BSA Officer

Position Overview

The BSA Officer is responsible for developing, implementing, administering, and maintaining all aspects of the Countering the Financing of Terrorism /Anti-Money Laundering/OFAC Compliance Program. Accountable to ensure a high level of compliance with the AML/CFT related laws and regulations, internal policies and procedures and OCC regulatory expectations. The BSA Officer is required to be fully knowledgeable and skilled in all areas of AML/CFT Compliance and be able to independently recognize, develop, and implement effective compliance solutions for the AML/CFT program. The BSA Officer is the primary contact for OCC examinations and independent auditors.

The BSA Officer reports to the Head of Financial Crimes, manages a team of BSA/AML professionals and interacts with mid and executive level management and the Board of Directors.

Primary Job Functions

• Coordinate and oversee an effective AML/CFT/OFAC Compliance Program that is in line with the industry best practices, regulatory guidance and requirements, and the Bank's risk appetite. Serve as the Bank's subject matter expert in AML/CFT/OFAC.
• Manage, enhance, and administer the AML/CFT/OFAC automated monitoring system to ensure that appropriate parameters are in place to identify suspicious, including on-going tuning.
• Oversee and maintain various software and tools utilized for AML and BSA regulatory compliance including on-going gap analysis.
• Maintain appropriate SAR/Suspicious Activity investigations, review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.
• Work with lines of business to conduct AML/CFT/OFAC risk assessments annually with consideration to products, services, customers and geographies that may present AML/CFT/OFAC related risks.
• Partner with line of business when regulatory changes occur to ensure processes are properly updated and trained, as appropriate.
• Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) to FinCEN, FinCEN 314(a) procedures and reporting, and OFAC.
• Serves as the primary contact for OCC examinations and internal independent audits of the AML/CFT/OFAC compliance programs. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations.
• Ensure that all members of the Board are trained at least annually on general requirements of the BSA, changes to regulatory requirements, and the Bank's policy. Assign appropriate AML/CFT/OFAC training for the lines of business.
• Set standard of work requirements and complete quality control reviews of BSA Specialist/Analyst/Team Lead work product.

Supervisory Responsibilities

The BSA Officer has direct supervisory responsibilities and carries out responsibilities in accordance with the company's policies and applicable laws. Leads direct and indirect reports. Responsibilities include planning, assigning and directing employee's work; evaluating performance, rewarding and disciplining employees, addressing complaints, performance coaching, and resolving issues; interviewing; hiring and training.

Secondary Responsibilities

• Stay abreast of and analyze developing industry and compliance trends, changes to laws and regulations pertaining to AML/CFT/OFAC/USA Patriot Act. Advise on emerging risks, new or amended laws, regulations or agency guidance and recommend and implement changes and controls to mitigate those risks.
• Serves as the Bank's subject matter expert for questions regarding AML/CFT/OFAC policies and procedures and also provide BSA guidance to various lines of business.
• Contribute as a voting member of new-product committee and is responsible for identifying AML/CFT/OFAC inherent and residual risk, controls, and setting, if applicable, approval conditions.
• Annually collect and report data required for the OCC Money Laundering Reporting System (MLR).
• Responsible for any updates or revisions to the AML/CFT/OFAC policies and procedures.
• Provides monthly, quarterly, and annual reports to the Board of Directors (or designated Board committee).

Minimum Requirements

• Bachelor's degree, CAMS, and two or more years of AML/CFT/OFAC program management experience. For incumbents without CAMS certification, a minimum of Bachelor's degree and five or more AML/CFT/OFAC program management may be substituted. Experience must include a minimum of two or more years supervisory or management experience.
• Must have or obtain CAMS certification with a reasonable time, set by management, after on-boarding.
• This position allows for a hybrid work schedule with both onsite and remote work; must be able to work onsite each week.

Competencies

• Strong working knowledge of BSA program management in a banking environment.
• Excellent interpersonal, communication (written and verbal) and organizational skills with the ability to work independently, as well as, collaboratively within a team environment.
• Consistently demonstrate cooperative and collaborative working relationship across all levels of the organization, law enforcement, regulators and examiners, while maintaining strict confidentiality.
• Be a strategic thinker with the ability to develop, communicate and implement plans that support the overall goals of the Bank.
• Ability to identify, understand and define problems, evaluate alternatives, set priorities, manage projects and implement high quality solutions.
• Demonstrate strong organizational and planning capabilities.
• Foster a continuous improvement environment.
• Proficient in Microsoft Word and Excel.

Preferred, but not required:

• Bank acquisition experience, a strong plus.
• Experience with Verafin implementation and on-going tuning, a strong plus.