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BSA/AML Compliance Officer

2 months ago


Rochester, New York, United States Five Star Bank Full time
Position Title: BSA/AML Compliance Officer

Reports to: Chief Risk Officer

Department: BSA/AML

Objective:

The BSA/AML Compliance Officer is responsible for the development, implementation, and management of the organization's BSA/AML and OFAC compliance framework. This role ensures that the program aligns with the institution's risk profile and adheres to all applicable federal and state regulations, internal policies, and regulatory expectations. The officer must possess comprehensive knowledge of BSA/AML/OFAC compliance and be capable of independently identifying and implementing effective compliance solutions. This position involves direct reporting on the performance of the BSA/AML and OFAC programs to senior leadership and engaging with regulatory bodies regarding program efficacy.

Supervisory Responsibilities:

Degree of Supervision Received: Minimal

Degree of Supervision Given: Extensive
  • Supervision Given to (Titles): BSA/AML Managers, BSA/AML Oversight and Testing Analyst
Key Responsibilities:
  • Oversee and manage a robust BSA/AML/OFAC Compliance Program that meets industry standards and regulatory requirements.
  • Lead a team and utilize appropriate systems and tools to monitor and identify suspicious or fraudulent activities.
  • Collaborate with other departments, including Fraud Prevention, to address emerging risks and concerns.
  • Conduct annual risk assessments and testing to ensure the program effectively mitigates risks and complies with regulations.
  • Report on the effectiveness of the program to management committees and the Board of Directors.
  • Establish and maintain a Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) risk rating and monitoring system.
  • Implement and oversee processes for Suspicious Activity Report (SAR) investigations and documentation.
  • Conduct regular BSA/AML/OFAC risk assessments considering various factors that may present compliance risks.
  • Act as a liaison for audits and examinations, ensuring timely responses to findings and corrective actions.
  • Update and revise compliance policies and procedures as necessary.
  • Facilitate training programs for staff and management on BSA/AML compliance.
  • Maintain monitoring and reporting systems related to BSA/AML activities.
  • Stay informed on industry trends and regulatory changes, advising stakeholders on necessary adjustments.
  • Ensure timely and accurate regulatory reporting.
  • Manage staff to ensure compliance tasks are completed efficiently.
  • Maintain comprehensive knowledge of federal regulations applicable to the role.
  • Perform additional duties as assigned.
  • As the BSA Officer, ensure the department is well-trained and focused on professional development.
Qualifications:
  • Bachelor's degree required.
  • 10+ years of banking experience, with at least 5 years focused on BSA/AML and regulatory compliance.
  • ACAMS Certification preferred.
  • Thorough understanding of key banking regulations, including the Bank Secrecy Act and OFAC.
  • Experience in Banking as a Service (BaaS) or fintech is a plus.
  • Strong communication, organizational, and analytical skills.
  • Ability to interact effectively with all levels of management and regulatory bodies.
  • Proficient in decision-making and investigative processes.
Competencies:
  • In-depth knowledge of banking regulations related to BSA and AML.
  • Proficiency in BSA monitoring tools and analytics.
  • Excellent problem-solving and analytical skills.
  • Strong leadership and team management capabilities.
  • Exceptional communication skills for presenting findings to senior management.
  • Ability to thrive in a fast-paced environment and manage multiple priorities.
Physical Requirements:
  • Ability to sit for extended periods.
  • Frequent computer usage required.
  • Availability to work evenings and weekends as needed.
This job description is not exhaustive. The BSA/AML Compliance Officer may be required to perform other duties as assigned.