BSA & Compliance Officer

Description

1. Responsible for the BSA/AML program for the Bank including oversight of the BSA/AML software controls, reporting, analytics, and monitoring.
2. Establish and maintain a comprehensive BSA and compliance program in line with regulatory requirements and industry best practices.
3. Design and implement policies, procedures and controls to prevent money laundering, terrorist financing, fraud and other illicit activities.
4. Regularly review and update compliance policies to reflect changes in laws, regulations and industry standards.
5. Perform periodic risk assessments to identify and evaluate potential compliance risks within the bank’s operations.
6. Analyze existing processed and controls to identify areas of vulnerability and recommend appropriate risk mitigation strategies.
7. Stay up to date with industry trends, emerging risks and regulatory changes affecting the bank’s compliance obligations.
8. Monitor  and review client transactions, account activities and internal processes to identify suspicious activities or violations of regulations.
9. Investigate and reports on compliance activities, including findings, recommendations and progress updates for senior management, board and regulatory bodies.
10. Provide training to bank employees on BSA, AML and compliance policies, procedures and regulations.
11. Raise awareness among staff about their compliance obligations and the importance of reporting suspicious activities promptly.
12. Conduct periodic training sessions to ensure employees stay informed about regulatory changes and best practices.
13. Serve as primary contact point of contact for regulatory agencies and auditors during compliance and BSA examinations and audits.
14. Prepare SARs for submission to FinCEN. Review, approve and submit SARs to FinCEN.
     
15. Responsible for the completion of ongoing Enhanced Due Diligence for high risk accounts.  Review and approve ongoing Enhanced Due Diligence conducted by the compliance support staff.
16. Manage the annual review of CTR Exemptions.
17. Responsible for conducting annual BSA/AML training for the Board of Directors.
18. Identify, validate, and report all applicable loans for Community Development and Lending test qualification.
19. Encourage employee participation in CRA eligible activities.
20. Maintain the Bank’s CRA Public File as required by the Community Reinvestment Act.
21. Prepare reports/presentation to the Board of Directors and Management on a quarterly and annual basis to include CRA Assessment detailing the Bank’s current performance.

Qualifications

Qualifications:

1. College degree preferred or a relevant certifications like Certified Anti-Money Laundering Specialist (CAMS) or Certified Regulatory Compliance Manager (CRDM).
2. In depth knowledge of BSA, AML and other relevant laws, regulations and industry best practices.
3. Strong understanding of banking operations, financial products and customer due diligence processes. 
4. Excellent analytical and problem solving skills, with the ability to identify and assess potential compliance risks. 
5. Effective communications an interpersonal skills to collaborate with internal teams, regulatory agencies and auditors. 
6. Attention to detail and ability to work independently and make sound judgments.
7. Familiarity with compliance monitoring tools and core systems is an advantage.
8. Possess exceptional organizational skills and the ability to multi-task.
9. Ability to maintain a high degree of confidentiality and professional demeanor.

Salary : $125,000 - $165,000