Bank Secrecy Act (BSA) Officer
Make a Positive Impact
First State Community Bank is looking for an energetic, self-motivated individual to fill the role of BSA Officer. The Bank Secrecy Act (BSA) Officer is responsible for coordinating the development, implementation and administration of all aspects of the corporate-wide Bank Secrecy Act (BSA) Compliance Program. This position monitors compliance with state and federal Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulations. The BSA Officer is required to be knowledgeable and skilled in all areas of BSA/AML Compliance and be able to independently recognize, develop, and implement cost effective compliance related solutions for the BSA/AML program.
Responsibilities in Accordance with Our Corporate Values
Professionalism
- Coordinate and oversee an effective Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program that is in line with current industry best practices, regulatory guidance and requirements.
- Work directly with the BSA team to understand their needs, recommend monitoring system (currently Verafin
) solutions, and provide guidance on implementation and best practices.
- Oversee monitoring system (currently Verafin) data validation and coverage assessments to ensure accurate data integration and reporting.
- 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.
Accountability
- Establish and maintain effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments, and review and analysis of unusual/suspicious account activity.
- Oversee and maintain appropriate SAR investigations, review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.
- Conduct BSA/AML/OFAC risk assessments every 12 months or as needed with consideration of products, services, customers, and geographies that may present BSA/AML/OFAC related risks.
Initiative
- Responsible for ensuring all required reporting is conducted in a timely, accurate, and compliant manner, including filing of Currency Transaction Reports (CTR’s) and Suspicious Activity Reports (SARs) to FinCEN, as well as FinCEN 314(a) and 314(b) procedures and reporting.
- Act as liaison for Federal and State examinations and internal and external independent reviews or audits of the BSA/AML/OFAC compliance programs. Participate in responses to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations.
- Assist Chief Risk Officer with updates and revisions to all policies and procedures.
Adaptability
- Stay abreast of and analyze developing industry and compliance trends, scams or schemes, and changes to law and regulations.
- Advise Chief Risk Officer and Risk Committee of emerging risks, new or amended laws, regulations or agency guidance and recommend and implement changes and controls to mitigate those risks.
- Assist Chief Risk Officer in implementing new processes and various projects.
What You Can Expect
- Competitive pay and benefits package - with variable compensation program based on team performance
- 401(k) with generous employer match benefit
- Helpful, qualified, and available leadership
- A caring, stable work environment
Qualifications
- Bachelor’s degree or equivalent experience.
- Minimum of three (3) years of prior financial institution BSA Officer compliance experience in developing and implementing BSA/AML/CIP/OFAC policies, programs and procedures.
- A strong understanding of Verafin's platform, including its various modules, features, and functionalities.
- Ability to lead a team of professionals and coordinate with peers across regions.
- Extensive knowledge of Bank Secrecy Act/Anti-Money Laundering/U.S. Patriot Act, OFAC Regulations.
- General knowledge and understanding of bank deposit operations, lending activities and other related consumer banking and compliance functions.
- Strong interpersonal, communication (written and verbal), and organizational skills with the ability to work independently, as well as collaboratively within a team environment.
- Ability to interact effectively with all levels of management, legal counsel, law enforcement, regulators and examiners while maintaining strict confidentiality.
- Strong decision making, analytical and investigative abilities with attention to detail and accuracy.
- Proficient in Microsoft Office (Word, Excel and Power Point).
- BSA/AML Certification preferred.
- Certified Regulatory Compliance Manager Certification preferred.
