Vice President/BSA Compliance Officer
SUMMARY:
The Bank Secrecy Act Officer is responsible for developing, implementing, administering, and maintaining all aspects of the 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 regulatory expectations. The position of Bank Secrecy Act 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 DUTIES AND RESPONSIBILITIES:
Develop, coordinate, and oversee an effective Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program that is in line with current industry best practices, regulatory guidance and requirements and is appropriate for the size, complexity, and risk profile of the institution.
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.
Coordinate, oversee and maintain appropriate SAR investigation, review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.
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.
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 Fin CEN, as well as, FinCEN 314(a) and 314(b) procedures and reporting.
Act as liaison/contact for regulatory 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.
Develop updates and revisions to BSA/AML/OFAC policies and procedures and preparation of monthly BSA reports for the Board of Directors.
Administer 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, scams or schemes, and changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act.
Advise Management and Board of Directors of emerging risks, new or amended laws, regulations, or agency guidance and recommend and implement changes and controls to mitigate those risks.
Respond to BSA related questions, issues and concerns from all department managers, bank officers, and employees.
Organizes the work and activities of the BSA Department in order to achieve established goals; monitors the efficiency and performance of the department versus established standards.
QUALIFICATIONS:
Extensive knowledge of Bank Secrecy Act/Anti Money Laundering/U.S. Patriot Act, OFAC Regulations. General knowledge and understanding of bank deposit operations, lending activities, cash intensive and high-risk business banking, 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. Proficient in Microsoft Office Suite (Word, Excel). Experience and training in BSA/AML monitoring software.
EDUCATION AND/OR EXPERIENCE:
Bachelor’s degree or equivalent experience, Juris Doctor or Master’s degree preferred. Previous regulatory or financial crime experience preferred. BSA/AML Certifications required. Minimum of eight (8) years of prior financial institution BSA/AML compliance experience in developing and implementing BSA/AML/CIP/OFAC policies, programs, and procedures.