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At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed.
What we do: The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to central banks, monetary authorities and certain international organizations to facilitate their official financial operations. The Central Bank and International Account Services (CBIAS) area of the New York Fed's Markets Group serves the U.S. dollar reserve management needs of its official international customers by offering payment, custodial, clearing and settlement, collateral management, and investment and liquidity services. With more than $3.0 trillion of custodial holdings, representing about half of global U.S. dollar-denominated foreign reserves, CBIAS offers financial services that directly support the Bank's role in international affairs, as well as monetary policy and financial stability. CBIAS currently runs a split operation with staff located in New York City and Richmond, Virginia. The Account Risk Management (ARM) directorate, as the business' first line of defense, is responsible for managing the Bank Secrecy Act (BSA) / anti-money laundering (AML), Office of Foreign Assets Control (OFAC) sanctions and fraud risks emerging from central bank and international organizations account relationships and account activity. The ARM Directorate is currently seeking an operations and people manager with experience managing banking operations, coaching and developing staff, and with strong interest in international relations. The successful candidate will be expected to develop and draw upon a broad understanding of CBIAS' business activities, and of CBIAS' role within the Federal Reserve System and the international official community.
This position will be located in New York, with staff located in both New York and Richmond. The manager is expected to regularly travel between both locations to ensure strong staff engagement with the Richmond team.
Your role as Manager – Risk Management International Banking Operations:
Oversee the people, processes, and systems that encompass ARM's daily transactional review for suspicious activity, maximizing the team's efficiency, accuracy, and escalation capability;
Ensure operational compliance with U.S. laws and Bank policies related to OFAC and AML, as the business area's first line of defense in risk management.
Develop strong understanding of the application of OFAC sanctions and AML practices and techniques to CBIAS' transactional activity;
Maintain an industry standards Know Your Customer (KYC) program, maximizing the team resources to provide regional specialization and in-depth expertise of each account's transaction profile;
Oversee written and data analytic deliverables that provide in-depth reviews of individual account activity, demonstrate an understanding of international political and economic developments, and use transaction risk metrics to inform policy discussions;
Represent risk management priorities in meetings with central bank account holders and at international forums;
Work closely with the Bank's Compliance and Risk Functions in representing the business needs and developing consensus on risk management priorities;
Provide leadership and comprehensive staff development including on-going training, regular feedback, and career development guidance for all team members;
Ensure that the group's business needs are effectively managed including strategic planning, recruiting, budget development, data management, and staff planning;
Develop sufficient knowledge of other CBIAS business activities for central banks in order to provide managerial coverage of CBIAS operations on a rotational basis;
Maximize the integration of new data and automation tools into daily compliance operations;
Sponsor technology automation projects that may be required to increase transaction screening and reporting capability for suspicious activity monitoring.
Qualifications: What we are looking for:
Undergraduate degree in business, economics, policy or a related area. Advanced degree in international relations or business preferred
People management experience with demonstrated strong leadership and staff development skills
10 years of banking operations and risk management experience;
Knowledge of current anti-money laundering regulations and policies, including familiarity with international AML-CTF standards is a plus
Ability to apply strong business judgement and make decisions in fast-paced, time-sensitive situations;
Ability to advance multiple initiatives concurrently, working on client and analytic deliverables, alongside managing transaction-related responsibilities on a daily basis;
Strong project management skills; experience in sponsoring and implementing systems and technology projects a plus;
Excellent communication, writing, presentation, and analytic skills
Ability to acquire relevant certifications (i.e ACAMS, CRCM, CFE)
This position requires access to Federal Open Market Committee Data, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited toU.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
Screening Requirement: This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take a couple of months to be completed. You can begin work before the screening is completed; however, continued employment is contingent on acceptable screening results. The screening areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
Why the Fed: Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial service professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank's diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching Out MBA. Click here to learn more.