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The BSA Officer is responsible for the implementation, monitoring and overall administration of all aspects of the Bank Secrecy Act compliance program including risk management and compliance with federal and state banking laws and regulations related to the Bank Secrecy Act. Responsible for developing, implementing, and maintain systems and processes to ensure ongoing compliance with the Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering Program, OFAC, and Customer Identification Program. The BSA Officer is required to be fully knowledgeable and skilled in all areas of the BSA department.
- Maintain current knowledge of all federal and state laws and regulations, along with the Bank’s policies and procedures and ensure the bank is in compliance with applicable laws and regulations.
- Responsible for updates and revisions to BSA/AML/OFAC policies and procedures.
- Performs daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments, and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
- Monitor of account activity for suspicious patterns and activity, conducts suspicious activity report investigations, high risk customer/account reviews, and recommends when to file Suspicious Activity Reports (SARs).
- Filing of the SARs when necessary while maintaining a high-level of confidentiality of the SAR reporting process.
- Development, coordinate, and facilitate training programs to educate bank personnel about BSA related compliance requirements and procedures.
- Directs the BSA/AML compliance program to ensure sufficient internal controls to promote an effective control environment and prioritize focus towards areas identified as having the highest level of BSA/AML risk to the bank.
- Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) to FinCEN, as well as FinCEN 314(a) procedures and reporting.
- Performs customer and transaction analytics to identify trends and possible suspicious activity.
- Responsible for preparation of the BSA Risk Assessment and the periodic updates.
- Monitor of the automated BSA/AML/Fraud system, research and resolved alerts and conducts investigations within the system.
- Participates and prepares for regulatory BSA Examinations and Internal/external Audits.
- Participates in compliance training and continuing education to maintain proficiency with BSA/AML laws and regulations.
- Trending analysis: Conduct manual analysis on high-risk products such as cash, international ACH, wires, early loan payoffs and accelerated loan payments, cash secured loans, etc.
- Interacts with vendor to resolve system issues.
- Assists with special projects, assignments, and tasks as assigned
- Must be experienced in the areas of: SAR, CTR, 3.14(a) & 3.14(b) filings.
- Must be experienced using dynamic BSA/AML monitoring systems, preferably, Yellow Hammer Fraud Detective and BSA pieces.
- Knowledge of BSA/AML/OFAC/fraud regulations.
- Strong knowledge of bank administration, lending, operations, and products/services.
- Self-motivated.
- Must possess strong analytical and problem-solving skills with ability to gather, organize, and interpret data.
- Ability to formulate independent preliminary conclusions.
- Strong attention to detail with an investigative approach.
- Ability to exercise good judgement when assessing risk.
- Ability to maintain confidentiality and adhere to bank policy and procedures.
- Demonstrates strong communication skills to include written, verbal, and interpersonal skills when communicating with others.
- Ability to use sound judgment and handles difficult situations with tact, diplomacy, and discretion.
- Ability to manage time and adhere to strict deadlines.
- Demonstrates leadership skills and competencies.
- Bachelor’s degree, preferably in finance, accounting, or related discipline preferred
- Professional certification (ACAMS, ACFE, CRCM) preferred
- 5+ years' experience of bank BSA/AML compliance experience
- Bank BSA examination experience
- Previous experience managing bank BSA/AML programs
Duties as listed in this description are not meant to be all inclusive and the employer reserves the right to add, alter, or delete duties as seen fit, with or without notice.
Ready to build your future with Sonora Bank? Send your resume and cover letter to hr@sonorabank.com.