Bank Secrecy Act Officer

Company: Vaco
Location: Port Washington
Posted on: October 9, 2024

Job Description:

Job Summary:

The Bank Secrecy Act (BSA) Officer (VP/BSA Officer) is responsible for coordinating the development, implementation and administration of all aspects of the Bank Secrecy Act (BSA) Compliance Program. This position monitors compliance with state and federal Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulations.

Duties and Responsibilities:

• Develop, revise, implement, and enforce the Bank's BSA/AML/OFAC Compliance Program including OFAC, USA PATRIOT Act, and FinCEN regulations
• Complete the annual BSA/AML OFAC risk assessment to identify and measure BSA/AML and OFAC risks associated with products and services offered by the bank. Advise management on the development of policy, procedures, systems, controls, and training to address those risks
• Provide risk assessment to Senior Management for review and consideration by the Board
• Lead, train and supervise the BSA/AML team
• Administration of BSA/AML/OFAC-related training programs to Board, management, and employees
• Develop and revise policies, procedures, and other documentation in support of the administration of the BSA program
• Oversee, enhance, develop, implement, and administer the BSA/AML/OFAC monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity
• Analyze data and reports produced from the system, branches, and other departments to identify and risk rate customer accounts
• Manages exempt person filings for CTR purposes
• Oversee comprehensive case investigations. Recommend SAR filing to SAR Committee
• Oversee the completion of the SAR form when a case investigation results in a SAR recommendation
• Act as liaison/contact for Federal and State examinations and internal and external independent reviews or audits of the BSA/AML/OFAC compliance programs. Participate in response to exam and audit concerns and oversee corrective action of all related compliance deficiencies or violations
• Recommending customer relationship closures, case escalations or case referrals as appropriate
• Development, scoping, and prioritization of the BSA Compliance monitoring calendar
• Address regulatory changes that impact the BSA program
• Perform routine monitoring to determine the extent of compliance with regulations, laws, policies and procedures. Communicate the results of monitoring to senior management, follow-up to ensure issues areaddressed, escalates issues
• Utilize internal and external resources to maintain proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulationsAn individual in this position must be able to successfully perform the essential duties and responsibilities listed above. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position. The above list reflects the general details necessary to describe the principle and essential functions of the position and shall not be construed as the only duties that may be assigned for the position.
  
  Competencies:
  
  ? Strong analytical skills
  ? Strong problem-solving skills
  ? Ability to adapt to a changing environment and handle multiple priorities
  ? Effective oral and written communication skills
  ? Strong attention to detail
  ? Knowledge of Microsoft Office applications, along with general proficiency in adapting to new software applications
  ? Knowledge of retail banking, lending and bank operations processes
  ? Leadership and team management skills
  ? Exceptional cross-functional collaborator with an ability to bring people along with your vision
  ? Business acumen
  ? Integrity and professional ethics
  ? Excellent influencing and consultative skills and the ability to proactively identify and resolve issues and opportunities
  ? Ability to analyze complex issues to develop relevant and realistic plans, programs, and recommendations
  ? Ability to translate strategy into action; excellent analytical skills and an ability to communicate complex issues in a simple way and to orchestrate plans to resolve issues and mitigate risks
  ? Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, and OFAC
  
  Minimum Qualifications:
  
  ? Bachelor's degree and 3+ years of BSA/AML, banking compliance or audit related experience, or equivalent combination of education and experience
  ? EDD/KYC/SARS/OFAC/CTR experienced required
  ? Previous experience leading a BSA/AML team
  ? Certified Anti-Money Laundering Specialist (CAMS) designation preferred
  
  Physical / Mental Demands & Working Environment
  
  ? Indoors in normal office environment with little to no exposure to excessive noise, dust, fumes, vibrations, and temperature changes
  ? Frequent and regular computer use at workstation up to two hours at a time
  ? Frequently work at fast pace with unscheduled interruptions with compliance defined deadlines
  ? Responsibilities occasionally may require additional hours including evening/weekend hours in order to meet deadlines and responsibilities
  ? May travel to other locations on an as-needed basis or for training purposes
  ? Mobility within the office including movement from floor to floor The mental and physical requirements described here are representative of those that must be met by an individual to successfully perform the essential functions of this position. The work environment characteristics described here are representative of those an individual encounters while performing the essential functions of this position.Vaco values a diverse workplace and strongly encourages women, people of color, LGBTQ+ individuals, people with disabilities, members of ethnic minorities, foreign-born residents, and veterans to apply.EEO Notice Vaco is an Equal Opportunity Employer and does not discriminate against any employee or applicant for employment because of race (including but not limited to traits historically associated with race such as hair texture and hair style), color, sex (includes pregnancy or related conditions), religion or creed, national origin, citizenship, age, disability, status as a veteran, union membership, ethnicity, gender, gender identity, gender expression, sexual orientation, marital status, political affiliation, or any other protected characteristics as required by federal, state or local law.Vaco LLC and its parents, affiliates, and subsidiaries are committed to the full inclusion of all qualified individuals. As part of this commitment, Vaco LLC and its parents, affiliates, and subsidiaries will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact .Vaco also wants all applicants to know their rights that . By submitting to this position, you agree that you will be giving Vaco the exclusive right to present your as a candidate for the foregoing employment opportunity. You further agree that you have represented information about yourself accurately and have not affirmatively misrepresented your qualifications. You also agree to maintain as confidential, to the fullest extent permitted by law, any information you learn from Vaco about the position and you will limit disclosure of information about the position only to the extent necessary to perform any obligations in furtherance of your application. In exchange, Vaco agrees to exercise reasonable efforts to represent you through all solicitation, job screening and resume dispersal.Privacy NoticeVaco LLC and its parents, affiliates, and subsidiaries ("we," "our," or "Vaco") respects your privacy and are committed to providing transparent notice of our policies.
  • California residents may access Vaco's HR Notice at Collection for California Applicants and Employees .
  • Virginia residents may access our state specific policies .
  • Residents of all other states may access our policies .
  • Canadian residents may access our policies in English and in French .
  • Residents of countries governed by GDPR may access our policies .Pay Transparency Notice Determining compensation for this role (and others) at Vaco depends upon a wide array of factors including but not limited to:
    • the individual's skill sets, experience and training;
    • licensure and certification requirements;
    • office location and other geographic considerations;
    • other business and organizational needs.With that said, as required by local law, Vaco believes that the following salary range referenced above reasonably estimates the base compensation for an individual hired into this position in geographies that require salary range disclosure. The individual may also be eligible for discretionary bonuses.

Keywords: Vaco, Sheboygan , Bank Secrecy Act Officer, Other , Port Washington, Wisconsin