BSA and Compliance Officer

Job description

The BSA and Compliance Officer is broadly responsible for the implementation and administration of all aspects of the Bank Secrecy Act/Anti-Money Laundering compliance program. This position performs various quality control reviews and monitoring pertaining to the BSA, USA Patriot Act, anti-money laundering, OFAC and Customer Identification Program compliance using industry standard and regulatory guidance in an effort to ensure that the Bank's compliance efforts are maintained on a daily basis.

Additionally, the BSA and Compliance Officer will be responsible for successfully addressing existing Matters Requiring Attention.

· Assist with the continued development, implementation, and administering of the Bank's formal written BSA/AML Compliance Program and Customer Identification / Enhanced Due Diligence Program On-boarding.

· Conduct BSA/AML/OFAC risk assessments annually or as needed with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risks.

· Establish and maintain an effective customer and enhanced due diligence risk rating and monitoring program to include initial/ongoing assessments and review/analysis of unusual/suspicious account activity.

· Recommend policy and procedures changes as necessary to Board and senior management and, on a monthly basis, provide the Board with a report of BSA/AML statistics, a general summary of suspicious activity report filings and updates to remediation of any audit and/or regulatory findings.

· Establish and maintain appropriate SAR investigations, documented through appropriate case management systems, and review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.

· Enhance, develop, implement and administer the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity.

· Act as liaison/contact for Federal and State examinations and internal and external independent reviews or audits of the BSA/AML/OFAC compliance programs, including the annual validation of BSA systems. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations.

· Participate in the overall development and deployment of appropriate training, updates, and oversight programs with respect to BSA/AML to all employees and Board.

· Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports and SARs to FinCEN as well as FinCEN 314(a) and 314(b) procedures and reporting.

· Act as Audit Liaison for the Bank, with responsibility for tracking and reporting audit related items.

· Develop updates and revisions to BSA/AML/OFAC policies and procedures and preparation of monthly BSA reports for the Board of Directors.

· Administer BSA/AML/OFAC related training programs to Directors, Management, and Employees and provide BSA guidance and coaching to employees.

· Stay abreast of and analyze developing industry and compliance trends, scams or schemes, and changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act.

· Advise Management and Board of Directors of emerging risks, new or amended laws, regulations, or agency guidance and recommend and implement changes and controls to mitigate those risks.

· Respond to BSA related questions, issues and concerns from all department managers, bank officers, and employees.

· Organizes the work and activities of the BSA Department in order to achieve established goals; monitors the efficiency and performance of the department versus established standards.