BSA Compliance Assistant Officer

1 week ago

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

Under the supervision of the BSA Officer, the incumbent will assist in the operational management and development of team members, fostering robust business relationships with management throughout the organization, while facilitating the execution and administration of the Bank Secrecy Act Compliance Program.

KEY RESPONSIBILITIES

  • Oversees the daily compliance functions of Needham Bank concerning BSA, AML, USA Patriot Act, and OFAC regulations (the BSA/AML Program) in accordance with regulatory standards.
  • Establishes collaborative partnerships with management across all departments of the Bank. Strives to comprehend core business operations, risks, products, and transactions to effectively tailor and support the Bank's BSA/AML Program, particularly for high-risk clients.
  • Effectively leads, develops, and mentors assigned BSA/AML team members in monitoring, investigating, and reporting activities. Promotes a culture of teamwork, transparency, and accountability, inspiring team members to achieve higher performance levels.
  • Conducts quality assurance reviews of Alert Reviews, SARs, CTRs, OFAC reviews, EDD reviews, and other outputs produced by the BSA Analysts.
  • Assists the BSA Officer in collaborating with Internal Auditors and regulatory examiners by 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 applications, such as Verafin, CLEAR, and Shield (for cannabis clients), and monitors all significant cash transactions to identify suspicious activities.
  • Manages the monitoring program, which includes performing risk-based customer due diligence and enhanced due diligence, conducting investigations, and filing SARs, CTRs, and other reports with relevant government agencies when necessary, while closely observing customers, accounts, and related parties identified as High-Risk Customers.
  • Generates documentation and supporting materials regarding High-Risk Customer classifications and ongoing activities related to SARs and other suspicious transactions.
  • Maintains up-to-date knowledge of the Bank Secrecy Act and all associated anti-money laundering and OFAC regulations.
  • Creates case investigation files and ensures that the decision-making process regarding the filing of SARs is thoroughly documented.
  • Assists in delivering relevant BSA/AML training.
  • Supports the BSA Officer with various projects and assignments as required.

QUALIFICATIONS

  • Comprehensive understanding of BSA/AML, USA Patriot Act, OFAC, and other BSA regulations.
  • Strong leadership capabilities, including experience in managing, developing, and mentoring team members while fostering teamwork and a culture of continuous improvement.
  • Proven ability to cultivate teamwork, partnerships, and collaborative working relationships.
  • Effective management skills, including the capacity to handle multiple projects concurrently, along with the ability to plan, organize, and ensure the timely completion of work assignments with meticulous attention to detail. Strong business writing, proofreading, and editing skills.
  • Ability to manage multiple projects at once.
  • Capable of effectively presenting information to diverse audiences.
  • Ability to adapt and respond to changes.
  • Strong planning and organizational skills with a focus on detail and follow-through.
  • Extensive knowledge of all banking operations, policies, and procedures.
  • Proficient in reading, analyzing, and interpreting government regulations, trade publications, and legal documents.
  • Excellent analytical abilities, 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, complemented by specialized coursework and training.
  • A minimum of 5-8 years of proven BSA/AML operations and compliance experience within the financial services sector.
  • Preferred: Certified Anti-Money Laundering Specialist (CAMS) designation.
  • Familiarity with the Verafin AML application is advantageous.

WORKING ENVIRONMENT

  • Standard business office setting.

Needham Bank provides a competitive salary and an exceptional 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. We also offer a robust benefits package 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 position but your previous experience does not align perfectly with every qualification in the job description, we still encourage you to apply. You may be the ideal candidate for this or other roles.

Needham Bank is an Equal Opportunity/Affirmative Action Employer. We provide all applicants for employment and all employees with equal opportunities for employment and advancement without regard to 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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