BSA Officer

PURPOSE:
Responsible for Bank-wide compliance with the Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML) regulations and Office of Foreign Asset Control regulations (OFAC). This individual will also be responsible for all investigations and filings pertaining to Currency Transaction Reports (CTR) and Suspicious Activity Reports (SAR).

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Responsible for coordinating and monitoring day-to-day BSA/AML compliance and managing all aspects of the BSA/AML compliance program. Understands government regulations with particular emphasis on the Bank Secrecy Act and related regulations.
• Develop and maintain BSA/AML related policies and procedures. Address regulatory changes that impact the business units and assist business units in implementing processes necessary to comply with regulations. Develops and conducts BSA/AML related training to the Board of Directors at least annually and ensures newly hired staff are trained appropriately.
• Maintains a current knowledge of applicable BSA/AML related laws, regulations, and issues. Monitors legislative and regulatory developments for the Bank and reports important compliance developments to management and other Bank personnel. Performs regulatory research in response to business unit compliance inquiries, projects, and changes.
• Report quarterly to Risk Management Committee on BSA/AML related statistics and analysis. Responsible for updating AML related risk assessments at least annually, and present to Risk Management Committee.
• Performs routine monitoring to determine the extent of compliance with AML related regulations, laws, policies and procedures. Communicates the results of monitoring to department managers and senior management, follows-up to ensure issues are addressed and escalates high risk issues. Performs analysis of BSA related data to draw conclusions about the level of compliance throughout the Bank.
• Works with auditors/regulators on audits and examinations pertaining to compliance with AML and related regulations. Gathers information and prepares work papers in advance of each audit/exam.
• Responsible for the preparation, review, and/or submission of all Suspicious Activity Reports (SAR) and oversees the Currency Transactions Reports (CTR) reporting process. Responsible for complying with Section 314(a) and 314(b) of the USA Patriot Act.
• Investigates suspicious customer reported by AML software and Bank personnel. Conduct follow-up investigations as necessary and prepare SARs for filing. Chair and prepare bi-weekly SAR Committee meetings.
• Oversees high risk customer account identification and monitoring, Customer Identification Program (CIP), as well as Beneficial Ownership (BO) exceptions and overall requirements.
• Oversee monitoring, tracking, and procedures related to Identity Theft/Red Flags. Responsible for oversight and monitoring of OFAC compliance bank wide as well as Exemptions.
• Completes other projects as assigned.

QUALIFICATIONS:

• Bachelor’s degree preferred; High School diploma or equivalent required.
• Minimum three years’ experience in bank compliance that includes monitoring of BSA and anti-money laundering activities.
• Advanced knowledge of BSA and OFAC regulations.
• Ability to read and comprehend a wide range of regulatory information and apply to Bank policies.
• Excellent communication, research, and organizational skills.
• Maintain high level of professionalism when dealing with employees, management, auditors and regulators.
• Ability to become proficient with software applications used to monitor BSA and OFAC compliance, including working knowledge of Microsoft Office.

EFFORT:

• Work includes changing priorities for multiple, simultaneous projects
• Will be sitting while performing computer data entry functions approximately 6 hours per day.
• Position does involve climbing / crawling/ squatting / kneeling/ to place or move objects under desks or in closets.
• Needs to be able to move about inside the office space to access file cabinets, office equipment, etc. May work in closets / confined storage areas.
• Essential to follow written and verbal directions. This role routinely uses standard office equipment such as computers, photocopiers, and scanners.
• Use of hands and fingers to handle/ operate a computer and other office machinery such as a calculator, copy machine, scanner, computer printer,
• Requires occasional lifting/ carrying equipment/ boxes of up to 30 pounds within work area.
• Moderate communication verbally using telephone to exchange information.
• Specific vision abilities required by this job include: close vision, distance visions, ability to adjust focus.

WORK ENVIRONMENT:

• Hours Monday-Friday 8am-5pm
• Cubical office work environment with noise levels commensurate with such.