SUMMARY
Adheres to Bank policies and procedures and complies with all State and Federal banking regulatory requirements, including but not limited to Sarbanes-Oxley Act, Bank Secrecy Act, Anti-Money Laundering, OFAC, Customers Right to Privacy Act, Regulation D, Regulation DD/Truth in savings, USA Patriot Act, CIP, Elder Care, Sexual Harassment, Information Security and Privacy requirements as they pertain to this position. This position is responsible for escalating suspicious activity to the BSA.
POSITION OVERVIEW
The BSA/AML Officer develops, implements, administers, and maintains all aspects of the bank’s Bank Secrecy Act/anti- Money Laundering Compliance Program. He/she ensure the program functions at a high level of compliance with the
BSA/AML related laws and regulations, internal policies, and Federal regulatory expectations. The BSA officer is required to be fully knowledgeable and skilled in all areas of BSA/AML compliance and to independently recognize, develop, and implement effective compliance-related solutions for the BSA/AML program.
PRIMARY RESPONSIBILITIES:
- Coordinates and oversees an effective Bank Secrecy Act/Anti-Money laundering/OFAC Compliance Program that is in compliance with current industry best practices, regulatory guidance, and requirements.
- Develops, implements, administers, and enhances the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity.
- Establishes and maintains an effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments, review and analyzes unusual account activity.
- Establishes and maintains appropriate SAR investigation, reviews, and reports processes that promote consistent decisions; adequate investigation and research; and completes detailed documentation.
- Conducts BSA/AML/OFAC risk assessments at least annually with consideration to products, services, members, and geographies that may present BSA/AML/OFAC related risks.
- Acts as a liaison/contact for examinations, internal audit, and external audits of the BSA/AML compliance programs. Responds to exams and audit concerns and oversees corrective action of all related compliance deficiencies.
- Updates and reviews BSA/AML/OFAC and all other compliance policies and procedures.
- Administers BSA/AML/OFAC related training programs for directors, management, and employees and provides BSA guidance and coaching to employees.
- Maintains BSA/AML related monitoring and reporting systems. Serves as a subject matter expert in all systems related to BSA/AML activities.
- Monitors and analyzes developing industry and compliance trends and changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act. Advises stakeholders of emerging risks, new or amended laws, and regulations, or agency guidance and recommends and implements changes and controls to mitigate those risks.
- Prepares and presents BSA package for Management and Board Committee meetings.
- Advise Senior Management and bank personnel of emerging BSA/AML/KYC/CIP trends and BSA compliance issues.
- Ensure implementation of record retention policies and procedures in accordance with BSA/AML/OFAC regulations and laws.
- Implements automated BSA/AML software and maintains ongoing development and maintenance of the software. Reviews effectiveness of automated system reports and recommends changes or modifications.
- BSA Monitoring and Filings:
- Ensures all required regulatory reporting is conducted in a timely, accurate, and compliant manner.
- Ensures staff completes required CTRs by comparing system generated reports to CTRs submitted. Coordinates completion of missing reports with staff and management.
- Reviews watch lists and watch lists alerts. Analyzes possible matches and takes appropriate follow-up actions.
- Reviews anti-money laundering alerts for suspicious activity. Performs additional research to determine if activity is suspicious.
- Composes, reviews, and files Suspicious Activity Reports (SARs) and conducts follow-up reviews to determine if subsequent SAR filings are required.
- Investigates staff reporting of possible suspicious behavior and files SARs, as necessary.
- Review 314(a) and 314(b) procedures and reporting.
- Maintains in-depth knowledge of and complies with all Federal, departmental and security policies and procedures as well as federal regulations applicable to the position, including BSA requirements. Completes all required compliance training as assigned.
- Performs other duties as assigned.
SKILLS / QUALIFICATIONS:
- Maintain high standards of confidentiality and security.
- Must possess good computer, written and oral communication skills.
- Well-organized, analytical, and capable of performing multiple tasks.
- Ability to prioritize and use a sound judgment is required.
- BSA/AML or branch operations experience highly preferred.
- Ability to time management skills.
EDUCATION / EXPERIENCE:
- Bachelor’s degree from accredited 4-year University required. Master’s degree desired
- Minimum of 10 years’ experience in a Financial Institution dealing with Compliance/BSA and/or audit experience BSA/AML
- Anti-Money Laundering Specialist (CAMS) or Certified BSA/AML Professional (CBAP) certification or ability and willingness to obtain CBAP within one year.
We offer a competitive total rewards package, including but not limited to Medical, Dental, Vision, and Life Insurance, 401k retirement savings plan, and paid federal holidays, for this full-time position within the annual range of $130,000.00 - $180,000.00. Salary ranges are determined based on qualifications, level, and location. Exact compensation may vary based on your skills and experience.
Must be authorized to work in the US.
We are an Equal Opportunity Employer. All applicants will receive consideration for employment without regard to race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender identity, gender expression, genetic information, or military or Veteran status, or any other characteristic protected by law.