BSA Compliance Support Officer

2 weeks ago

Wellesley Hills, Massachusetts, United States Needham Bank Full time
Job Overview

Under the supervision of the BSA Officer, the incumbent plays a crucial role in supporting the operational management and development of team members, fostering robust business relationships with management throughout the organization, and facilitating the execution and administration of the Bank Secrecy Act Compliance Program.

KEY RESPONSIBILITIES

  • Oversees and administers Needham Bank's daily compliance activities concerning BSA, AML, USA Patriot Act, and OFAC regulations, ensuring alignment with regulatory standards.
  • Develops collaborative partnerships with management across various departments to comprehend core business functions, risks, products, and transactions, tailoring support for the Bank's BSA/AML Program, particularly for high-risk clients.
  • Effectively leads, nurtures, and mentors assigned BSA/AML team members in monitoring, investigating, and reporting processes, promoting a culture of teamwork, transparency, and accountability, while inspiring team members to achieve higher performance levels.
  • Conducts quality assurance reviews of Alert Reviews, SARs, CTRs, OFAC assessments, EDD evaluations, and other deliverables produced by BSA Analysts.
  • Assists the BSA Officer in liaising with Internal Auditors and regulatory examiners, gathering and preparing necessary documentation, and consulting on matters related to the Bank's BSA/AML and Fraud Programs.
  • Reviews daily transactions utilizing the Bank's BSA-specific software, such as Verafin, CLEAR, and Shield (for cannabis-related clients), and monitors all significant cash transactions to identify suspicious activities.
  • Manages the monitoring program, which includes conducting risk-based customer due diligence and enhanced due diligence, performing investigations, and filing SARs, CTRs, and other reports with relevant government entities when necessary, while closely overseeing customers, accounts, and associated parties identified as High-Risk Customers.
  • Prepares documentation and supporting materials on High-Risk Customer classifications and ongoing activities related to SARs and other suspicious activities.
  • Maintains up-to-date knowledge of the Bank Secrecy Act and all pertinent anti-money laundering and OFAC regulations.
  • Creates case investigation files and documents the rationale for decisions regarding the filing of SARs.
  • Assists in delivering relevant BSA/AML training.
  • Supports the BSA Officer with various projects and assignments as required.

QUALIFICATIONS

  • Strong understanding of BSA/AML, USA Patriot Act, OFAC, and other BSA regulations.
  • Proven leadership capabilities, including experience in managing, developing, and mentoring team members while fostering teamwork and a culture of continuous improvement.
  • Demonstrated ability to cultivate teamwork, partnerships, and collaborative working relationships.
  • Effective management skills, capable of handling multiple projects concurrently, while planning, organizing, and ensuring the timely completion of assignments with meticulous attention to detail. Strong business writing, proofreading, and editing skills.
  • Ability to adapt to changes and manage multiple projects simultaneously.
  • Competent in presenting information to diverse audiences.
  • Extensive knowledge of all banking operations, policies, and procedures.
  • Exceptional analytical skills, including the capacity to identify problems, gather data, establish facts, and draw valid conclusions.
  • Ability to respond to inquiries from regulatory agencies and external consultants.
  • Commitment 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 equivalent with specialized coursework and training.
  • 5-8 years of demonstrated experience in BSA/AML operations and compliance within the financial services sector.
  • Preferred: Certified Anti-Money Laundering Specialist (CAMS) designation.
  • Familiarity with the Verafin AML application is a plus.

WORKING ENVIRONMENT

  • Standard business office setting.

Needham Bank provides a competitive salary and an excellent benefits package for full-time employees, which includes comprehensive medical and dental insurance, HRA, a 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. A robust benefits package is also available for eligible part-time employees.

At Needham Bank, we are committed to fostering a diverse, inclusive, and authentic workplace. If you are enthusiastic about this role but your previous experience does not perfectly match every qualification in the job description, we still encourage you to apply. You may be the ideal candidate for this or other positions.

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

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