BSA Officer (Full Time) - Plano or Sugar Land

POSITION PURPOSE

The BSA/OFAC Officer is responsible for carrying out the direction of the Board and ensuring that employees adhere to the Bank's BSA/OFAC policies, procedures, and processes. Regularly apprise the board of directors and senior management of ongoing compliance with the BSA and OFAC. Coordinate and monitor day-to-day BSA compliance. Manage all aspects of the BSA compliance program and the Bank's adherence to the BSA and its implementing regulations. Be fully knowledgeable of the BSA and all related regulations and understand the Bank's products, services, customers, entities, and geographic locations, and the potential money laundering and terrorist financing risks associated with those activities.

Advise the Bank’s EVP, Chief Compliance Officer, Senior Management and Bank personnel of emerging compliance issues and consult and guide the Bank in the establishment of controls to mitigate risks. Ensure department activities run smoothly and efficiently by providing leadership, training, and supervision within the department. Perform direct supervisory duties of assigned department staff, coordinate staff for coverage in assigned areas of the department and be fully knowledgeable and skilled in all areas of the department.

ESSENTIAL DUTIES AND FUNCTIONS

• Serve as the board appointed Bank Secrecy Act and Office of Foreign Assets Control Officer.
• Regularly apprise the board of directors and senior management of ongoing compliance with the BSA. Report BSA and OFAC related information to the board to ensure they can make informed decisions about the overall Program.
• Monitor, review and evaluate new and changing federal and state regulatory compliance requirements to design, develop and implement policies, procedures, processes and controls to ensure the Bank is in compliance. Provide technical reviews and testing to ensure they have been effectively implemented. Prepare comments and concerns in correspondence to regulatory agencies regarding pending or proposed regulation. Serve as a resource by providing compliance related research and subject matter expertise.
• Conduct training presentations and exercises with personnel as necessary. Supervise the bank’s record retention as it relates to BSA/AML/CIP/OFAC and operations regulations. Assist with BSA/AML/CIP/OFAC and operations training and updating staff on new requirements throughout the organization. Serve as a Liaison with the Training department and function as subject matter expert.
• Perform various quality control reviews and monitoring in Bank Secrecy Act, USA PATRIOT Act, OFAC and Customer Identification Program using industry standard and regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis.
• Perform overall functional management, long-range planning, significant delegation of responsibility. Have latitude in decision-making and operate only in the broad framework of organization policy. Set policies for area of responsibility and contribute to business wide strategy.
• Manage the evaluation and determination as to when to file all currency transaction reports and required exemptions or revocation of exemptions. Ensure compliance with all applicable reporting and recordkeeping requirements and timely distribution of related materials and publications to designated personnel.
• Develop, implement, and administer all aspects of the Bank Secrecy Act Compliance Program; assists independent, state and federal regulator auditor inquiries; review and write BSA, OFAC and CIP related policies and procedures; make recommendations to the EVP, Chief Compliance Officer and Senior Management when and where appropriate.
• Oversee audits and exams including comprehensive self-testing, independent third-party audits, and government regulatory exams by making necessary preparations, coordinating responses and ensuring corrective action is taken for identified deficiencies.
• Work closely with the EVP, Chief Compliance Officer; develop strategic plans, review reports; organize plans and make recommendations for major compliance initiatives involving functional changes within the Bank and budgets.
• Maintain a proficient knowledge of rules and regulations, including but not limited to, Bank Secrecy Act (BSA), Customer Identification Program (CIP) and Office of Foreign Assets Control (OFAC). Serve as a resource by providing BSA/AML/CIP/OFAC compliance related research and subject matter expertise.
• Review government notifications for updates to high-risk countries, sanctions, and civil money penalties to determine filter settings in the automated AML and OFAC systems. Periodically reassess current OFAC filtering systems to ensure accurate filters have been established and mitigate risk of noncompliance.
• Review any product, process, systems, or service whether new or revised that implicates any BSA/CIP/OFAC or operations component prior to implementation. Manage changes in an environment of rapid growth and expansion into new products and services.
• Ensure compliance with all applicable reporting and recordkeeping requirements and timely distribution of related materials and publications to designated personnel. Conduct training presentations and exercises with personnel as necessary. Supervise the bank’s record retention as it relates to BSA/AML and operations regulations.
• Assume responsibility for special projects; gather data and prepares reports for Senior Management, audits, and other personnel.
• Manage the completion of the Bank’s annual Risk Assessment. Risks include but are not limited to those presented by the various types of accounts maintained at the bank, the types of products and services offered, the various methods of opening accounts, the various types of identifying information available, and the size, location, and customer base.
• Periodically review systems records and operations to identify violations and program regulatory deficiencies. Conduct system access reviews to ensure system administrator is granting correct access to users within the system/application.
• Supervise the BSA/AML Manager and BSA Risk and Project Manager. Perform personnel actions including performance appraisals, disciplinary actions. Supervise the daily activities of the department including, but not limited to, effective delegation of assignments, developing work schedules and providing necessary training. Monitor staff for daily tasks, operation, and quality control; ensure the organization of assigned areas of the department, coordinate available resources (e.g., staff, materials, etc.) for maximum results.
• Play a positive role in the development and growth of assigned department staff through excellent communication skills, both verbal and written, along with strong delegation skills assuring a highly cross-trained staff.
• Provide supervision and support to all areas of the department where service or assistance is needed; oversees activities of assigned department personnel.
• Monitor staff in daily tasks, operations, and quality control; ensures the organization of assigned areas of the department, coordinating available resources (e.g., staff, materials, etc.) for maximum results.
• Assist the EVP, Chief Compliance Officer in implementing cost controls for the department and monitors expenses to ensure compliance with budget.
• All supervisors and managers are responsible for advising the Banks Management of emerging security and safety issues and assists with the establishment of controls to mitigate risks.
• All other duties as needed or required

SUPERVISORY RESPONSIBILITIES

• Lead and manage team through training, developing, and coaching associates on a consistent basis
• Encourage others to set challenging goals and high standards of performance
• Inspire associates to define new opportunities and continuously improve the organization
• Celebrate and reward significant achievements of associates
• Present logical and persuasive case for proposals and positions
• Assist team in addressing their individual strengths and development needs

QUALIFICATIONS

EXPERIENCE REQUIRED:

Bachelor’s Degree (BA) preferred, and Certifications required, and 5 years compliance/operations experience in a financial institution or work-related experience should consist of an in-depth background in Bank administration, compliance and supervisory skills, or an equivalent combination of education and experience.

Educational experience, through in-house training sessions, formal school, or financial industry related curriculum, should be applicable to the financial industry.

SKILLS/ABILITIES:

Must have ability to define problems, propose solutions and complete multiple projects simultaneously.

Strong interpersonal skills evidenced in both verbal and written communications as well as excellent listening skills.

Must have demonstrated experience and be comfortable making critical decisions in a time sensitive environment.