The Bank Secrecy Act (BSA) officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program.
Essential function:
- Advises Senior Management and Bank personnel of emerging compliance issues and consults and
guides the Bank in the establishment of controls to mitigate risks.
- Coordinates and revises the BSA/AML Program as necessary so it stays current.
- Maintains a current knowledge of the Bank Secrecy Act and all related anti-money laundering
and OFAC regulations; monitors legislative and regulatory developments regarding the Bank
Secrecy Act and reports important compliance developments to board, management and other
bank personnel.
- Prepares for and coordinates regulatory and internal audits related to BSA compliance. Develops and approves responses to be sent to regulatory agencies and outside auditors/consultants.
- Ensures new product and service development include full BSA/AML consideration.
- Develops, coordinates, and facilitates training programs, sessions, and seminars to educate bank
personnel about Bank Secrecy Act related compliance requirements and procedures.
- Reviews all suspicious activity report (SAR) investigations and decides when to file suspicious
activity reports. Maintains all SAR files and documented files for investigations that did not result
in a SAR being filed.
- Oversees monitoring program, including SAR filing and 314(a) reporting; directly responds to all
314(a) and 314 (b) inquiries, escalate potential watch list hits and prepare required regulatory
reports.
- Supervises and mentors staff, set and administers goals and sets performance objectives.
- Prepares reports for the board of directors on a periodic basis and ensure that the board is kept
fully informed of the BSA program.
- Oversees review of data in YellowHammer software to track and investigate potential fraudulent
and other types of transactions that could place the bank at risk.
Qualifications:
• College degree preferred, but equivalent banking experience may be substituted
• Additional five years’ general banking or regulatory agency experience
• Bank Administration Institute, American Banker Association, or equivalent specialized BSA
training
• Understanding of legislative and regulatory processes
• Familiarity with all functional areas of banking
• Excellent communication (both written and verbal), influence and leadership skills.
• Ability to manage multiple demands and priorities