesses relevant current and emerging risks and presents recommendations for supervisory actions; Conducts risk-based assessments of applicants’ and Licensees’ governance, compliance, and internal audit controls; BSA/AML program; operational, regulatory and legal risks and controls; risk management program; financial condition; etc; Meets with Licensees’ management to get periodic business updates, discuss examination scope, request information and materials needed for supervision and examination, and maintain an understanding of the institution's operations and the scale and scope of its business; Prepares comprehensive Reports of Examination (ROE) as well as reports, memos, letters, and guidance documents, etc. for external stakeholders; Leads the development of, and enhancements to, internal policies and procedures related to the BitLicense supervisory process, such as examination manuals and internal best-practice guides; Leads ad hoc projects and new initiatives regarding policy supervision and internal processes related to the Virtual Currency Unit. Remains up-to-date on industry best practices, including skills involving blockchain monitoring/analytics, transaction sampling and monitoring model validation, and sanctions screening systems; the verification of claimed Virtual Currency holdings; validation of stablecoin backing assets; and the auditing of the self-certification of coin listings by regulated companies; Communicates with and presents to senior and executive management, both orally and in written memoranda and presentations; Travel up to 50% may be required and Other duties as assigned. Preferred Qualifications Minimum Qualifications Experience Engaging In Or Regulating Virtual Currency Business Activity And Relevant Business Models And Ability To Read And Write Fluently In English Is a Must, As Well As Experience With Two Or More Of The Following 3+ years of direct experience working in the crypto industry; Bank Secrecy Act/Anti-money Laundering (BSA/AML), Office of Foreign Assets Control (OFAC), and related laws, regulations, and best practices; Trust company operations; cybersecurity laws, regulations, and issues; governance and internal controls; Internal audit; financial analysis; accounting; and the use of blockchain analytics software. Appointment Method Candidates must meet the minimum qualifications listed below in order to be eligible for appointment. Non-Competitive: Nine (9) years of specialized experience in one (1) or more of the following of which two (2) year of the experience must have been at a supervisory level: Evaluating the adequacy of board and management oversight of the financial institutions' compliance programs. Reviewing lending, deposit, insurance and other transactions to determine compliance with Financial Service’s applicable laws/regulations. Identifying financial institutions' potentially unfair, deceptive, abusive or discriminatory acts or practices. Reviewing financial institution programs, policies and procedures for compliance with legal and regulatory requirements. Evaluating financial costs for the failure of financial services entities to adhere or comply with New York State, federal, or other states financial services laws. An associate degree may substitute for two years of specialized experience; bachelor's degree may substitute for four years of specialized experience; master's degree may substitute for five years of specialized experience; J.D. may substitute for six years of specialized experience; Ph.D. may substitute for seven years of specialized experience. Additional Comments Please note that a change in negotiating unit may affect your salary, insurance and other benefits. Salary Salary: The starting salary for this position is $111,708 with periodic increases up to $137,590 Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $4,150 annual downstate adjustment. Appointment Status Contingent Permanent #J-18808-Ljbffr New York State Department of Financial Services