Virtual Currency Financial Crimes Risk Associate (Financial Services Specialist 4 (Financial Crime Risk)
The New York State Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation. The Department of Financial Services is seeking candidates for the position of Virtual Currency Financial Crimes Risk Associate in the Virtual Currency Unit. Duties include, but are not limited to, the following:
o Reviews and processes the Bank Secrecy Act/Anti-money Laundering (BSA/AML) and related aspects of applications for licenses to engage in virtual currency business activity (BitLicenses) and for limited-purpose trust charters and/or other charters granted under the New York Banking Law for entities focusing on virtual currency-related business. o Explains deficiencies and needed features of BSA/AML and related policies, procedures, and programs of applicants clearly and concisely in written memoranda and in conferences with DFS colleagues and with applicants and their outside counsel. o Consults on, and possibly conducts, BSA/AML and related examinations and supervisory reviews of DFS-regulated virtual currency businesses. o Helps develop and enhance BSA/AML and sanctions-related supervisory guidance applicable to virtual currency business activity, including as it relates to blockchain intelligence, the Travel Rule, stablecoin networks, and other areas of heightened focus for virtual currency supervision. o Conducts analysis of suspicious activity, including referrals from internal sources, account activity monitoring, transaction monitoring, and onchain activity (blockchain analytics). Provides assistance in conducting investigations of suspicious activity and required documentation. o Serves as an expert resource on BSA/AML and related matters for all functions of the Virtual Currency Unit, including applications, examinations, and non-periodic supervision including the consideration of material-change-of-business requests. o Implements and enhances the Virtual Currency Unit's internal financial crimes monitoring processes. o Assists in review and revision of BSA/AML- and sanctions-related examination policies and procedures, including first-day letters, work programs, and other related materials. o Maintains a good understanding of the BSA/AML laws, regulations, guidance, and best practices, including those relevant to BSA suspicious activity reporting and current money laundering schemes and investigative techniques required to detect such schemes within the virtual currency space. o Presents analyses and findings to colleagues and leadership at DFS, often making reasoned recommendations for agency action. o Participates in the setting and execution of DFS policy, particularly regarding matters that touch on BSA/AML, OFAC (Office of Foreign Assets Control), and related compliance. o Performs investigations on fraud alerts (i.e., insider trading/market manipulation) and provides written disposition of findings in support of VC Supervision. Evaluates and recommends new use cases for fraud detection to management. o May supervise lower-level staff; and o Other appropriate and occupationally related duties as assigned.
Job Function
The New York State Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation. The Department of Financial Services is seeking candidates for the position of Virtual Currency Financial Crimes Risk Associate in the Virtual Currency Unit. Duties include, but are not limited to, the following:
o Reviews and processes the Bank Secrecy Act/Anti-money Laundering (BSA/AML) and related aspects of applications for licenses to engage in virtual currency business activity (BitLicenses) and for limited-purpose trust charters and/or other charters granted under the New York Banking Law for entities focusing on virtual currency-related business. o Explains deficiencies and needed features of BSA/AML and related policies, procedures, and programs of applicants clearly and concisely in written memoranda and in conferences with DFS colleagues and with applicants and their outside counsel. o Consults on, and possibly conducts, BSA/AML and related examinations and supervisory reviews of DFS-regulated virtual currency businesses. o Helps develop and enhance BSA/AML and sanctions-related supervisory guidance applicable to virtual currency business activity, including as it relates to blockchain intelligence, the Travel Rule, stablecoin networks, and other areas of heightened focus for virtual currency supervision. o Conducts analysis of suspicious activity, including referrals from internal sources, account activity monitoring, transaction monitoring, and onchain activity (blockchain analytics). Provides assistance in conducting investigations of suspicious activity and required documentation. o Serves as an expert resource on BSA/AML and related matters for all functions of the Virtual Currency Unit, including applications, examinations, and non-periodic supervision including the consideration of material-change-of-business requests. o Implements and enhances the Virtual Currency Unit's internal financial crimes monitoring processes. o Assists in review and revision of BSA/AML- and sanctions-related examination policies and procedures, including first-day letters, work programs, and other related materials. o Maintains a good understanding of the BSA/AML laws, regulations, guidance, and best practices, including those relevant to BSA suspicious activity reporting and current money laundering schemes and investigative techniques required to detect such schemes within the virtual currency space. o Presents analyses and findings to colleagues and leadership at DFS, often making reasoned recommendations for agency action. o Participates in the setting and execution of DFS policy, particularly regarding matters that touch on BSA/AML, OFAC (Office of Foreign Assets Control), and related compliance. o Performs investigations on fraud alerts (i.e., insider trading/market manipulation) and provides written disposition of findings in support of VC Supervision. Evaluates and recommends new use cases for fraud detection to management. o May supervise lower-level staff; and o Other appropriate and occupationally related duties as assigned.
Salary Range:
From $97826 to $120492 Annually
Minimum Qualification
Appointment method:
Candidates must meet the minimum qualifications listed below in order to be eligible for appointment. Non-Competitive:
A Bachelor's Degree in Accounting, Actuarial Science, Auditing, Banking, Business, Business and Technology, Commerce, Criminal Justice, Finance, Economics, Econometrics, International or Public Affairs, Law, Statistics, or Mathematics and five (5) years of specialized experience in one (1) of the following of which two (2) years must have been at a supervisory level:
o Evaluating financial institution financial crime risk (BSA/AML, CIP, OFAC/Sanctions, CTF) in a management, compliance or audit environment. o Developing and implementing financial crime risk management or compliance policies, programs and procedures. A Master's Degree in one (1) of the related fields or a J.D. may substitute for one (1) year of specialized experience. A Ph.D. in one (1) of the related fields may substitute for two (2) years of specialized experience.Estimated Salary: $20 to $28 per hour based on qualifications.
o Reviews and processes the Bank Secrecy Act/Anti-money Laundering (BSA/AML) and related aspects of applications for licenses to engage in virtual currency business activity (BitLicenses) and for limited-purpose trust charters and/or other charters granted under the New York Banking Law for entities focusing on virtual currency-related business. o Explains deficiencies and needed features of BSA/AML and related policies, procedures, and programs of applicants clearly and concisely in written memoranda and in conferences with DFS colleagues and with applicants and their outside counsel. o Consults on, and possibly conducts, BSA/AML and related examinations and supervisory reviews of DFS-regulated virtual currency businesses. o Helps develop and enhance BSA/AML and sanctions-related supervisory guidance applicable to virtual currency business activity, including as it relates to blockchain intelligence, the Travel Rule, stablecoin networks, and other areas of heightened focus for virtual currency supervision. o Conducts analysis of suspicious activity, including referrals from internal sources, account activity monitoring, transaction monitoring, and onchain activity (blockchain analytics). Provides assistance in conducting investigations of suspicious activity and required documentation. o Serves as an expert resource on BSA/AML and related matters for all functions of the Virtual Currency Unit, including applications, examinations, and non-periodic supervision including the consideration of material-change-of-business requests. o Implements and enhances the Virtual Currency Unit's internal financial crimes monitoring processes. o Assists in review and revision of BSA/AML- and sanctions-related examination policies and procedures, including first-day letters, work programs, and other related materials. o Maintains a good understanding of the BSA/AML laws, regulations, guidance, and best practices, including those relevant to BSA suspicious activity reporting and current money laundering schemes and investigative techniques required to detect such schemes within the virtual currency space. o Presents analyses and findings to colleagues and leadership at DFS, often making reasoned recommendations for agency action. o Participates in the setting and execution of DFS policy, particularly regarding matters that touch on BSA/AML, OFAC (Office of Foreign Assets Control), and related compliance. o Performs investigations on fraud alerts (i.e., insider trading/market manipulation) and provides written disposition of findings in support of VC Supervision. Evaluates and recommends new use cases for fraud detection to management. o May supervise lower-level staff; and o Other appropriate and occupationally related duties as assigned.
Job Function
The New York State Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation. The Department of Financial Services is seeking candidates for the position of Virtual Currency Financial Crimes Risk Associate in the Virtual Currency Unit. Duties include, but are not limited to, the following:
o Reviews and processes the Bank Secrecy Act/Anti-money Laundering (BSA/AML) and related aspects of applications for licenses to engage in virtual currency business activity (BitLicenses) and for limited-purpose trust charters and/or other charters granted under the New York Banking Law for entities focusing on virtual currency-related business. o Explains deficiencies and needed features of BSA/AML and related policies, procedures, and programs of applicants clearly and concisely in written memoranda and in conferences with DFS colleagues and with applicants and their outside counsel. o Consults on, and possibly conducts, BSA/AML and related examinations and supervisory reviews of DFS-regulated virtual currency businesses. o Helps develop and enhance BSA/AML and sanctions-related supervisory guidance applicable to virtual currency business activity, including as it relates to blockchain intelligence, the Travel Rule, stablecoin networks, and other areas of heightened focus for virtual currency supervision. o Conducts analysis of suspicious activity, including referrals from internal sources, account activity monitoring, transaction monitoring, and onchain activity (blockchain analytics). Provides assistance in conducting investigations of suspicious activity and required documentation. o Serves as an expert resource on BSA/AML and related matters for all functions of the Virtual Currency Unit, including applications, examinations, and non-periodic supervision including the consideration of material-change-of-business requests. o Implements and enhances the Virtual Currency Unit's internal financial crimes monitoring processes. o Assists in review and revision of BSA/AML- and sanctions-related examination policies and procedures, including first-day letters, work programs, and other related materials. o Maintains a good understanding of the BSA/AML laws, regulations, guidance, and best practices, including those relevant to BSA suspicious activity reporting and current money laundering schemes and investigative techniques required to detect such schemes within the virtual currency space. o Presents analyses and findings to colleagues and leadership at DFS, often making reasoned recommendations for agency action. o Participates in the setting and execution of DFS policy, particularly regarding matters that touch on BSA/AML, OFAC (Office of Foreign Assets Control), and related compliance. o Performs investigations on fraud alerts (i.e., insider trading/market manipulation) and provides written disposition of findings in support of VC Supervision. Evaluates and recommends new use cases for fraud detection to management. o May supervise lower-level staff; and o Other appropriate and occupationally related duties as assigned.
Salary Range:
From $97826 to $120492 Annually
Minimum Qualification
Appointment method:
Candidates must meet the minimum qualifications listed below in order to be eligible for appointment. Non-Competitive:
A Bachelor's Degree in Accounting, Actuarial Science, Auditing, Banking, Business, Business and Technology, Commerce, Criminal Justice, Finance, Economics, Econometrics, International or Public Affairs, Law, Statistics, or Mathematics and five (5) years of specialized experience in one (1) of the following of which two (2) years must have been at a supervisory level:
o Evaluating financial institution financial crime risk (BSA/AML, CIP, OFAC/Sanctions, CTF) in a management, compliance or audit environment. o Developing and implementing financial crime risk management or compliance policies, programs and procedures. A Master's Degree in one (1) of the related fields or a J.D. may substitute for one (1) year of specialized experience. A Ph.D. in one (1) of the related fields may substitute for two (2) years of specialized experience.Estimated Salary: $20 to $28 per hour based on qualifications.
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