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Job Title: Vice President Sanctions Blocked Accounts & Reporting
Company Name: HSBC
Location: New York, NY
Position Type: Full Time
Post Date: 12/13/2017
Expire Date: 01/12/2018
Job Categories: Accounting/Auditing, Finance/Economics, Financial Services, Installation, Maintenance, and Repair, Legal, Executive Management, Quality Control, Research & Development
Job Description
Vice President Sanctions Blocked Accounts & Reporting

The US Sanctions Blocked Accounts & License Manager is responsible for overseeing  the day to day establishment, monitoring and reporting of HSBC North America Holdings (HNAH) sanctions related blocked accounts.  The incumbent is responsible for the daily maintenance and reconciliation of the blocked accounts to confirm that only authorized activity is occurring through the accounts. In completing the daily reconciliation of the blocked accounts the role will also be required to manage all incoming requests for release of assets, OFAC specific licenses, and queries from legal or the line of business with respect to blocked assets held on the books of HNAH.


This role is also responsible for all regulatory reporting with respect to the blocked assets held by HNAH in compliance with US sanctions regulatory requirements. In completing these responsibilities the individual will be required to liaise with the various lines of business and operations teams to ensure that all blocked assets are appropriately tracked and monitored on a regular basis, as well as ensuring the key stakeholders are informed of all blocked assets held and reported to OFAC.  This role will also be responsible for pro-actively driving enhancements to the current process and controls, as well as responding to remediation activity identified through internal and external reviews. This includes escalating identified issues in the process and/or control to management and serving as a Subject Matter Expert for any questions that arise as part of management review or action plan for remediation.
Principal Accountabilities: Key activities and decision making areas
Impact on the Business
  • Oversees sanctions blocked assets held on behalf of HNAH.
  • Writes, reviews, validates US procedures with respect to establishment, handling, and monitoring of blocked assets and license management.
  • Conducts comprehensive testing and reconciliation to ensure all controls are operationally effective.
  • Direct applicable remediation with respect to external and internal findings/recommendations on controls owned by Policy & Governance team.
  • Liaise with line of business stakeholders and produce and circulate regular management information on volumes, assets, activity, and potential issues identified as part of regular business as usual.
  • Effectively managing, identify, mitigating and escalating Sanctions risk within a proactive and continuous manner
Customers / Stakeholders
  • First line of Defence - Challenge and identify any potential Sanctions risk inherent in global line of business decisions and client activity through line manager
  • FCR Function/second line of defence - Liaise with relevant stakeholders within Global FCR, Regional FCR, and Country FCR teams to provide expertise and support on all Sanctions related matters
  • Third line of Defence - Work collegiately with Internal Audit to ensure effective deployment of agreed audit strategies, providing support to all Policy and Governance team actions
  • Deliver fair outcomes for our customers and ensure own conduct maintains the orderly and transparent operation of financial markets
Leadership & Teamwork
  • Communicate a clear vision for the US Sanctions Policy & Governance team that is aligned to the overall HSBC vision, values and goals, and inspires and engages people to create an inclusive, high performing, customer-centred culture.
  • Provides oversight and review for business line procedures as needed to ensure compliance with OFAC and Global Sanctions requirements.
  • Coordinates reviews of LOB procedures to ensure compliance as needed.
Operational Effectiveness & Control
  • Manage the processes, infrastructure and resources needed to deliver agreed team plans and targets, identifying and implementing improvements and collaborating with colleagues to maximise end to end integration, effectiveness and efficiency.
  • Maintain a robust and efficient control environment across US Sanctions Policy & Governance to ensure good operational, financial and project management and compliance with HSBC policy and procedures, together with early identification and effective resolution or escalation of issues that arise.
  • Lead the development, implementation and maintenance of the US Sanctions Policy & Governance blocked account and license management information, analysis and reporting framework that supports and informs timely and effective business management and decision making at all levels.
  • Lead the implementation and oversight of blocked asset and license management policy and governance frameworks, procedures, practices and standards to ensure quality, effective risk management and regulatory compliance.
  • To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
  • Complete other responsibilities, as assigned.
Typical KPIs and Targets
  • Fulfilling required all levels of Policy management activities related to control enhancements
  • Fulfilling required regulatory engagement and all reporting (internal and external) activities
  • Fulfilling required sanctions investigation and remediation as required
  • First line of Defence - Challenge and identify any potential Sanctions risk inherent in global line of business decisions and client activity through line manager
  • FCR Function/second line of defence - Liaise with relevant stakeholders within Global FCR
Management of Risk
  • Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues., The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
  • Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials. The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
  • The jobholder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and as an organisation.
  • This will be achieved by consistently displaying the behaviours that form part of the HSBC Values and culture and adhering to HSBC risk policies and procedures, including notification and escalation of any concerns and taking required action in relation to points raised by audit and/or external regulators.
  • The jobholder is responsible for managing and mitigating operational risks in their day to day operations. In executing these responsibilities, the Group has adopted risk management and internal control structure referred to as the ‘Three Lines of Defence’. The jobholder should ensure they understand their position within the Three Lines of Defence, and act accordingly in line with operational risk policy, escalating in a timely manner where they are unsure of actions required.
  • Through the implementation the Global AML, Sanctions and ABC Policies, supporting Guidance, and Line of Business Procedures the jobholder will make informed decisions in accordance with the core principles of HSBC's Financial Crime Risk Appetite.
  • The following statement is only for roles with core responsibilities in Operational Risk Management (Risk Owner, Control Owner, Risk Steward, BRCM, and Operational Risk Function
  • The jobholder has responsibility for overseeing and ensuring that Operational risks are managed in accordance with the Group Standards Manual, Risk FIM, & relevant guidelines & standards. The jobholder should comply with the detailed expectations and responsibilities for their core role in operational risk management through ensuring all actions take account of operational risks, and through using the Operational Risk Management Framework appropriately to manage those risks.
  • This will be achieved by:
    • Continuously reassessing risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
    • Ensuring all actions take account of the likelihood of operational risk occurring, addressing areas of concern in conjunction with Risk and relevant line colleagues, and also by ensuring that actions resulting from points raised by internal or external audits, and external regulators, are correctly implemented in a timely fashion.
Observation of Internal Controls
  • Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
  • The jobholder will adhere to, and be able to demonstrate adherence to, internal controls and will implement the Group compliance policy by adhering to all relevant processes/procedures.
  • The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
  • The following statement is only for roles with managerial or specific Compliance responsibilities
  • The jobholder will implement measures to contain compliance risk across the business area. This will be achieved by liaising with Compliance department about business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.

HSBC is blazing the trail for African-American colleagues, check it out: https://youtu.be/NnvZ77DbfXQ

As you complete your online application, please use source code: Historically Black Colleges and Universities. If you would like to notify HSBC's Diversity Recruiting team of your application, please e-mail diversity.recruiting@us.hsbc.com.

Qualifications & Requirements

Knowledge & Experience / Qualifications

  • Minimum of eight years proven and progressive financial services operations, compliance and/or legal management experience or equivalent.
  • Minimum of a Bachelor’s degree in business, related field or equivalent experience; Master’s degree preferred.
  • Strong managerial, communications, analytical, organizational, project management and planning skills.
  • Knowledge of sanctions and understanding of complex OFAC and Global Sanctions Questions.
  • Strong knowledge of assigned businesses, products, operations, systems and organization and full understanding of all significant regulatory compliance requirements applicable to the business.
  • Proven ability to accomplish high-level objectives in the context of annual business and compliance plans.
  • Proficiency with personal computers and pertinent systems and software packages such as MS Word, Excel, PowerPoint, and Visio and knowledge of process flows
  • Knowledge of risk assessment fundamentals and framework. Knowledge and ability to lead forums to assess key risks and controls and ultimately inherent and residual risk levels at varying levels in the business hierarchy.
  • Knowledge and subject matter expertise in Global Sanctions, specifically OFAC and comprehensive knowledge of wire and Trade Finance related documents.


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Company Name: HSBC
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