Bank Secrecy Act (BSA) Officer

Position Summary:

The BSA Officer will lead the development, implementation, and administration of the Bank Secrecy Act (BSA) compliance program, ensuring adherence to Anti-Money Laundering (AML) regulations, the USA PATRIOT Act, FACT Act – Identity Theft Red Flag and Address Discrepancies Program, and OFAC requirements. This role involves overseeing the monitoring and analysis of transaction data to identify suspicious activities, and advising senior management on compliance risks. The officer will also prepare and submit regulatory reports, maintain comprehensive records, and conduct advanced training sessions for employees. Additionally, they will develop and implement risk mitigation strategies to address emerging compliance risks.

Essential Duties & Responsibilities:

• Lead the development, implementation, and administration of the BSA compliance program

• Ensure adherence to BSA/AML regulations, the USA PATRIOT Act, FACT Act, and OFAC requirements.

• Oversee the daily activities of the BSA Department.

• Develop, update, and maintain the bank’s BSA/AML/CIP/FACT/OFAC Policies and Risk Assessments, as needed, but at least annually.

• Oversee the monitoring and analysis of transaction data to identify suspicious activities.

• Advise senior management on compliance.

• Serves as a primary point of contact for regulators, auditors and other stakeholders; support exam preparations; oversee remediation efforts

• Prepare and submit regulatory reports, such as Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).

• Responsible for FinCEN 314(a) procedures, monitoring, and reporting and reviews FinCEN 314(b) and responds to inquiries accordingly.

• Maintain comprehensive records of compliance activities.

• Conduct and monitor various BSA/AML/OFAC/FACT in-person and computer based compliance training for bank employees and Board of Directors.

• Stay up to date with regulatory changes, industry trends and financial crime risk to ensure the institution’s policies and procedures reflect current requirements.

• Attend annual BSA/AML training.

• Develop and implement risk mitigation strategies.

• Manage relationships with critical BSA vendors for the purpose of enhancing/refining software.

• Other duties as assigned.

Qualifications:

• Bachelor's degree in finance, business administration, Criminal Justice, or a related field.

• Minimum of 5+ years of experience in BSA/AML compliance.

• Strong knowledge of AML regulations, the USA PATRIOT Act, FACT Act, and OFAC requirements.

• CAMS (Certified Anti-Money Laundering Specialist) certification strongly preferred.

• Excellent analytical skills for monitoring and analyzing transaction data.

• Effective communication skills for advising senior management and conducting training sessions.

• Detail oriented with strong organizational skills for maintaining comprehensive records.

• Up to date knowledge of regulatory changes and compliance requirements.

• Must exhibit the ability to handle conflict in a professional manner, exhibit professionalism in communication skills to staff at all levels, and must be able to work under the pressure of deadlines.