Responsibilities
- Responsible for implementing various aspects of the Bank’s Bank Secrecy Act (BSA)/ Anti-Money Laundering (AML)/ Office of Foreign Assets Control (OFAC) Program.
- Develop and maintain the BSA content on the Compliance Connect page of the intranet.
- Maintain records and documentation of the Bank’s BSA compliance program and its elements, in the form and substance necessary to demonstrate the Bank’s fulfillment of BSA requirements
- Facilitate the Bank’s CIP, including monitoring and testing of the CIP, as necessary and appropriate.
- Facilitate the identification of potential high-risk customers at account opening, through account monitoring, and through the BSA software. Conduct and document EDD reviews.
- Make recommendations on the final risk ratings through the CDD and EDD processes, including recommendations for additional monitoring, the filing of a Suspicious Activity Report (SAR), and/or account closure.
- Suspicious Activity Reporting, Currency Transaction Reporting, and Other Regulatory Filings
- Review and analyze potential SAR activity; determine whether to file the SAR and document the SAR decision by completing the SAR or documenting the non-SAR; and recommend any other actions, including account closure.
- Review and file CTRs in accordance with the regulatory requirements. Recommend customers for CTR exemptions, as appropriate, and monitor, file and periodically review all CTR exempt customers within the required timeframes.
- Facilitate all other regulatory filings, including but not limited to foreign bank and financial accounts reporting and the international transportation of currency or monetary instruments.
- Facilitate proper compliance with 314(a) requests, special measures, and other governmental inquiries and requests, as well as compliance with any 314(b) information sharing.
- Facilitate the administration of the Bank’s Office of Foreign Assets Control (OFAC) Program.
- Keep abreast of the BSA and all related regulations. Understand the Bank’s products, services, customers, entities, and geographic locations, and the potential money laundering and terrorist financing risks associated with the Bank’s activities.
- Provide BSA support and guidance to the Bank, and respond to branch and department inquiries on BSA
- Knowledge of and compliance with the state and federal laws, rules, and regulations, and the bank’s policies and procedures, affecting the employee’s job duties and responsibilities, including but not limited to the Bank Secrecy Act and related requirements, the lending, deposit, and other consumer protection regulations, and industry, ethical or fiduciary practices or standards, as applicable.
Qualifications
- Experience with case investigation and analysis on a Suspicious Activity Report (SAR) is required.
- Experience in AML investigations and filing Suspicious Activity Reports (SARs) when appropriate.
- Must be able to read and understand US bank-related documents.
- Ability to update and refine review processes to enhance the identification and reporting of suspicious activities.
- Utilizes advanced methods and tools to evaluate high-risk customers and ensure compliance with regulatory expectations.
- Clear and coherent in both written and oral communication skills to articulate findings and recommendations to senior management, team members, and regulatory agencies effectively.
- Quick learner, with the ability to understand banks’ loan policies and procedures
- Meticulous attention to detail in reviewing and analyzing financial transactions, compliance documentation, and regulatory reports.
- Shows commitment to personal and professional growth, staying current with industry trends and regulatory changes.
- Ability to analyze complex data and scenarios to identify potential compliance issues, assess risks, and develop actionable solutions.
- Ability to manage tasks and projects autonomously while maintaining a high level of accuracy and efficiency.
Screening Criteria
- Bachelor’s degree in accounting, finance, or a related field.
- Minimum of three (3) years of direct experience in Bank Secrecy Act and Anti-Money Laundering with a US Bank.
- Must have a stable employment history.
