BSA/AML Compliance Officer

We are seeking an experienced Vice President, BSA/AML Compliance Officer to join our Compliance team. Under the direction of the Senior Vice President/Compliance, the BSA/AML Compliance Officer is responsible for the coordination of the day-to-day implementation and administration of all aspects of the Bank Secrecy Act (BSA), Anti- Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA Patriot Act laws and regulations. 

This position is hybrid with an anticipated 1-day per month onsite in Westerly, RI.

Primary Responsibilities

• Oversee the Bank’s BSA/AML and OFAC programs, including BSA and AML activities such as Currency Transaction Reports, Suspicious Activity Reports, High-Risk Reviews, Law Enforcement Requests, the Customer Identification Program (CIP), implementation of controls, and Sanctions adherence.
• Maintain a current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations. Act as key subject matter expert on BSA/AML/OFAC related issues. Participate on various industry BSA/AML working committees (e.g., ABA BSA/MLIG Committee).
• In conjunction with the SVP/Compliance Officer, perform comprehensive risk assessments and policy analysis to determine BSA/AML and other risk exposures, collaborate with cross-functional teams to develop mitigating controls and monitoring strategies. Lead the development, implementation, and administration of the Bank’s BSA compliance program.
• Work closely with business lines as they launch new products and services or undertake technology projects in order to ensure that AML and Sanctions risks are appropriately measured, documented, and mitigated to the extent possible prior to launch, and during the lifecycle of the product or service.
• Participate and serve as BSA/AML/OFAC subject matter expert on various Bank committees. Oversee Bank’s SAR Committee.
• Serve as administrator of the Bank’s automated BSA/AML software and maintain ongoing development and oversight of the software. Work with the SVP/Compliance on model validation/calibration and the development of ongoing model performance metrics.
• Conduct analyses of embedded AML and OFAC technologies across the Bank to ensure adherence to best practices, and timely, proactive, accurate identification/detection of risk activities.
• Supervise, develop and mentor BSA/AML team members responsible for all aspects of BSA/AML and OFAC monitoring, investigation, and reporting processes. Ensure timely and accurate filing of CTRs, SARS and FinCEN 314(a) and 314(b) reporting.
• Assigns and monitors the workflow of the BSA/AML team members, which includes KYC/EDD reviews, SAR reporting, and other various high risk monitoring functions. Perform periodic quality control reviews of staff reviews/reports (e.g., EDD cases, BSA/AML alerts, etc.) to ensure adherence with department procedures and standards.
• Point of contact for BSA/AML regulatory updates, attends relevant webinars/trainings, and disseminates information/updates to team. Ensures the department remains up to date with any internal/external issues as it relates to BSA/AML compliance.
• Coordinates and/or completes the development, maintenance and timely updating of BSA/AML policies and procedures.
• Provide guidance and recommendations for Bank’s business line required BSA/AML/OFAC training. Assist in providing applicable BSA/AML training to various departments.
• Ensures appropriate documentation is maintained and available for internal/external audits, exams, and legal requests. Assists during all periodic BSA/AML compliance audits/exams by gathering and presenting files, records, and other pertinent information.

Qualifications

• Bachelor’s Degree or equivalent experience in a BSA/AML or financial crimes investigative role
• 7 years in AML, compliance or financial crimes investigations
• Experience in a management/supervisor role
• Certified Anti-Money Laundering Specialist (CAMS) designation highly preferred
• Advanced knowledge of Bank Secrecy Act, USA Patriot Act, Money Laundering and Financial Crimes red flags, OFAC regulations and associated requirements. Demonstrated experience in interpreting laws and regulations
• Proficiency in AML transaction monitoring systems (Verafin preferred)
• Deep understanding of banking products and operations
• Demonstrated ability to build teamwork, partnerships, and collaborative working relationships with others.
• Effective management skills, including the ability to handle multiple projects simultaneously as well as the ability to plan, organize, and ensure the completion of work assignments with appropriate attention to detail.
• Ability to work effectively in a team environment as well as accomplish work assignments under minimal supervision and tight deadlines
• Must have ability to maintain confidentiality and ability to exercise discretion and judgment.
• Detail-oriented with strong organizational skills for maintaining comprehensive records.
• Proficient use of MS Work, MS Excel and PowerPoint, Visio preferred