Job Description

Job Description

Description : Summary

The Bank Secrecy Act Officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program by performing various quality control reviews and monitoring in the area of Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), and Customer Identification Program (CIP) compliance.

Essential Duties :

• Develops, implements and administers all aspects of the Bank Secrecy Act Compliance Program by performing monitoring in the area of Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), and Customer Identification Program (CIP) compliance.
• Utilizes industry standards and applicable regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis.
• Advises the Chief Risk Officer, Senior Management, and Bank personnel of emerging compliance issues and consults and guides the Bank in the establishment of controls to mitigate risks.
• Assists the Chief Risk Officer in ensuring department activities run smoothly and efficiently by providing leadership, training and supervision within the department, performs direct supervisory duties of assigned department staff, coordinates staff for coverage in assigned areas of the department, and assists other areas of the department as needed.
• Performs duties as a member of the Bank’s Compliance Committee.
• Reviews and writes BSA, AML, OFAC, and CIP related policies and procedures, makes recommendations to the Chief Risk Officer and Senior Management when and where appropriate, and submits annual reports to the Board of Directors.
• Maintains proficient knowledge of the rules and regulations, including but not limited to, the BSA, USA Patriot Act, and OFAC.
• Performs daily review, monitoring and analysis of various reports, logs, and transaction data to identify trends, unusual activity and monitor large currency activity, determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
• Completes and files Suspicious Activity Reports (SARs) ensuring they are properly documented with related narrative and supporting documentation.
• Reviews and approves Suspicious Activity Reports (SARs) completed by subordinate BSA Officer(s) ensuring they are properly documented with related narrative and supporting documentation.
• Provides maintenance, follow-up and timely response to the Bank’s OFAC system and FinCEN 314(a) and (b) lists and inquiries, and appropriately responds to positive hits detected by the Bank’s AML or OFAC software system.
• Identifies and mitigates potential risk issues against the Bank, assists in providing BSA, AML, OFAC and CIP compliance support, and interacts with Bank personnel pertaining to such issues.
• Oversees actions of comprehensive self-testing, independent third-party audits and state and federal regulatory examinations, makes necessary preparations for such audits or exams, coordinates responses to external auditors and regulatory examiners, and ensures deficiencies identified from such audits and examinations are addressed.
• Reviews account opening reports for CIP compliance and accuracy, maintains database of missing information for follow up by branch personnel, and identifies, monitors, and tracks high risk customers and accounts.
• Reviews Currency Transaction Reports (CTRs) completed by branch personnel for accuracy and filing, including reviewing daily currency reports to ensure CTRs have been completed for all reportable transactions.
• Reviews, approves, or declines requests for exempt person filings, files approved documentation for exemptions, and performs annual review of exempt persons.
• Ensures compliance with all applicable reporting and recordkeeping requirements and timely distribution of related materials and publications to designated personnel.
• Conducts BSA, AML, OFAC and CIP training presentations and exercises with all Bank personnel, including material presented to employees during the new hire orientation process.
• Responds to inquiries or refers inquiries to the appropriate department or person, and exhibits the necessary follow through with customers and / or staff involved.
• Provides supervision and support to all areas of the department where service or assistance is needed and oversees activities of assigned department personnel.
• Monitors staff in daily tasks, operations and quality control, and ensures the organization of assigned areas of the department, coordinating available resources (e.g., staff, materials, etc.) for maximum results.
• Assists the Chief Risk Officer in implementing cost controls for the department and monitors expenses to ensure compliance with budget.
• Consistently applies superior decision making techniques pertaining to inquiries, approvals and requests as they apply to existing policies and procedures, keeping within assigned approval limits and using these instances as learning tools for employee development.
• Assumes responsibility for special projects, gathers data, and prepares reports for Senior Management, audits and other personnel.
• Plays 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.
• Performs personnel actions including performance appraisals, disciplinary actions, and interviewing candidates for employment, and supervises the daily activities of the department including, but not limited to, effective delegation of assignments, developing work schedules and providing necessary training.
• Treats people with respect, keeps commitments, inspires the trust of others, works ethically and with integrity, upholds organizational values, and accepts responsibility for own actions.
• Demonstrates knowledge of and adherence to Equal Employment Opportunity (EEO) policy, shows respect and sensitivity for cultural differences, educates others on the value of diversity, promotes working environment free of harassment of any type, and builds a diverse workforce and supports affirmative action.
• Assures compliance with all Bank policies, procedures and processes, and all applicable state and federal banking laws, rules and regulations, and adheres to Bank Secrecy Act (BSA) responsibilities that are specific to the position.
• Completes administrative tasks correctly and on time, supports the Bank’s goals and values, and benefits the Bank through outside activities.
• Performs the position safely, without endangering the health or safety to themselves or others and will be expected to report potentially unsafe conditions. The employee shall comply with occupational safety and health standards and all rules, regulations and orders issued pursuant to the OSHA Act of 1970, which are applicable to one’s own actions and conduct.

Requirements :