JOB DESCRIPTION
The BSA (Bank Secrecy Act) Officer is responsible for developing, implementing, administering, and maintaining all aspects of the Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program which will be designed to ensure a high level of compliance with the BSA/AML/OFAC related laws and regulations, internal policies and procedures, and Federal regulatory expectations.
Essential Functions
Coordinate and oversee an effective Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program that is in line with current industry best practices and regulatory guidance/requirements.
Exercise discretion and use of independent judgement with respect to matters of significance such as SAR determinations and filings.
Maintain proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act, USA Patriot Act and OFAC. Stay up to date and analyze developing industry and compliance trends, scams or schemes.
Enhance, develop, implement, administer, and maintain the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity, including but not limited to, AML Model Validations and Fine-Tuning Calibration.
Provide recommendations to the Chief Compliance Officer and Management as necessary to enhance and maintain compliant programs. Advise Chief Compliance Officer of emerging risks, new or amended laws, regulations, or agency guidance and recommend and implement changes and controls to mitigate those risks.
Establish and maintain an effective CDD/EDD and risk rating and monitoring program to include initial and ongoing assessments, and review and analysis of unusual/suspicious account activity.
Establish and maintain appropriate Alert – Case - SAR investigation, review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.
Conduct BSA/AML/OFAC risk assessments annually or as needed with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risks. Annually collect and report data required for the OCC Money Laundering Reporting System.
Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) to FinCEN, as well as, FinCEN 314(a) and 314(b) procedures and reporting.
Assist Chief Compliance Officer with Federal examinations, internal and external independent reviews or audits of the BSA/AML/OFAC compliance programs. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations related to BSA/AML/OFAC.
Assist Chief Compliance Officer with updates and revisions to BSA/AML/OFAC policies and procedures.
Assist Chief Compliance Officer with administration of BSA/AML/OFAC related training programs to Directors, Management, and Employees and provide BSA guidance and coaching to employees.
Conduct annual BSA-AML-OFAC audits.
Ensure compliance with all government regulations including the Bank Secrecy Act and related regulations.
Qualifications
Bachelor's degree or equivalent experience. BSA/AML Certifications preferred. If candidate does not possess BSA/AML Certifications at time of hire, candidate will be required to obtain certifications within agreed upon timeframe.
Minimum of three (3) years of prior financial institution experience focusing on BSA compliance.
Extensive knowledge of Bank Secrecy Act/Anti Money Laundering/U.S. Patriot Act, OFAC Regulations. General knowledge and understanding of bank deposit operations, lending activities, and other related consumer banking and compliance functions.
Team oriented individual with exceptional internal customer service skills.
Proficient in Microsoft Office.
Strict adherence to privacy and confidentiality.
Experience in FISERV products/programs.
Ability to maintain independence and/or autonomy.
Strong decision making, analytical, and investigative abilities with attention to detail and accuracy.
Ability to communicate orally and visually.
Competencies
Ethical Practice – Being in accordance with the rules or standards for right conduct or practice; following processes, procedures, policies, laws and regulations that govern the Bank; moral uprightness; honesty.
Integrity – Doing the right thing; acknowledge mistakes and demonstrate accountability for actions. Ensuring accurate data throughout the organization.
Communication – Ability to deliver clear and accurate messages across a variety of mediums to audiences of all sizes and backgrounds. Ensures that the delivered message is clear and understood by the listener. Understands information provided by others. Listens actively and seeks further information to clarify ambiguity.
Teamwork – Positively, respectfully and openly participates in the collaborative effort of a group to achieve a common goal. Be committed to building an encouraging, caring, and supportive environment. Provide mutual support; be open minded to others' suggestions and contributions.
Time Management - Ability to work on multiple projects at the same time and an ability to meet tight deadlines; well organized.
Initiative - Make active attempts to influence events to achieve goals; self-starting rather than accepting passively; taking action to achieve goals beyond what is required; being proactive.
Deductive Reasoning – Ability to recognize events, deduct causes, and provide solutions.
Physical Demands
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is occasionally required to stand; walk; sit; use hands to finger, handle, or feel objects, tools or controls; reach with hands and arms; climb stairs; talk to hear. The employee may occasionally lift or move office products and supplies, up to 25 pounds.
Position Type/Expected Hours of Work
Full Time, Monday through Friday
AAP/EEO Statement
First Federal Savings of Lorain is an Equal Opportunity Employer-M/F/Disabled/Vet
Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
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