- Implement assigned regulatory compliance responsibilities and activities associated with the Bank Secrecy Act and Anti-Money Laundering initiatives throughout the Bank.
- Maintain compliance with all applicable Anti-Money Laundering laws, regulations, and guidelines, (e.g., BSA, CIP, USA PATRIOT Act, OFAC).
- Responsible for continuous monitoring of anti-money laundering strategies, goals, and objectives and assessing the Bank's AML/CFT Program.
- Tasked with ongoing enhancements of AML/CFT Program to align with industry best practices.
- Daily coordination and monitoring of compliance with the Bank's AML/CFT Program, including system monitoring and review.
- Overseeing and administering of the filing of SARs, CTRs, and related updates with proper agencies when deemed appropriate.
- Overseeing and administering the filing of other required agency self-reports or suspicious activity when deemed appropriate.
- Monitoring and responding to the Bank's Report It inbox task queue for reporting suspicious activity and managing these investigation and referral queues on a daily basis.
- Overseeing and administering OFAC and other exclusionary list reviews and validations.
- Provide an independent and objective assessment, examination and evaluation of suspicious activity when escalation is required.
- Reporting directly to the Board of Directors, or a sub Committee as directed, including:
- Reporting any suspicious situations and other ongoing compliance matters in this area to senior management;
- Keeping senior management apprised of AML/CFT Program status and related data and analytics regarding trending.
- Develop, review, and update related policies, procedures, and guidelines to align with changing regulatory and business requirements.
- Ensure that changes in laws and regulations that may affect policies and procedures are incorporated therein on a timely basis.
- Working with the Bank's Learning and Development team to select and develop BSA/AML/CFT training. Ensuring all Bank employees meet annual training obligations.
- Tracking team training, investigations, and KPIs.
- Overseeing and completing the Bank's annual comprehensive AML/CFT/BSA Risk Assessment, and presenting such Risk Assessment to the Board.
- Supporting the Bank's annual independent AML/CFT/BSA audit and implementing any corrective actions or best practices identified by external auditors.
- Responding to regulatory, agency, or other inquiries regarding the Bank's AML/CFT Program.
- Identify weaknesses in practice and procedure and recommending solutions that increase the level of compliance.
- Provide compliance assistance and information to all departments/functional units within the Bank.
- Perform other related duties or special projects as assigned.
- Participate and/or Lead Compliance and Team Rock projects and/or strategic initiatives.
- Assist with internal/external audit responses, as required.
- Maintain effective relationships with regulatory agencies and industry associations, serving as a point of contact for AML/CFT/BSA and anti-fraud related matters.
- Work with the Audit Management team to participate in regulatory inquiries and examinations, ensuring timely and accurate responses.
- Must be CAMS (Certified Anti-Money Laundering Specialist) certified
- Bachelor's degree in law, finance, business, or a related field (advanced degree preferred).
- 10 years of experience in AML/CFT/BSA, compliance, risk management, or a related field within the banking or financial industry, with at least 5 years in a senior risk or compliance role preferred.
- Demonstrated experience in leading teams and managing a depository's AML/CFT Program.
- The BSA/AML Officer is expected to be fully knowledgeable of the AML, BSA, CFT, and all related regulations and requirements for a depository institution. The AML/BSA Officer should also understand the Bank's products, services, customers, entities, and geographic locations, and the potential money laundering and terrorist financing risks associated with those activities.
- Must have sound knowledge and understanding of BSA, AML/CFT, OFAC and USA PATRIOT Act regulations. Must maintain a current thorough understanding of money laundering and terrorist financing issues, including policies, procedures, regulations, industry best practices, criminal activities and developing trends.
- Ability to work independently with a high level of initiative, and to research, and problem solve.
- Excellent decision making, analytical and investigative abilities with attention to detail and accuracy.
- Strong written and verbal communication skills and effective organizational abilities.
- Excellent leadership, communication, and interpersonal skills.
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BSA/AML Officer - Oswego, United States - Servbank
Description
Job Description
Job DescriptionDescription:The BSA/AML Officer is responsible for overseeing and managing Servbanks (the Bank) AML/CFT Program. They play a critical role in compliance with all applicable BSA, AML, and CFT related laws, regulations, policies and related procedures. They play a key role in preserving the bank's reputation and financial stability by fostering a culture of compliance and risk management around anti-money laundering and combatting fraud and other illicit activities. The BSA/AML Officer is at the heart of the Bank's fraud prevention and detection initiatives at Servbank.
About Servbank
Founded in 1994, Servbank is a banking institution with local roots and national reach. We were built on a foundation of community-orientation, which ensures that no matter who we serve, we do so with the human touch that marks the gold standard of service. We work with individuals, businesses, and communities, so that whether you're a student, a homeowner, a small business owner, or a community leader, we can help you fulfill your goals. Come create excellence with Servbank.
Key Responsibilities:
Responsible for daily coordination and monitoring of compliance with the Bank's AML/CFT Program and for overseeing the Bank's AML/CFT/BSA and fraud investigations, as well as overseeing the filing of any SARs, CTRs, or other required agency reporting when deemed appropriate.
Regulatory Relationships and Communication:
Qualifications and Experience:
