“Compliance” at the bank, ensures that all activities undertaken by the branch comply with the US Federal and State Banking Regulations, specifically in regards to the Bank Secrecy Act and US Patriot Act. “Compliance” is responsible for transaction monitoring, Know Your Customer (KYC), Enhanced Due Diligence (EDD), filing of SARs, and all issues on US sanctions against countries/entities (SDN), drug trafficking, organized crime, tax evasion, embezzlement and money laundering as well as overseeing and verifying that all staff are adequately trained in their assignment, particularly for BSA, and other regulatory issues and maintaining proper record of training given.
The purpose of the position of BSA/AML/OFAC Senior Compliance Operations Officer is to oversee the day to day aspects of the OFAC, BSA/AML operations, including coordinating deadlines and managing the day-to-day workload of the unit and assigning job duties within the area, to ensure timely completion of assignments and duties.
Policies & Procedures
Assist with writing and maintenance of policies and procedures to ensure that the Bank is compliant to all rules and regulations.
Develop, administer and maintain quality assurance policies and procedures for application to various OFAC, BSA/AML functions
Ensure adherence to all internal policies and procedures and applicable banking laws and regulations, including, but not limited to, Bank Secrecy Act, USA Patriot Act, and OFAC
Monitoring & Reporting
Create solid metrics to measure and report Program effectiveness
Analyze MIS to ensure Units efficiency and accuracy
Develop and manage a database designed to compile tracking reports indicating trend analysis and demographics of potential money laundering/terrorist financing activity
Manage the tuning and calibration efforts of the AML transaction monitoring software in conjunction with the BSA/AML Officer and/or BSA/AML Deputy
Review, recommend, and assist in the implementation of new methods, processes and procedures to make daily operations more efficient
Accept special projects as assigned
Oversee the day to day aspects of the OFAC, BSA/AML operations, including coordinating deadlines and managing the day-to-day workload of the unit and assigning job duties within the area, to ensure timely completion of assignments and duties
Assist in the coordination of audit/examination preparation and assist with remediation efforts, as necessary to ensure procedural and regulatory requirements are being adhered to.
Assist the BSA/AML Officer and/or Deputy in providing proactive strategic and tactical leadership for OFAC, BSA/AML initiatives
Complete quarterly and annual staff evaluations
Lead and develop a team of specialists to develop and implement business processes and manage performance across all activities in order to achieve business objectives and continuously improve performance
Qualifications and Experience
- Minimum of a Bachelor’s degree
- At least five (5) years of relevant business experience in risk management, financial crimes, or compliance
- Depth and breadth of knowledge in: banking products, services, systems and work flows, transaction processing and record keeping; applicable regulations, especially the Bank Secrecy Act as amended by the USA PATRIOT Act; and financial crime typologies including terrorist financing
- Demonstrated ability to think conceptually; perform analyses to reach meaningful conclusions; work independently; effectively deal with ambiguity; and complete assignments efficiently and timely
- Excellent communication skills, both written and verbal
- Problem solving and logical analysis of complex issues
- Project management skills with strong organizational ability
- CAMS (Certified Anti Money Laundering Specialist) or similar designation preferred