As a BSA Officer within the Risk Management department, you will develop, implement and administer the Bank Secrecy Act compliance program including policies, procedures, risk assessments, systems, internal controls, training and reporting to the Board. The BSA Officer must understand the institution’s products, services, customers, entities, geographic locations, methods by which the products or services are delivered, and the potential money laundering, terrorist financing and other BSA/AML compliance risks associated with the foregoing to effectively manage the BSA AML and OFAC Program.
A BSA Officer's responsibilities include:
- Develop, implement and administer the Bank Secrecy Act compliance program including policies, procedures, risk assessments, systems, internal controls, training and reporting to the Board. Establish and implement internal controls to manage risks associated with financial crimes.
- Lead, train and supervise department staff. Recommend and provide BSA/AML, OFAC and fraud related training to other departments and staff.
- Advise management and bank personnel of emerging BSA/AML and OFAC and fraud trends and concerns.
- Ensure that all department monitoring, investigation, data validation, reporting and recordkeeping functions are performed. Formalize Quality Control functions in written procedures.
- Receive and manage escalations to the BSA Department by bank staff. Resolve issues (cases, alerts, etc.) associated with escalations.
- Perform Quality Control reviews and monitor operations in relation to the BSA, US Patriot Act, customer identification, due diligence, money laundering, and other acts.
- Perform periodic Quality Assurance testing of the Bank’s AML software and rules to ensure accurate and effective monitoring. Prepare reports of testing results for management.
- Oversee completion of FinCEN information sharing registration and requests; twice weekly 314(a) search requests.
- Review and resolve OFAC match escalations, reporting to US Treasury / OFAC for positive matches.
- Enhance and administer the TMS (transaction monitoring system) to ensure appropriate parameters are in place to identify suspicious and fraudulent activities and risk rate customers.
- Oversight and continued training, mentoring of Risk Analysts.
- Oversight of the BSA/Risk Fraud Committee charged with SAR decision making.
- File reports timely with FinCEN.
- Prepare monthly BSA report to the Board, quarterly BSA metrics report to the Board.
- Perform annual or more frequent BSA business line risk assessments, analysis, program enhancements and reporting to management and the Board.
- Facilitate audits and regulatory examinations covering BSA Program. Ensure timely resolution of findings.