WFH Flexible • Operations Management
The BSA Officer is responsible for developing, implementing, and administering all aspects of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Compliance Programs. This position performs various quality control reviews of the compliance programs using industry standard and regulatory guidance sampling methods. Regularly apprises senior management and the board of directors of ongoing compliance with the BSA, and emerging BSA compliance issues. The position of BSA Compliance Officer performs direct supervisory duties of assigned department staff and is required to be fully knowledgeable and skilled in all areas of the department.
- Coordinate, monitor, and oversee compliance with state and federal Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML), and OFAC laws and regulations for an effective BSA/AML/OFAC Compliance Program.
- Maintain an effective monitoring program to include initial and ongoing assessment, review, and analysis of unusual/suspicious account activity in relation to established compliance programs.
- Monitor investigation of all unusual or suspicious activity identified by the monitoring software or referred by other departments. Ensure a thorough investigation is completed if appropriate and file a Suspicious Activity Report (SAR) if warranted.
- Perform various quality control reviews and/or risk assessments in the area of BSA/AML/OFAC at least annually in regards to the Bank’s 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. (e.g. 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 Federal and State examinations, internal and external independent reviews, and audits of the BSA/AML/OFAC compliance programs. Participate in providing responses to exam and audit concerns. Oversee corrective action of all related compliance deficiencies or violations.
- Monitor changes in laws, regulations, and trends. Update BSA/AML/OFAC policies and procedures as needed.
- Advise the Bank’s board of directors and senior management of emerging compliance issues and consult and guide the Bank in the establishment of controls to mitigate risk.
- Supervises assigned staff. Ensures a competent and motivated staff through hiring, training, counseling, and performance evaluations.
- Assists in the development and implementation of the BSA training program.
- Maintains a current knowledge of bank regulations. Ensures compliance with all position-related Federal, State, and Bank policies, procedures, and regulations.
- Supports Community Reinvestment Act (CRA) through community involvement/outreach efforts. Actively participates in community organizations.
- Other duties as assigned.
- Bachelor’s degree or equivalent experience. BSA/AML Certifications preferred.
- Minimum of five (5) years of prior financial institution BSA compliance experience in developing and implementing BSA/AML/CIP/OFAC policies, programs, and procedures.
- 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, and other related consumer banking and compliance functions.