The Bank Secrecy Act (BSA) Officer is responsible for developing, implementing and administering all aspects of the Anti Money laundering and Bank Secrecy Act Compliance Program. This position performs various quality control reviews and monitoring in the area of Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering, OFAC and Customer Identification Program compliance using industry standard and regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis. Advises the Chief Compliance Officer, Senior Management of emerging compliance issues and consults and guides in the establishment of controls to mitigate risks. Assists the Chief Compliance Officer in ensuring department activities run smoothly and efficiently by providing leadership, training and supervision within the department.
The position of Bank Secrecy Act Officer performs duties assigned , coordinates staff for coverage in assigned areas of the department, and is required to be fully knowledgeable and skilled in all areas of the department.
BSA Officer should be a self-starter, responsible, and demonstrate compliance knowledge in working with international AML related issues, to include foreign correspondent banking clients and products in addition to large multinational corporations. The position requires proven investigatory abilities, prioritization skills, and a willingness to tackle new and difficult challenges. In addition, must have strong banking system and AML knowledge. The BSA officer should exercise sound judgment, independence, and high quality standards when conducting investigations.
• Utilize effective communication abilities and sound decision making skills in order to orchestrate smooth and safe work procedures within the AML and BSA regulations
• Identify key risks in the process, establish and implement internal controls to mitigate risks identified
• Plan and execute compliance monitoring reviews and set up management reporting
• Research, examine, and track developments in state money transmission rules and FinCen regulations
• Provide inputs to develop policies and procedures for risk management
• Design and construct tests to monitor compliance
• Educate staff on compliance issues and procedures
• Research new money transmission licensing requirements to ensure all essential documents and procedures are abided by for the licensing application
• Applying and maintain Money Transmitters License with various States Banking Departments
• Liaison with Department of Finance and Banking regulations on License related matters
• Filing of CTR, SAR and maintain Agent Log, Cancellation Log and Section 314(b) Logs
• Conducting Know Your Customer/Enhanced Due Diligence on high risk customers
• Participate in AML External Audits, State Regulators Audit and Title 31st Examinations
• OFAC and other Sanctions screening
• Filing of Quarterly, Annual, biannual reports to various State Banking Departments
• Bachelor’s degree.
• CAMS certified
• Five to seven years of experience in regulatory compliance activities such as risk management, audit, or similar control-related experience.
• Knowledge of BSA/AML compliance requirements and standards that impact a global financial services firm, such as KYC/client risk rating, transaction monitoring, suspicious activity reporting, client screening/sanctions requirements, and risk assessment
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