Compliance Officer

Job Summary

The Compliance Officer is responsible for various compliance areas including training, monitoring reviews, policy and procedures, and product development with each department of the bank. The Compliance Officer helps ensure the Bank maintains a strong and effective compliance management system by assessing the overall adherence to bank protection laws and regulations primarily through the performance of periodic reviews of applicable processes and procedures. The Compliance Officer also assists department managers in developing proper processes and procedures to facilitate compliance with existing and proposed regulatory requirements. In addition, the Compliance Officer is responsible for providing compliance support, communication and interpretation of compliance rules and regulations to bank employees and researching regulatory issues as they arise. The Compliance Officer of Saint Louis Bank also oversees the Bank’s compliance with the Bank Secrecy Act and Community Reinvestment Act.

Job Responsibilities

• Maintains current and extensive knowledge of the laws and regulatory guidelines by which the Bank is required to comply. Monitors federal, state, and local legislative and regulatory environment for proposed changes to laws and regulations and their potential impact on the Bank.
• Performs reviews to assess adherence with applicable federal and state consumer protection laws and regulations, effectively communicates in oral and in written form, the review process and findings to Executive Management and the Compliance Committee, along with recommendations for corrective actions where necessary.
• Makes recommendations to bank management regarding: 1.) internal controls and safeguards, 2.) regulatory and legal compliance, and 3.) changes to the bank’s policy and procedure manuals.
• Assists in the tracking of identified compliance findings including root cause analysis to ensure proper remediation.
• Performs duties as the Bank Secrecy Act/OFAC Officer; conducts various quality control reviews and day-to-day monitoring in Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering, OFAC and Customer Identification Program compliance using industry standard and regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis. Specific responsibilities include, but are not limited to, the following:

• Coordinates and oversees an effective BSA/AML/OFAC Compliance Program that follows current industry best practices, regulatory guidance, and requirements.
• Performs daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity and monitors large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring of deposits, loan payments, and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
• Develops, coordinates, and facilitates training programs, sessions, and seminars to educate bank personnel about BSA related compliance requirements and procedures.
• Ensures compliance with 314(a) and 314(b) (Patriot Act) responsibilities.
• Researches and responds to information requests from FinCEN and other government entities.
• 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 appropriate SAR investigation, reviews, and report processes that promote consistent decisions, adequate investigation and research, and complete detailed documentation.

• Schedules, assigns, and conducts compliance training to ensure the bank’s board of directors, bank officers and staff are provided with sufficient education to ensure compliance. Conducts compliance training during the new hire orientation process and oversees the dissemination of compliance related information to bank employees to ensure familiarity with compliance requirements.
• Researches and responds to compliance questions from employees, using legal and regulatory reference materials, regulatory agencies, legal counsel, and professional associations and organizations, as appropriate.
• Performs duties as the Community Reinvestment Act (CRA) Officer for the Bank; establishes, participates, and maintains relationships with community-based, charitable, and non-profit organizations; develops and implements programs to ensure the Bank meets the needs of the community and attains CRA compliance goals. Specific responsibilities include, but are not limited to, the following:
• Recommends and implements enhancements to the CRA Policy and Program.
• Ensures that the bank’s community reinvestment activities are tracked, analyzed, and modified as appropriate.
• Manages relationships with business units for collaboration in developing and monitoring performance goals that meet the bank’s CRA objectives.
• Prepares and presents at least annually a review and self-assessment of CRA activity (analyze CRA lending, services, and investment performance).
• Provides training and advisory services as needed to Bank personnel regarding CRA.
• Assists in preparation for, and management of, CRA examinations and internal audits, including coordination and the collection of information, materials, and other data.
• Maintain required updates to CRA notice and Public File.
• Performs duties as the Privacy Officer; ensures the safety and security of all customer information; restricts access to customer information only to personnel with a legitimate need for such information, both inside and outside the Bank.
• Oversees actions of independent third party and regulatory compliance audits; makes necessary preparations for such audits or exams; coordinates responses to external auditors and regulatory examiners during and after audits and examinations; ensures deficiencies identified from such audits and examinations are promptly corrected.
• Develops and administers various forms to assure the use of correct and updated forms by Bank personnel; ensures compliance with all applicable reporting and recordkeeping requirements; ensures timely distribution of related materials and publications to designated personnel.
• Administers compliance and procedures for addressing customer complaints including internal points of contact in accordance with the Bank’s Complaint Policy. Investigates complaints as needed and tracks and monitors corrective actions performed within business areas, ensuring escalation when necessary.
• Ensures compliance with bank regulations related to bank advertising, social media, website content and formulates and administers policy to maintain ongoing compliance.
• Supports product development and process change management by participating in meetings with project teams to ensure operational compliance with regulations and internal policies and procedures, as applicable.
• Evaluates new or changed products and business initiatives for compliance risk and mitigation strategies. Reviews disclosures for compliance purposes prior to implementation.
• Chairs the bank’s Compliance Committee ensuring that there is adequate departmental representation and develops agenda to ensure compliance understanding throughout the Bank.
• Completes required training associated with job function and seeks out additional training as needed to perform job duties.
• Perform other duties as assigned.

Qualifications, Knowledge, and Skills

• Bachelor’s degree in Accounting, Finance, or Business Administration and/or commensurate banking experience.
• Minimum of five (5) years of compliance experience in banking required and advanced understanding of the federal and state regulatory environment impacting the banking industry.
• Extensive knowledge and understanding of financial institution deposit operations, payments and electronic banking activity and other banking functions. Experience with NACHA, Reg E, Reg D, Reg CC, Reg DD, Privacy Act, the E-Sign Act requirements, overdraft guidance, garnishments and state escheat laws required.
• Knowledgeable of compliance laws, rules, regulations including consumer protection regulations, TRID-RESPA, UDAAP, FCRA, HMDA, Fair Lending and USA Patriot Act, etc. Thorough knowledge of the Bank Secrecy Act, CRA and any other regulations is required.
• High level of confidentiality and integrity in order to maintain independent judgment and privacy of customer and Bank information.
• Advanced knowledge of Bank administration, lending and operations products and services; related state and federal laws and regulations, and other Bank operational policies and procedures.
• Proven ability to effectively train and instruct others in a formal classroom or one-on-one environment.
• Ability to read, analyze and interpret general business periodicals, professional journals, and technical procedures.
• Excellent organizational and time management skills.
• Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, author reports, correspondence, and procedures, and speak clearly to customers and employees.
• Computer skills including Windows-based software, word processing and spreadsheet applications, internet usage, electronic mail, and bank software.

Work Environment

• General office conditions
• Must be able to work effectively at a computer for extended periods of time.
• Must be able to sit for extended periods of time.
• Regular attendance is necessary.
• Some local travel.

Disclaimer

All offers for employment with Saint Louis Bank are contingent upon the candidate having successfully completed a criminal background check. Saint Louis Bank will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, State and Federal law, including Section 19 of the Federal Deposit Insurance Act.

Relevant military experience is considered for veterans and transitioning service men and women.

Saint Louis Bank is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.