Senior Manager, U.S. Sanctions

Senior Manager, U.S. Sanctions

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture. Global Banking and Markets Global Banking and Markets (GBM) is a leading Canadian Capital Markets and Investment Banking business with a growing platform in the US and Latin America, operating globally for over 100 years. Scotiabank's strong U.S. presence provides our clients an important bridge to this key global market for trade and investment flows across the Americas and the world. Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients.

Be part of an innovative, Global Capital Markets and Investment Banking business with a unique geographic footprint that puts capital to work for our clients across industries! We work together to drive ambition for every future!

Purpose

The incumbent is responsible for managing the Scotiabank U.S. ("SBUS") Sanctions Program, in accordance with internal policies/procedures and regulatory requirements. The incumbent is also responsible for identifying new and revised statutes and regulations, as well as identifying emerging risks that could impact SBUS. The incumbent must have knowledge related to GBM business risks, due diligence, OFAC screening, expertise in technology solutions and platforms. The incumbent is also responsible for contributing to strategy, direction, and reduction of risk, and promotion of operational efficiency.

What You'll Do

• Ensure U.S. supervision of sanctions related processes with respect to payments and customer onboarding
• Manage ongoing enhancements to the Bank's sanctions program
• Development, maintenance, and periodic review of U.S. sanctions policies and procedures
• Monitor the regulatory environment for emerging sanctions-related developments along with trends and industry best practices relating to OFAC compliance
• Communicate regulatory sanctions updates to U.S. Legal & Compliance Management and relevant business lines
• Develop close working relationship with U.S. business lines and other key groups, including U.S. Onboarding, Global AML, and Operations
• Work closely with internal teams and outside consultants, as appropriate, on OFAC systems-related projects and reviews
• Collaborating with internal teams and outside consultants on sanctions systems related projects and reviews
• Work with BSA/AML Officer to ensure appropriate oversight of outsourced functions supporting the U.S. sanctions program
• Develop and maintain metrics for monitoring the effectiveness of the U.S. sanctions program
• Participate in Enterprise-wide sanctions program related projects, including risk assessments
• Manage the process of reviewing, researching, analyzing, and documenting complex and sensitive sanctions hits escalated by AML Operations and communicate with internal and external parties as needed
• Liaise with U.S. Financial Intelligence Unit (FIU), Global AML, Head Office, business, legal and operations teams on sanctions related investigations in the U.S.
• Review and ensure OFAC Block and Reject reports are submitted timely and accurately in accordance with OFAC regulatory requirements
• Serve as the key interlocutor with OFAC on any subpoenas, voluntary self-disclosures, licenses, or other communications
• Support Compliance testing program with respect to testing of the sanctions filtering process, system performance, and resolutions performed by the relevant business areas
• Work closely with internal audit to ensure a strong SBUS OFAC compliance program, engaging to provide updates on any identified issues and implement solutions and remediation
• Identify key issues in relation economic sanctions and provide understanding of the applicability of major compliance issues to management and staff
• Assist with preparation of the annual U.S. sanctions risk assessment ensuring that the methodology and the reporting of results are relevant and in line with regulatory expectations
• Provide subject matter expertise to the U.S. FIU on sanctions related matters
• Oversight of periodic OFAC/sanctions training for relevant U.S. staff
• Proactively identify areas and issues that may pose sanctions risks to the Bank
• Balance day-to-day functions of the team with strategic initiatives and long-term projects
• Ensure adequate process for the retention of documentation for screening outcomes, cases, investigation and escalation records

What You'll Bring

BA/BS
7 years of Banking and Compliance experience
Extensive knowledge of sanctions regulations and
Experience with sanctions filtering systems, including tuning and testing
Understanding of payment methods and formats and related compliance requirements