Virtual Currency Senior Analyst (Financial Services Specialist 2 (Compliance), SG-23)

Virtual Currency Senior Analyst

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.

The Department of Financial Services is seeking candidates for the position of Virtual Currency Senior Analyst, SG-23, in the Virtual Currency and Limited Purpose Trusts Units within the Research & Innovation Division. The Virtual Currency Senior Analyst serves as a specialist for regulated Virtual Currency and trust company 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:

• Maintains a thorough understanding of the business models of assigned BitLicensees (BTLs)/Trust Companies (LPTCs) and identifies and assesses relevant current and emerging risks;
• Conducts risk-based assessments of BTLs'/LPTCs' governance, compliance, and internal audit controls; BSA/AML program; operational, regulatory and legal risks and controls; risk management program; financial condition; etc;
• Leads periodic meetings, ad hoc supervisory engagements and some examinations (e.g. desk-based and onsite exams, horizontal thematic reviews) of less complex BTLs/LPTCs, and other DFS-regulated Virtual Currency entities, for compliance with relevant laws, regulations, guidance, and supervisory expectations;
• Supports the supervision examinations of complex BTLs, LPTCs, and other DFS-regulated Virtual Currency entities, for compliance with relevant laws, regulations, guidance, and supervisory expectations;
• As needed, reviews and processes applications for LPTC charters and BTL Licensing, and participates in non-periodic supervision of regulated BTL/LPTC entities, including applications to adopt material changes of business;
• Meets with BTL/LPTC management to receive periodic business updates, discusses examination scope, requests information and materials needed for supervision and examination, and maintains an understanding of the institution's operations and the scale and scope of its business;
• Prepares accurate, comprehensive reports of examination of the financial condition of the institution, complete with narrative and analytical presentations on the various operations of the institution with suggestions or recommendations to the senior management team and board of directors on corrective measures that need to be taken, and presents recommendations internally for supervisory actions;
• Discuss findings with management and obtains their responses to comments on the operation of their institution;
• Writes internal memoranda regarding supervisory recommendations and program improvements;
• Supports the development of, and enhancements to, internal supervisory policy views, policies, and procedures documentation related to the supervisory process, such as examination manuals and internal best-practice guides for LPTCs and BTLs;
• Remains up-to-date on emerging risks and industry best practices as well as regulatory 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; the auditing of the self-certification of coin listings by regulated companies; and observation of the application of anti-fraud and market-manipulation policies and procedures;
• Communicates with and presents to senior and executive management, both orally and in written memoranda;
• Travel up to 50% may be required and
• Other duties as assigned.

Preferred Qualifications

The preferred candidate will have knowledge of Virtual Currency and relevant business models, as well as experience in one or more of the following:

• Bank Secrecy Act/Anti-money Laundering (BSA/AML), Office of Foreign Assets Control (OFAC), and related laws, regulations, and best practices;
• Cybersecurity laws, regulations, and issues;
• Trust company operations;
• Virtual Currency and relevant business model;
• Governance / 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: Seven (7) years of specialized experience in one (1) or more of the following:

• 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.

Salary: The starting salary for this position is $86,681 with periodic increases up to $109,650. 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 $4,000 annual downstate adjustment. Appointment Status: Contingent Permanent. Appointment to this position is pending Governor Appointment's Office and Division of Budget approval.

Some positions may require additional credentials or a background check to verify your identity.