BSA Compliance Support Officer

1 week 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 aiding the operational management and growth 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 functions related to BSA, AML, USA Patriot Act, and OFAC regulations (the BSA/AML Program) in accordance with regulatory standards.
  • Develops collaborative business relationships with management across all departments within the Bank. Aims to comprehend essential business operations, risks, products, and transactions to effectively tailor and support the Bank's BSA/AML Program, particularly for high-risk clients.
  • Proficiently manages, mentors, and guides assigned BSA/AML team members in monitoring, investigating, and reporting processes. Promotes a culture of teamwork, transparency, and accountability, inspiring team members to achieve higher performance levels.
  • Conducts quality assurance evaluations of Alert Reviews, SARs, CTRs, OFAC reviews, EDD reviews, and other deliverables produced by the BSA Analysts.
  • Assists the BSA Officer in collaborating with Internal Auditors and regulatory examiners by gathering and preparing 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 clients), and monitors all large 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 reports and supporting documentation 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 decision-making process regarding whether to file a SAR.
  • Assists in delivering relevant BSA/AML training.
  • Supports the BSA Officer on various projects and assignments as required.

QUALIFICATIONS

  • Strong understanding of BSA/AML, USA Patriot Act, OFAC, and other BSA regulations.
  • Effective leadership capabilities, including experience in managing, developing, and coaching team members while fostering teamwork and a culture of continuous improvement.
  • Proven ability to cultivate teamwork, partnerships, and collaborative working relationships.
  • Strong 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. Excellent business writing, proofreading, and editing skills.
  • Ability to manage multiple projects simultaneously.
  • Capable of effectively presenting information to diverse audiences.
  • Ability to adapt to changes and participate actively.
  • Strong planning and organizational skills with attention to detail and follow-through.
  • Comprehensive knowledge of all banking operations, policies, and procedures.
  • Ability to read, analyze, and interpret government regulations, trade publications, and legal documents.
  • Exceptional analytical skills, including the ability to identify problems, gather data, establish facts, and draw valid conclusions.
  • Ability to respond to common inquiries from regulatory bodies 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 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 a plus.

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. 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 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 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 or ancestry, age, disability, veteran status, military service, sexual orientation, genetic information, or gender identity.

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