The Bank Secrecy Act Officer (“BSA Officer”) is responsible for developing, implementing, administering, and maintaining all aspects Bank Secrecy Act/Anti-Money Laundering Compliance Program which will be designed to ensure a high level of compliance with the BSA/AML related laws and regulations, internal policies and procedures, and federal regulatory expectations. The position of the BSA Officer is required to be fully knowledgeable and skilled in all areas of BSA/AML Compliance and be able to independently recognize, develop, and implement cost effective compliance related solutions for the BSA/AML Program.
ESSENTIAL FUNCTIONS & RESPONSIBILITIES:
- Coordinate and oversee an effective BSA/AML/OFAC Compliance Program that is in line with current industry best practices, regulatory guidance and requirements.
- Enhance, develop, implement and administer the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity.
- Establish and maintain an effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments, and review and analysis of unusual/suspicious account activity.
- Establish and maintain an appropriate suspicious activity investigation process and procedures that promote consistent decisions, adequate investigation and research, complete detailed documentation and appropriate reporting.
- Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) to FinCEN, as well as FinCEN 314(a) and FinCEN 314(b) procedures and reporting.
- Conduct BSA/AML/OFAC risk assessments annually or as needed with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risks.
- Act as liaison/contact for Federal and State examinations and internal and external independent reviews or audits of the BSA/AML/OFAC compliance programs. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations.
- Provide updates and revisions to BSA/AML/OFAC policies and procedures, preparation of monthly SAR Reports for the Board of Directors, and preparation of quarterly Bank Secrecy Act Reports for the Risk Management & Compliance Committee.
- Coordinate administration of BSA/AML/OFAC related training programs to Directors, Management, and Employees and provide BSA guidance and coaching to employees.
- Stay abreast of and analyze developing industry and compliance trends, fraud scams/schemes, and changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act. Advise Compliance Officer of emerging risks, new or amended laws, regulations, or agency guidance and recommend and implement changes and controls to mitigate those risks.
- Performs direct supervisory duties of assigned department staff.
- Serves as point of contact for Bank’s internal and external fraud cases, assisting the Bank’s Security Officer with handling of fraud cases and determining when fraud cases meet regulatory reporting requirements.
- Assists the CRO and Senior Compliance Officer with vendor management as maintained in WolfPAC, including risk assessment completion, monitoring tasks, and due diligence reviews.
SUPERVISORY RESPONSIBILITIES, if any: three BSA & Fraud Analyst I and one BSA & Fraud Analyst II
REQUIREMENTS (Knowledge, Skills, Abilities, and Education and/or Experience):
- Bachelor’s degree.
- Certified Anti-Money Laundering Specialist (CAMS) or similar BSA/AML accreditation.
- Minimum of five (5) years of prior financial institution BSA compliance experience in developing and implementing BSA/AML/OFAC policies, programs and procedures.
- Extensive knowledge of Bank Secrecy Act/Anti-Money Laundering/US Patriot Act and OFAC regulations. General knowledge and understanding of bank deposit operations, lending activities, and other related consumer banking and compliance functions.
- Strong interpersonal, communication (written and verbal), and organizational skills with the ability to work independently, as well as, collaboratively within a team environment.
- Ability to interact effectively with all levels of management, legal counsel, law enforcement, regulators and examiners while maintaining strict confidentiality.
- Strong decision making, analytical and investigative abilities with attention to detail and accuracy.
- Strong leadership and managerial skills.
- Proficient in Microsoft Office Suite (Excel, Power Point, Word)