What are the responsibilities and job description for the BSA Officer position at Security Federal Bank?
Description
The Bank Secrecy Act (BSA) Officer is responsible for development, implementation, administration and maintenance of all aspects of the Bank Secrecy Act/Anti-Money Laundering (AML) Compliance Program, which is designed to ensure a high level of compliance with the BSA/AML related laws and regulations, internal policies and procedures and Federal regulatory expectations.
This individual must be fully knowledgeable and skilled in all areas of BSA/AML Compliance; be able to independently recognize, develop, and implement compliance related solutions for the BSA/AML program; have oversight responsibility for all BSA/AML related monitoring processes and systems; ensure institution-wide BSA/AML training including provision of Board of Director training. Provides regular reporting to SFB Board of Directors and Compliance Committee.
The incumbent in this position also serves as the Bank's Office of Foreign Assets Control (OFAC) Officer.
Requirements
Develop and Implement : Create and maintain a comprehensive BSA/AML compliance program that aligns with the regulatory requirements and industry best practices.
Policy and procedure development: Draft and update policies and procedures for customer due diligence (CDD), suspicious activity reporting (SAR) and other BSA/AML related activities.
Risk Assessment: Conduct regular risk assessments to identify potential vulnerabilities and implement mitigating controls.
Training and education: Provide ongoing training to employees on BSA/AML regulations, procedures and red flags of suspicious activity.
Customer Due Diligence Customer Onboarding: Oversee customer onboarding processes to ensure compliance with CDD requirements, including verifying customer identities and understanding their business activities.
Enhanced Due Diligence (EDD): Conduct EDD for high-risk customers, such as politically exposed persons of those involved in high-risk industries.
Ongoing Monitoring: Monitor customer activity for unusual or suspicious transactions, and take appropriate action.
Suspicious Activity Reporting (SAR): Identify Suspicious Activity: Review customer transactions and activities to identify potential red flags of money laundering, terrorist financing, or other illicit activities. Maintain SAR records, maintain accurate records of all SAR filings and related documentation.
Regulatory Compliance: Stay informed about changes in BSA/AML regulations and industry guidance.
Regulatory Reporting: Prepare and submit required regulatory reports, such as Currency Transaction Reports (CTRs) and suspicious activity reports (SARs).
Internal Controls: implement and maintain effective internal controls to ensure compliance with BSA/AML.
Audits and Examinations/Prepare for Audits: coordinate with internal and external auditors to prepare for and participate in audits and examinations.
Address Audit Findings: Address any audit findings and implement corrective actions to mitigate risks.
Customer Screening: Screen customers against government watch lists and sanctions lists.
OFAC Compliance: Ensure compliance with Office of Foreign Assets Control (OFAC) regulations.
Fraud Prevention: Assist in fraud prevention efforts by identifying and reporting suspicious activity.
