Virtual Currency Application Analyst (financial Services Specialist 1 (compliance), Sg - 18)

Virtual Currency Application 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 Application Analyst in the Limited Purpose Trust Unit within the Research & Innovation Division. The Virtual Currency Application Analyst serves as a specialist for the application team for Limited Purpose Trust, including companies seeking charters enabling them to engage in virtual currency business activities. Travel may be required within and outside New York State.

Duties include, but are not limited to, the following:

• Prepares comprehensive summaries of reviews done in support of applications and tracks progress throughout the lifecycle of an application;
• Supports the supervision of Limited Purpose Trust Charters, for compliance with relevant laws, regulations, guidance, and supervisory expectations;
• Maintains all institution files in shared records locations and ensures senior staff have access to relevant information;
• Supports the build-out of or enhancements to internal policies and procedures related to applications, supervision, and examination processes;
• Remains up-to-date on best practices and laws and regulations of financial institutions, including those that deal with Virtual Currency, including skills involving blockchain monitoring and blockchain analytics; transaction sampling for purposes including the validation of transaction monitoring and sanctions screening systems; the verification of claimed Virtual Currency holdings; validation of stablecoin backing assets; 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;
• Reviews and processes applications for Limited Purpose Trust Charters and participates in the oversight of regulated entities, including applications to adopt material changes of business;
• Communicates with and presents to senior management, both orally and in written memoranda and presentations, analyzes issues and/or recommends DFS action on any issues encountered in connection with the above; and
• Supports new initiatives around policy supervision and internal processes

Minimum Qualifications:

Preferred Qualifications:

Experience in one or more of the following is helpful:

• Virtual currency.
• Bank Secrecy Act/Anti-money Laundering (BSA/AML), Office of Foreign Assets Control (OFAC), and related New York Banking laws, regulations, and best practices.
• Cybersecurity laws, regulations, and issues.
• Internal controls / governance.
• Blockchain analytics software.

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, Business, Business Administration, Business and Technology, Commerce, Consumer Sciences, Computer Science, Criminal Justice, Economics, Econometrics, Finance, Information Systems, Information System Engineering, Internal Controls, Health, Health Administration, Law, Mathematics, Public Administration, Public Affairs, Public Health, or Public Policy and two (2) years of specialized experience in one 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.

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.

Salary: The starting salary for this position is $66,951 with periodic increases up to $85,138. 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 $4000 annual downstate adjustment.

Appointment Status: Contingent Permanent

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