BSA Compliance Officer

6 days ago

Reston, Virginia, United States Wayoh Full time

About the Role

The BSA Compliance Officer will be responsible for managing the Bank's Bank Secrecy Act (BSA) program, including coordinating and monitoring day-to-day BSA/AML Compliance. This individual will develop and maintain a program that addresses all relevant statues, regulations, and regulatory guidance, including the BSA and AML acts, as amended, 31 CFR Chapter X, Office of Foreign Asset Control (OFAC) requirements, and the FFIEC BSA/AML Examination Manual.

Key Responsibilities

  • Leads and evolves the Bank's BSA Program, ensuring adherence to all Bank Policies and Procedures related to the Bank Secrecy Act, USA PATRIOT Act, and OFAC regulations.
  • Advises the Bank's Board, Audit, BSA, and Executive Committees, and other Bank personnel of emerging compliance issues, consults, and guides the Bank in the establishment of appropriate controls to mitigate risks relevant to the BSA/AML and OFAC Compliance Program.
  • Responsible for presentations to the Board of Directors, Risk & Compliance Committee, Audit Committee, and BSA Committee.
  • Reports on a regular basis to the Board and senior management on the status of ongoing compliance with the BSA/AML/OFAC program.
  • Manages BSA Department staff, including workstreams, deliverables, training, career development, performance evaluations, and disciplinary action.
  • Identifies and implements opportunities for process improvements that improve productivity while ensuring the effectiveness of the controls.
  • Enhances and manages the Bank's programs for Customer Due Diligence, Customer Identification, Customer Risk Rating, and Enhanced Due Diligence.
  • Writes and updates policies and BSA/AML Compliance Program documentation as well as the BSA Committee Charter.
  • Responsible for updating both the BSA enterprise-wide and the BSA department risk assessments.
  • Responsible for managing and executing testing of BSA and OFAC controls.
  • Works on all new initiatives that have a BSA component; responsible for rolling out new initiatives to departments and branches in a collaborative manner.
  • Reviews and edits desktop procedures.
  • Reviews and approves SARs, CTR Exemptions, as needed.
  • Assumes a leadership role for all BSA audits and exams. Addresses any findings in a timely manner.
  • Oversight of and involvement in the management of the BSA software, including the implementation of Verafin.
  • Participates in effective challenge and review sessions for risk and control self-assessments (RCSAs) and similar forums.
  • Completes all correspondent bank BSA certifications and reviews incoming correspondent bank certifications.

Requirements

  • Bachelor's Degree plus CAMS.
  • 5+ years' experience as a BSA Officer at a large Regional Bank is desired.
  • 15+ years' experience with BSA programs within a commercial bank.
  • 7+ years' experience in managing staff.
  • Ability to work on-site in the Los Angeles area 3 days per week.

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