Assistant BSA Officer

4 weeks ago

Wellesley Hills, United States Needham Bank Full time
Job DescriptionJob Description

Under the direction of the BSA Officer, the incumbent is responsible for assisting in the operational oversight and development of team members, building strong business relationships with management across the company, as well as driving the implementation and administration of the Bank Secrecy Act Compliance Program.

ESSENTIAL DUTIES & RESPONSIBILITIES

  • Executes and manages Needham Bank's day-to-day compliance operations for BSA, AML, USA Patriot Act, and OFAC regulations (the BSA/AML Program) in line with regulatory requirements.
  • Builds collaborative business partnerships with management in all areas across the Bank. Works to understand core business activities, risks, products, and transactions in order to appropriately customize and support the Bank's BSA/AML Program, including for high-risk customers.
  • Effectively manages, develops, and coaches assigned BSA/AML team members in monitoring, investigation, and reporting processes. Advances a culture of teamwork, transparency, and accountability, while motivating team members to higher levels of performance.
  • Conducts quality control reviews of Alert Reviews, SARs, CTRs, OFAC reviews, EDD reviews and other work products completed by the BSA Analysts.
  • Assists the BSA Officer in working with Internal Auditors and regulatory examiners collecting and preparing documents and consulting with some on matters relating to the Bank's BSA/AML and Fraud Programs.
  • Reviews daily transactions using the Bank's BSA-specific software program, such as Verafin, CLEAR, and Shield (for cannabis customers), and tracks all large cash transactions to detect suspicious activities.
  • Oversees monitoring program, including completing risk-based customer due diligence and enhanced due diligence, conducting investigations, as well as filing SARs, CTRs, and other reporting with appropriate government agencies when applicable and closely monitoring customers, accounts, and related parties for those designated as High-Risk Customers
  • Produces write-ups and supporting documentation on High-Risk Customer classifications and ongoing activity related to SARs and other suspicious activity
  • Maintains a current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations.
  • Creates case investigation files and documents the decision-making process to file or not file a SAR is documented.
  • Assists in providing applicable BSA/AML training.
  • Assists the BSA Officer on projects and assignments as needed.



JOB REQUIREMENTS

  • Excellent working knowledge of BSA/AML, USA Patriot Act, OFAC, and other BSA regulations.
  • Good leadership skills, including experience in managing, developing, and coaching team members, while promoting teamwork and a spirit of continuous improvement.
  • Demonstrated ability to build teamwork, partnerships, and collaborative working relationships with others.
  • Effective management skills, including the ability to handle multiple projects simultaneously as well as the ability to plan, organize, and ensure the completion of work assignments with appropriate attention to detail. Strong business writing, proofreading and editing abilities
  • Ability to handle multiple projects simultaneously.
  • Capable of effectively presenting information to varied audiences.
  • Ability to participate and adapt to changes.
  • Ability to plan and organize with attention to detail and follow-through.
  • Extensive knowledge of all bank operations, policies and procedures.
  • Extensive ability to read, analyze and interpret government regulations, trade journals, and legal documents
  • Excellent analytical skills, including the ability to define problems, collect data, establish facts and draw valid conclusions.
  • Ability to respond to common inquiries from regulatory agencies, and outside consultants.
  • Ability to adhere to Needham Bank's Core Values (Focus on Customer Relationship, Embrace Change, Work as a Team, Be an Asset to Your Community, Always Learn, and Do the Right Thing)

EDUCATION & EXPERIENCE

  • Bachelor's Degree or its equivalent plus specialized course work and training.
  • Minimum of 5-8 years of demonstrated BSA/AML operations and compliance experience in the financial services industry.
  • Certified Anti-Money Laundering Specialist (CAMS) designation, preferred.
  • Knowledge of the Verafin AML application a plus.

WORKING CONDITIONS/PHYSICAL DEMANDS

  • Normal business office environment

Needham Bank offers a competitive salary and an amazing benefit package for a full-time employee which includes fully paid medical and dental insurance, HRA, 401(k) plan with an 8% bank match, paid time off (PTO), paid holidays, a bonus program, flexible spending accounts, vision service plan, group term life insurance, short and long term disability insurance, tuition reimbursement, and an Employee Assistance Program. We offer a great benefit package to our eligible part-time employees as well.

At NB, we are dedicated to building a diverse, inclusive and authentic workplace - if you are excited about this role, but your past experience doesn't align perfectly with every qualification in the job description, we still encourage you to apply. You may be just the right candidate for this or other roles.

Needham Bank is an Equal Opportunity/Affirmative Action Employer. Needham Bank will provide all applicants for employment and all employees with equal opportunity for employment and promotion regardless of race, color, religion, gender, national origin or ancestry, age, disability, veteran status, military service, sexual orientation, genetic information, or gender identity.

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