As an OFAC and Global Sanctions Specialist I review transactions with potential OFAC matches to ensure compliance with existing law and investigate unusual activity with internal business partners. Prior to that, I worked with wealth managers in Advisor Services aiding advisors with servicing their clients in the wake of the 2008 Financial Crisis. Understanding of basic trading, investing for high net worth and retail clients, tax repercussions, and a thorough knowledge of account types for persons and entities was required. I now look to take my experience and knowledge working in the financial industry to transition to accounting and auditing.
· Review real-time or in-process transactions, vendors, clients and securities with potential OFAC matches to ensure compliance with OFAC sanctions.
· Compile and record documentation for each investigation.
· Communicate with internal lines of business and management to verify accuracy of customer information and resolve if activity in question follows economic sanctions and/or federal law.
· Investigate matters where unusual activity occurs to figure out reasons for the activity.
· Prepare reports and escalate significant risks and issues in a timely manner.
· Stay on top of regulatory updates and incorporate process and procedural changes to department policies and procedures.
• Perform risk reviews for brokerage and bank checks, including signature reviews, transaction analysis, and history
• Provide operational service and support for brokerage and bank payment products including checking, Visa, ACH, Bill Pay, Cash Sweeps, and electronic payment options.
• Correspond by phone and email with internal and external business partners including third-party vendors and cross-site business partners
• Work on a wide scope of problems, issues, and exception items that fall outside of normal processes through independent and proactive problem resolution, including support of internal business partner research and escalations.
• Regularly review current and new procedure, with an eye towards clarity, risk, and compliance.
• Manage workflow and projects of your primary advisor relationships while providing superior overall relationship management service to our top-tier advisors in a fast paced, team environment.
• Maintain a strong band of communication between internal business partners, including sales and leadership
• Manage and grow the existing relationship with your clients by influencing positive change in their operations, as well as communicating policy changes to them.
• Demonstrate superior understanding of features and benefits of Schwab tools, products and services in order to encourage adoption while offering solution-based service.
• Anticipate potential risk issues pertaining to all facets of the operation while presenting and implementing proactive solutions.
• Partner with all departments within Advisor Services to provide creative ideas and solutions that will benefit the business and set the strategic direction of the segment.
• Support and develop Service employees through New Hire assistance and mentorship programs to circulate knowledge and best practices.
• Work with advisor clients in explaining the reasoning behind the acceptance or rejection of accommodations and escalations.
o Help explain guidelines and 2011 Cost Basis Legislation
o Explain the importance of various definitions vital to client tax reporting (uncovered and covered positions, wash sales, etc).
o Explain, clarify and walk advisors and colleagues through various cost basis forms
o Clarify annual tax forms, changes, importance, and effects.
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