Job Description
Job Purpose:
Responsible for the assisting the BSA/AML OFAC Officer in the development, implementation, and administration of all aspects of the Bank Secrecy Act Compliance Program. This position performs various quality assurance reviews and monitoring in Bank Secrecy Act, USA PATRIOT ACT, Anti-Money Laundering, Office of Foreign Assets Control and Customer Identification Program compliance using the industry standards and regulatory guidance methods to ensure the Banc’s compliance efforts are maintained. Keeps abreast of emerging compliance issues and guides the Banc in the establishment of controls to mitigate risks.
Essential Duties and Responsibilities :
- Ensure compliance standards are enforced through well-communicated guidelines and by Bank procedures.
- Performs Quality Assurance reviews of all related work items, providing results and recommendations for compliance with procedures.
- Ensure efficient identification and monitoring of suspicious activities and transactions.
- Ensure timely, efficient reporting of suspicious activities and transactions to BSA Officer through risk and controls review.
- Identify and document in a clear and concise manner, potential and emerging BSA/AML risks through detailed analysis and recommend effective solutions
- Ensure timely, efficient reporting of all currency transaction reports and maintain record keeping for retention requirements.
- Maintain procedures, including risk-based standards for Quality and Risk Reviews, and report findings accurately and in a timely manner.
- Assist in mentoring initiatives, including the development of training materials, job aids and equivalent tools for driving consistency and quality.
- Maintain knowledge of anti-money laundering rules and regulations and the associated BSA/AML and ensuring Quality procedures are up to date, recommend changes and/or alternatives for process improvements.
- Responsible for the timely and efficient review of daily BSA reports.
- Review BSA risk rating process for all new accounts and validate risk rating using the Banc’s risk rating criteria.
- For new customers identified as high-risk, establish enhanced due diligence and monitoring efforts and process.
- Perform ongoing enhanced due diligence, as required, of all high-risk in accordance with the established procedures and monitoring schedule.
- As scheduled, support validation testing of core application and Banc’s monitoring system report that identify potential suspicious activity.
- Perform quality reviews for compliance with FinCEN 314(a) and 314(b) requests.
- Assist with the preparation of weekly, bi-weekly, monthly and quarterly reports as needed.
- Assist in identifying systemic procedural weaknesses and additional training requirements for the Banc.
- As an AML subject matter expert, provide direction and guidance to employees on appropriate remediation action as needed.
- Assist with AML Compliance Training, especially on identification and reporting of suspicious transactions.
- Maintain a current understanding of money laundering and terrorist financing issues, including policies, procedures, regulations, industry best practices, criminal typologies and developing trends.
- Assist in the development of related procedures or revisions to the BSA Program with the BSA Officer. Assist the BSA Officer in Audit and Examination tasks ensuring the safety and soundness of the Program.
Qualifications :
- Bachelor’s Degree in Business, Accounting, Finance or related field, or equivalent combination of education and experience in the BSA/AML-related role within a financial institution.
- Prior experience in banking or financial services with a minimum of seven (7) years of experience in BSA/AML regulations.
- Proficiency in Microsoft Office as well as Internet research techniques.
- Thorough understanding of the BSA/AML regulations to ensure the financial institution’s compliance with all relevant laws and standards.
- Strong analytical skills to review and interpret complex financial transactions and activities, recognizing patterns and identifying suspicious activities.
- Excellent attention to detail to ensure accurate and thorough completion of assigned duties.
- Excellent communication skills to effectively liaise with all levels of management and staff.
- Ability to manage multiple tasks and responsibilities, prioritizing and organizing effectively to meet deadlines in a fast-paced, high-pressure environment.
- Strong problem-solving skills to identify and resolve issues that may affect the institution’s compliance with BSA/AML regulations.
- Continual learning and development skills to keep up-to-date with changing regulations and industry best practices.
- ACAMS certification or similar preferred.
Work Conditions: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job.
- While performing the duties of this job, the employee is occasionally required to stand, walk; sit; use hands to finger, handle, or feel, occasionally lift one to fifteen pounds.
- Working Conditions are in office.
- The noise level in the work environment is usually moderate.
Training: Must complete all required mandatory and regulatory training. Bank Secrecy Act (BSA): Follow all policies and procedures of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC).
The above job description is not intended to be an all-inclusive list of duties and standards of the position. Incumbents will follow any other instructions and perform any other related duties as assigned by their supervisor. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.
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