Bsa Officer - Downers Grove, United States - Old Second National Bank

Mark Lane

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Mark Lane

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Description

Who We Are


At Old Second, you're first For more than 150 years, Old Second has consistently put businesses and individuals throughout the Chicago area first, and we're only getting started.


With great employees we've grown from a single location in the back of a general store to 50 locations and over $6 billion dollars in assets.

At Old Second we embrace values that foster an environment of community and growth. Recently, we've been voted a Forbes Best-In-State Bank for Illinois by our customers. Be a part of something big as we continue our growth story together


Position Overview


The BSA Officer is responsible for developing, implementing, administering, and maintaining all aspects of the Countering the Financing of Terrorism /Anti-Money Laundering/OFAC Compliance Program.

Accountable to ensure a high level of compliance with the AML/CFT related laws and regulations, internal policies and procedures and OCC regulatory expectations.

The BSA Officer is required to be fully knowledgeable and skilled in all areas of AML/CFT Compliance and be able to independently recognize, develop, and implement effective compliance solutions for the AML/CFT program.

The BSA Officer is the primary contact for OCC examinations and independent auditors.


The BSA Officer reports to the Head of Financial Crimes, manages a team of BSA/AML professionals and interacts with mid and executive level management and the Board of Directors.


Primary Job Functions

  • Manage, enhance, and administer the AML/CFT/OFAC automated monitoring system to ensure that appropriate parameters are in place to identify suspicious, including ongoing tuning.
  • Oversee and maintain various software and tools utilized for AML and BSA regulatory compliance including ongoing gap analysis.
  • Maintain appropriate SAR/Suspicious Activity investigations, review and reporting processes that promote consistent decisions; adequate investigation and research; and complete and detailed documentation.
  • Work with lines of business to conduct AML/CFT/OFAC risk assessments annually with consideration to products, services, customers and geographies that may present AML/CFT/OFAC related risks.
  • Partner with line of business when regulatory changes occur to ensure processes are properly updated and trained, as appropriate.
  • 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, FinCEN 314(a) procedures and reporting, and OFAC.
  • Serves as the primary contact for OCC examinations and internal independent audits of the AML/CFT/OFAC compliance programs. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations.
  • Ensure that all members of the Board are trained at least annually on general requirements of the BSA, changes to regulatory requirements, and the Bank's policy. Assign appropriate AML/CFT/OFAC training for the lines of business.
  • Set standard of work requirements and complete quality control reviews of BSA Specialist/Analyst/Team Lead work product.

Supervisory Responsibilities


The BSA Officer has direct supervisory responsibilities and carries out responsibilities in accordance with the company's policies and applicable laws.

Leads direct and indirect reports.

Responsibilities include planning, assigning and directing employee's work; evaluating performance, rewarding and disciplining employees, addressing complaints, performance coaching, and resolving issues; interviewing; hiring and training.


Secondary Responsibilities

  • Stay abreast of and analyze developing industry and compliance trends, changes to laws and regulations pertaining to AML/CFT/OFAC/USA Patriot Act. Advise on emerging risks, new or amended laws, regulations or agency guidance and recommend and implement changes and controls to mitigate those risks.
  • Contribute as a voting member of newproduct committee and is responsible for identifying AML/CFT/OFAC inherent and residual risk, controls, and setting, if applicable, approval conditions.
  • Annually collect and report data required for the OCC Money Laundering Reporting System (MLR).
  • Responsible for any updates or revisions to the AML/CFT/OFAC policies and procedures.
  • Provides monthly, quarterly, and annual reports to the Board of Directors (or designated Board committee).

Minimum Requirements

  • Bachelor's degree, CAMS, and two or more years of AML/CFT/OFAC program management experience. For incumbents without CAMS certification, a minimum of Bachelor's degree and five or more AML/CFT/OFAC program management may be substituted. Experience must include a minimum of two or more years supervisory or management experience.
  • Must have or obtain CAMS certification with a reasonable time, set by management, after onboarding.
  • This position allows for a hybrid work schedu

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