How much does a Bank Secrecy Act Officer make in Newark, NJ? The average Bank Secrecy Act Officer salary in Newark, NJ is $101,131 as of February 26, 2024, but the range typically falls between $83,934 and $124,110. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

Bank Secrecy Act Officer Salaries by Percentile
Percentile Salary Location Last Updated
10th Percentile Bank Secrecy Act Officer Salary $68,277 Newark,NJ February 26, 2024
25th Percentile Bank Secrecy Act Officer Salary $83,934 Newark,NJ February 26, 2024
50th Percentile Bank Secrecy Act Officer Salary $101,131 Newark,NJ February 26, 2024
75th Percentile Bank Secrecy Act Officer Salary $124,110 Newark,NJ February 26, 2024
90th Percentile Bank Secrecy Act Officer Salary $145,032 Newark,NJ February 26, 2024
25% $83,934 10% $68,277 90% $145,032 75% $124,110 $101,131 50%(Median) Didn’t find job title? Click
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What skills does a Bank Secrecy Act Officer need?

Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.

1.

Leadership: Knowledge of and ability to employ effective strategies that motivate and guide other members within our business to achieve optimum results.

2.

Property Management: Property management is the operation, control, and oversight of real estate management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business. Property management is also the management of personal property, equipment, tooling, and physical capital assets that are acquired and used to build, repair, and maintain end item deliverables. Property management involves the processes, systems, and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition. For example, an owner of a single family may engage the services of a property management company. The company will then advertise the rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move in inspection, move the tenant(s) into the property and collect rental income. The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property etc.

3.

HIPAA: The Health Insurance Portability and Accountability Act of 1996 is a federal law that required the creation of national standards to protect sensitive patient health information from being disclosed without the patient's consent or knowledge.

Leadership 5.92%
Property Management 1.49%
HIPAA 2.33%
Others 90.26%

Job Description for Bank Secrecy Act Officer

Bank Secrecy Act Officer supervises daily operations to identify and respond to suspicious activity violating current anti-money laundering (AML) regulations as defined in the US Bank Secrecy Act (BSA) or other governmental anti-terrorist financing programs. Uses oversight systems, interdiction software, and audit processes to perform daily transaction monitoring and identify suspicious activity patterns. Being a Bank Secrecy Act Officer monitors activity and ensures adherence to Know your Customer (KYC) protocols and regulatory requirements for required filings and reporting. Leads investigations of suspicious activity to pursue corrective actions and ensure completion of required filings. Additionally, Bank Secrecy Act Officer maintains extensive knowledge of financial regulations, risk management best practices, and changing fraudulent trends to develop and implement appropriate compliance procedures. Delivers compliance training with up-to-date regulatory information and procedures to develop and guide well-informed staff. Typically requires a bachelor's degree. May have the Certified Anti Money Laundering Specialist (CAMS) certification. Typically reports to a director. The Bank Secrecy Act Officer supervises a group of primarily para-professional level staffs. May also be a level above a supervisor within high volume administrative/production environments. Makes day-to-day decisions within or for a group/small department. Has some authority for personnel actions. To be a Bank Secrecy Act Officer typically requires 3-5 years experience in the related area as an individual contributor. Thorough knowledge of functional area and department processes. (Copyright 2024 Salary.com)... View full job description

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Career Path for Bank Secrecy Act Officer

A career path is a sequence of jobs that leads to your short- and long-term career goals. Some follow a linear career path within one field, while others change fields periodically to achieve career or personal goals.

For Bank Secrecy Act Officer, the upper level is Bank Secrecy Act Senior Officer and then progresses to Bank Secrecy Act Director.

Those that have already made the climb...
Pamela J. Shelley-Kessler, Co-President, Chief Financial Officer and Corporate Secretary
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC's investment portfolio includes 208 properties in 27 states wi... More
Fiscal Year Ended in 2022
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Bank Secrecy Act Officer salary varies from city to city. Compared with national average salary of Bank Secrecy Act Officer, the highest Bank Secrecy Act Officer salary is in San Francisco, CA, where the Bank Secrecy Act Officer salary is 25.0% above. The lowest Bank Secrecy Act Officer salary is in Miami, FL, where the Bank Secrecy Act Officer salary is 2.9% lower than national average salary.

City, State Compared to national average
City, State San Francisco, CA Compared to national average
+ 25.0%
City, State Washington, DC Compared to national average
+ 11.3%
City, State Miami, FL Compared to national average
-2.9%
City, State Chicago, IL Compared to national average
+ 5.5%
City, State Boston, MA Compared to national average
+ 12.7%
City, State New York, NY Compared to national average
+ 17.5%
City, State Dallas, TX Compared to national average
-0.7%

Take just three simple steps below to generate your own personalized salary report

Step 1 of 3

Understand the total compensation opportunity for a Bank Secrecy Act Officer, base salary plus other pay elements

Average Base Salary

Core compensation

 
 
 
83934
124110
101131

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
86870
133491
106176
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Bank Secrecy Act Officer in Newark, NJ. The base salary for Bank Secrecy Act Officer ranges from $83,934 to $124,110 with the average base salary of $101,131. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $86,870 to $133,491 with the average total cash compensation of $106,176.
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For a real-time salary target, tell us more about your role in the four categories below.

83934
124110

 

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About Newark, New Jersey    Newark (/ˈnjuːərk/,[24] locally /njʊərk/)[25] is the most populous city in the U.S. state of New Jersey and the seat of Essex County.[26] As one of th....More

Newark, New Jersey  area prices were up 1.6% from a year ago    View the Cost of Living in Newark, New Jersey

Bank Secrecy Act Officer Salary in popular cities: Jersey CityPatersonElizabeth

Skills associated with Bank Secrecy Act Officer: Banking Software, Know Your Customer Administration, Internal Controls, Suspicious Activity Monitoring ...More

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