Job Title: Senior BSA/AML Compliance Officer
Reports to: BSA / AML Compliance Officer
“Compliance” at the Client, 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, the USA PATRIOT Act and US Sanctions laws, rules, regulations and regulatory guidance.
The Client’s BSA compliance program is premised on the “four pillars” guidance of the Federal Financial Institutions Examinations Council (FFIEC) and the appointment of the BSA Compliance Officer is the first pillar. The branch’s program is governed by a set of policies and procedures and the BSA Compliance Officer is responsible for reviewing these policies periodically and recommending appropriate changes and for ensuring that the branch is in compliance with these.
The policies and procedures include, but are not limited to, provisions that govern transaction monitoring, Know Your Customer (KYC), Enhanced Due Diligence (EDD), filing of SARs, quality control and all issues related to US sanctions against countries/entities (SDN), drug trafficking, organized crime, tax evasion, embezzlement and money laundering.
The BSA Compliance Officer is responsible for managing members of the compliance staff as well as overseeing and verifying that all staff are adequately trained in their respective assignments, particularly for BSA, and other regulatory issues and maintaining proper records of training. In addition, the BSA Compliance Officer is responsible for overseeing the independent testing and review of the branch’s BSA program.
In addition to the BSA program, the BSA Compliance Officer is responsible for ensuring that the branch is in compliance with all applicable and relevant regulations to which the branch is subject.
Role and Responsibilities
The Senior BSA/AML Compliance Officer will support the BSA/AML Compliance Officer ensure that the branch is complying with all US Federal and State Regulations, specifically the Bank Secrecy Act, USA PATRIOT Act and US Sanctions laws, rules, regulations, and regulatory guidance. Responsibilities will include, but will not be limited to:
- The design, planning, implementation, operation, testing, validation, and on‐going analysis of the Transaction Monitoring and OFAC Filtering Programs.
- Ensuring that the Transaction Monitoring Program and OFAC Filtering systems are reasonably designed.
- Ensuring that the Transaction Monitoring and OFAC Filtering systems and programs in place are:
- Based on the Risk Assessment of the Branch.
- Reviewed and periodically updated to consider and reflect changes to applicable BSA/AML and/or OFAC laws and regulations.
- Effectively interdicts transactions that are prohibited by OFAC and/or detect potential money laundering or other suspicious or illegal activities.
- Properly documents and articulates the Branch’s intent and design of the Filtering Program tools, processes or technology current detection scenarios, the underlying assumptions, as well as the Transaction Monitoring parameters and thresholds, as well as how alerts are generated, how they will be investigated, the process for deciding which alerts will result in a filing or other action, the individuals responsible for making such a decision, and how the investigative and decision‐making process will be documented.
- Subject to on‐going analysis to assess the relevancy of the detection scenarios, the underlying rules, threshold values, parameters, and assumptions.
- Developing, implementing, documenting and managing a detailed certification/sub certification process to comply with New York State Department of Financial Services Regulations Part 504 – Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications”.
- Bachelor’s degree or equivalent, with at least 10-15 years of work experience in the money laundering prevention, detection, and reporting compliance field, preferably with a commercial/correspondent bank background.
- Experience in all aspects of AML/BSA/OFAC compliance.
- In-depth knowledge of banking and regulatory requirements.
- Exceptional analytical and problem-solving skills.
- Excellent interpersonal and communication skills – both written and verbal; ability to facilitate discussions around complex issues and bring them to resolution.
- Should possess sufficient knowledge of AML systems and technology.
- Demonstrated leadership qualities.
- Strong organizational skills; proven ability to collaborate across teams with shared accountability for results.
Demonstrated ability to establish and maintain credibility with all levels of management, and to promote and cultivate quality throughout the organization.
Job Order ID: 1158