Responsible for coordinating the development, implementation, and administration of all aspects of the BSA/AML/OFAC Compliance Program and the Customer Identification Program (CIP). This position monitors compliance with state and federal BSA, the USA Patriot Act, Anti-Money Laundering (AML), OFAC and coordinates audits from independent state and federal auditors. The BSA Officer is expected to provide expert level solutions to mitigate risk to the Bank. This position has significant interactions with retail and commercial account opening. deposit operations and bank customers.
Principal Duties and Responsibilities:
- Maintain a comprehensive BSA Policy and recommend updates as needed. Review bank forms, notices, and procedures for compliance with the BSA and related regulations.
- Assist with review and updating of BSA/AML/CIP/OFAC training material and train the trainer programs.
- Review and investigate potential occurrences of suspicious activity received through various channels including automated monitoring alerts, reports generated by various data processing systems, suspicious activity referrals received internally, regulatory inquiries or subpoenas received or through other means.
- Conduct investigations by collecting, evaluating, and analyzing information and evidence related to known or suspected money laundering or terrorist financing to facilitate writing quality SARs and report suspicious activity or financial crimes to the proper authorities.
- Assist with 314a and 314b process and information sharing requests.
- Assist with the generation, preparation, quality control, and timely submission of complex Suspicious Activity Reports. Determine the appropriate course of action for suspicious activity alert resolution.
- Monitor and track all BSA high-risk customers and implement internal controls and reporting structure to minimize risk. Report BSA/AML functions to Compliance Committee, Senior Management and the Board of Directors as required.
Additional Duties and Responsibilities:
- Identify training opportunities and make recommendations to update or implement changes to improve suspicious activity reporting and sanctions monitoring.
- Attend BSA/AML, CIP, and OFAC related training and maintain current knowledge of trends, laws and regulations, and best practices.
- Formulate internal committees, as needed, to monitor trends in CTR/SAR creation. Participate in the Compliance committee and SAR committee.
- Prepare for and coordinate regulatory and internal audit compliance examinations, platform parameter reviews and platform validation. Develop and approve responses to be sent to regulatory agencies, the bank’s internal audit department, and outside auditors.
- Research regulatory issues and respond to BSA related compliance questions from bank personnel, using legal and regulatory reference materials, regulatory agencies, bank legal counsel, and professional associations and organizations, as appropriate.
- Acts as back up to the Security Officer, remains current on all areas of physical security.
Knowledge, Skills, and Abilities:
- Bachelor’s degree in business, finance or a related field or equivalent combination of education and experience is required. Previous BSA experience required.
- Detailed understanding of BSA, AML, and OFAC risks that are presented to the Bank, its customers, and its products and services
- Requires continuous BSA-AML compliance training to maintain extensive level of knowledge.
- Knowledge of Bank products and services including the rules and regulations, policies, and procedures.
- Strong interpersonal, communication (written and verbal) and organizational skills with demonstrated ability to interact effectively with all levels of management, law enforcement, regulators, and auditors.
- Must possess strong decision-making, analytical and investigative skills, with attention to detail and an ability to quickly re-establish priorities and adapt to varying customer and transactional volume.
- Requires initiative and self-motivation to perform all functions under minimal supervision from conception to completion.
- Must demonstrate elevated level of sensitivity and confidentiality.
Work is performed in a pleasant office environment with minimal chance for personal injury. Frequent mental concentration is necessary for listening and responding to various situations. Must be able to lift and move up to 20 pounds unassisted. Some twisting, bending, and turning is required. Work hours are generally during normal business hours and average at least 40 hours a week. Occasional unscheduled evening and weekend work, out-of-town and overnight business travel may also be required.