What are the responsibilities and job description for the Compliance Analyst position at Red Clover HR?
Description
Key Responsibilities
Skills, Knowledge and Expertise
Who we are:
Red Clover is a New Jersey based outsourced strategic Human Resources firm managing the recruitment process on behalf of a client. This opportunity is for a community bank, founded in 1893 in Bergen County, is one of New Jersey's oldest banks. Originally established to serve the employees of Bogota Paper Mills, it has grown from a small community institution to a trusted bank with seven branches across Northern New Jersey. Renamed in 1996, it expanded further through a merger in 2021, adding branches in Essex and Morris counties. Known for its strong community ties, the bank provides personal and commercial banking services, including mortgages, savings accounts, and business products, while maintaining a tradition of trust and exceptional service.
At Red Clover, we manage more than just the recruitment process. We work closely with our clients on a daily basis and cover all aspects of HR, which allows us to find the best talent to meet their unique needs.
About the Role
Under the limited supervision of the Compliance/CRA Officer this Compliance team member is responsible for ensuring practices in-line with the Bank Secrecy Act, OFAC, and internal and external laws and regulations. Must be able to respond to inquiries from regulatory agencies, courts, and outside consultants. Candidates must have excellent verbal and written communication skills and the ability to safeguard confidential information. This position requires proficiency with Excel, Word, and Outlook.
About the Role
Under the limited supervision of the Compliance/CRA Officer this Compliance team member is responsible for ensuring practices in-line with the Bank Secrecy Act, OFAC, and internal and external laws and regulations. Must be able to respond to inquiries from regulatory agencies, courts, and outside consultants. Candidates must have excellent verbal and written communication skills and the ability to safeguard confidential information. This position requires proficiency with Excel, Word, and Outlook.
Key Responsibilities
- Serves as a reference for all compliance-related matters and questions from all bank departments.
- Complete understanding of BSA / related regulations and experience in educating others
- Assist in developing and updating the Bank’s policies and procedures.
- Reviewing CRA performance and maintaining the Bank’s CRA public file
- Review the Bank’s forms and disclosures to ensure that they comply with all applicable laws and regulations.
- Periodically review Regulatory Examinations Report Findings to ensure that the findings are accurate and that corrective action has been implemented.
- Develops and performs Fair Lending file reviews and bank-wide performance on a periodic basis.
- Ensures that all complaints are escalated and appropriately resolved in a timely manner. Maintain records of complaints and resolution.
- Responsible for ensuring policies and procedures adhere to Regulatory guidelines and regulations
- Responsible for creating, reviewing, and analyzing periodic reports related to BSA, OFAC, monetary instruments, early loan payoffs, and cash flow to ensure compliance with Regulatory responsibility
- Reviews new and proposed regulations and updates. Disseminates information to staff related to compliance and other topical subjects. Maintains library of compliance resources.
- Adhere to policies and procedures in accordance with applicable rules and regulations
- Ensure that government report filings such as Currency Transaction Reports, Designation of Exempt Persons, §314(a) responses, and §314(b) opt-in are completed accurately, timely, and meets regulatory requirements of FinCEN.
- Provide immediate review of OFAC alerts generated via the various OFAC scanning programs used by the Bank.
- Assist management with document requests from examiners or auditors.
- Perform maintenance functions to ensure integrity of the AML software data, including daily wire uploads, resolution of data import issues, and reconciliation of monthly wire logs.
- Serve as backup to the BSA / AML Officer in his/her absence.
- Provide reports as necessary to the Risk and Audit Executive.
- Perform other duties as assigned by the supervisor.
- Performs other job-related duties when required.
Skills, Knowledge and Expertise
- Bachelor's degree in Accounting, Finance, or related field
- At least three years of relevant experience working in a controls-related role (i.e., SOX/FDICIA Compliance programs, internal controls programs, internal audit, external audit, etc.)
- Able to work independently and manage multiple tasks, with excellent project management skills
- Able to communicate with all levels of management
- Excellent written and verbal communication skills
