Location: Rochester,NY, USA
The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.
Position Title: BSA/AML Officer
Reports to: Chief Risk Officer
Department: BSA/AML
Purpose:
The Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Controls (BSA/AML and OFAC) Officer develops, implements, administers, and maintains all aspects of the enterprise's BSA/AML and OFAC Program, ensuring that it remains current and reflective of the enterprise's risk profile and functions at a high level of compliance with underlying federal and state laws and regulations, internal policies and Federal and state regulatory expectations. The BSA/AML and OFAC Officer is required to be fully knowledgeable and skilled in all areas of BSA/AML/OFAC compliance and to independently recognize, develop, and implement effective compliance related solutions. The position is responsible for directly reporting on performance of the BSA-AML and OFAC Programs to executive and senior leadership, Management Committees (including the Company Risk Committees) and the Board of Directors and its Risk Oversight Committee, and engaging with federal and state regulators on program performance.
Supervisory Responsibilities:
Degree of Supervision Received: Minimal
Degree of Supervision Given: Extensive
* Supervision Given to (Titles): BSA/AML Managers, BSA/AML Oversight and Testing Analyst
Essential Functions:
* Maintains, manages, and administers an effective Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program that is in compliance with current industry best practices, regulatory guidance and requirements.
* Manages a staff and appropriate systems and tools including monitoring systems to ensure that appropriate model tuning is conducted and parameters are in place to identify suspicious and/or fraudulent activity.
* Regularly shares relevant information with other business units, including the Fraud Department, and escalates emerging risks and areas of immediate concern to the Chief Risk Officer, other members of executive management, and the head of the Fraud Department.
* Conducts an annual risk assessment, appropriate testing and model validations to ensure that the program is running effectively to mitigate risk and comply with federal and state laws and regulations.
* Reports the efficacy and performance of the Program to management committees (including the Company Risk Committee) and the Board of Directors and its Risk Oversight Committee
* Establishes and maintains an effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments, and reviews and analyzes unusual account activity.
* Establishes and maintains appropriate SAR investigation, reviews and reports processes that promote consistent decisions; adequate investigation and research; and completes detailed documentation.
* Conducts BSA/AML/OFAC risk assessments at least annually with consideration to products, services, members and geographies that may present BSA/AML/OFAC related risks.
* Acts as a liaison/contact for examinations, internal audit and external audits of the BSA/AML compliance programs. Timely and appropriately responds to exams and audit concerns and oversees corrective action of all related compliance deficiencies.
* Updates and revises BSA/AML/OFAC and all other compliance policies and procedures.
* Administers BSA/AML/OFAC related training programs for directors, management and employees and provides BSA guidance and coaching to employees.
* Maintains BSA/AML related monitoring and reporting systems. Serves as subject matter expert in all systems related to BSA/AML activities.
* Monitors and analyzes developing industry and compliance trends and changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act. Advises stakeholders of emerging risks, new or amended laws, regulations, or agency guidance and recommends and implements changes and controls to mitigate those risks.
* Ensures all regulatory reporting is conducted in a timely, accurate, and compliant manner
* Effectively manages staff to ensure among other things timely and appropriate completion of CTRs and SARS, reviews of watch lists and watch lists alerts, investigation and handling of anti-money laundering alerts for suspicious activity, and314(a) procedures and reporting.
* Maintains in-depth knowledge of and complies with all Federal, departmental and security policies and procedures as well as federal regulations applicable to the position, including BSA requirements. Completes all required compliance training as assigned.
* Performs other duties as assigned.
* As BSA Officer, ensures adequately trained and staffed department with focus on coaching, performance management and professional development.
Job Related Qualifications - Education & Experience:
* Bachelor's degree required
* Requires 10+ years banking experience, 5+ years with an emphasis on BSA/AML, financial crimes, or regulatory experience, prior Financial Institution BSA Officer experience preferred.
* ACAMS Certification preferred
* Thorough knowledge of the application of key banking regulations to include Bank Secrecy Act (including BSA/AML Guidance), OFAC, and USAPATRIOT Act.
* Experience with Banking as a Service (BaaS), fintech a plus
* Strong interpersonal, communication and organizational skills with the ability to work independently, as well as, collaboratively within a team environment.
* Strong decision making, analytical and investigative abilities with attention to detail and accuracy.
* Ability to interact effectively with all levels of management, regulators and examiners while maintaining strict confidentiality.
* Ability to effectively escalate emerging risks and present information to management, public groups Committees, and/or Boards of Directors.
Competencies:
* Strong knowledge of banking regulations and compliance requirements related to BSA and AML (e.g., Regulation E, Regulation CC, FinCEN priorities, etc.).
* Proficiency in using BSA monitoring models and analytics tools.
* Excellent analytical and problem-solving skills, with the ability to interpret complex data.
* Strong leadership and team management skills.
* Exceptional communication and interpersonal skills, with the ability to escalate and present findings to senior management and the Board.
* Ability to work in a demanding, fast-paced, multi-tasked environment with the ability to prioritize and meet deadlines.
* Ability to respond quickly and effectively to issues involving high dollar or high volume transactions, irate customers, and law enforcement interaction.
Physical Requirements:
* Able to regularly sit for prolonged periods of time.
* Extensive computer usage is required.
* Ability to work: Evenings and Weekends, Occasionally
This job description is not exhaustive. The BSA/AML Officer may be required to perform other duties as assigned.