Our client, a retail and commercial bank is seeking a Bank Secrecy Act & OFAC Compliance Officer. He/she will be responsible for the overall management and administration of all day-to-day functions and responsible of the Bank’s BSA/AML/OFAC Program and related activities by performing the following duties.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following.
- Develop and maintain a comprehensive assessment and up to date program to ensure ongoing compliance with the Bank Secrecy Act (BSA), Anti-Money Laundering, and OFAC
- Conduct bank-wide risk assessment for BSA & OFAC on an annual basis.
- Maintain and update the Bank’s BSA/AML/OFAC policy, procedures, and related forms & disclosu
- Oversee the Bank’s customer identification program (CIP), customer due diligence (CDD), and enhanced due diligence (EDD) requirements for customer
- Ensure the Bank identifies higher risk customers and conducts the necessary enhanced due dilig
- Conduct & monitor BSA/AML/OFAC training for all staff that requires initial or periodic training.
- Responsible for proper completion and electronic filing of currency transaction reports (CTRs).
- Responsible for proper completion and electronic filing of Suspicious Activity Reports (SARs).
- Oversee and operate the Bank’s automated anti-money laundering system (Prime). Keep the system operating efficiently, validate data, manage alerts, conduct necessary research, develop & manage case load, oversee BSA Analyst work, work with branches on inquiries, develop resulting SARs. Maintain and update the system as
- Ensure that monetary instruments, ACH activity, and wire transfers are adequately monitored for potential suspicious activ
- Maintain all records, reports, and supporting documentation for BSA comp
- Assist in preparing for regulatory BSA examinations and internal aud
- Participate in briefing and updating management and staff on BSA/AML/OFAC compliance
- Research BSA regulatory issues and respond to compliance questions from bank personnel utilizing legal and regulatory references materials, contacting professional associations and organizations as
- Provides monthly BSA reports to Governance, Risk & Compliance Committee and the Board of
- Research FinCEN 314a lists bi-weekly.
- Oversee OFAC alerts and customer screen
- Oversee the use of systems (such as ChexSystems, Lexis Nexis, World-Check) used for background checks, PEP status, negative information, ID
- Participate as member of the Bank’s Governance, Risk & Compliance Comm
- Attend periodic training to maintain high level of BSA/AML/OFAC
Education and/or Experience:
Bachelor’s degree and/or at least 10 years of banking experience performing or managing BSA/OFAC department. Experience using automated anti-money laundering monitoring systems. Ability to work with various systems, rectifies problems, and/or implements new systems relevant to BSA. Professional certification a plus.
Please send resumes to Jack Kelly – JKelly@ComplianceSearch.com