BSA/AML Compliance Officer

How will this role impact First Command?

FCB’s (“Bank”) BSA/AML Compliance Officer will be responsible for the BSA/AML and OFAC Compliance Program to ensure it meets all regulatory requirements and guidelines issued by the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC ), Regulatory Agencies, and other relevant bodies. The BSA/AML Compliance Officer will be responsible for maintaining the Bank’s BSA/AML and OFAC Compliance Program through written policies and procedures, controls, monitoring transactions, customer due diligence, enhanced due diligence, quality control, reporting, training, and maintaining appropriate risk assessments. The BSA/AML Compliance Officer will facilitate internal reporting, to the SVP, Bank Compliance Officer, and Compliance Committee on all relevant BSA/AML and OFAC compliance matters. 

What will the employee do in this role?

·        Assist the SVP of Bank Compliance with the oversight and execution of the Bank’s BSA/AML and OFAC Compliance Program;

·        Assist, maintain, and update BSA/AML and OFAC policies and procedures;

·        Prepare and manage reports on BSA and OFAC activities relating to the board, compliance committee, and the bank compliance meetings;

·        Oversee and perform monitoring of transactions for suspicious activity, including the use of the BSA/AML software, tools, and other manual processes to detect money laundering and terrorist financing activities. Including escalating alerts to cases for further review to determine suspicious activity and ensure timely resolution;

·        Oversee and perform OFAC screening monitoring of customers and transactions including the use of the BSA/AML software, tools, and other manual processes to ensure compliance. Including escalating alerts to cases for further review and ensure timely resolution;

·        Perform and review onboarding and ongoing of high-risk customer relating to customer due diligence (CDD) and enhanced due diligence (EDD) reviews.

·        Conduct manual monitoring reviews (cash transaction reports, credit card activity, gift cards, wealth management transaction activity, monetary instruments, and OFAC);

·        Ensure accuracy and timely filing of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and other required filings with regulatory agencies.

·        Prepare Suspicious Activity Reports (SARs) for filing.  

·        Perform secondary quality control reviews relating to Currency Transaction Report (CTR) to ensure accuracy;

·        Perform and ensure 90-day SAR reviews are completed accurately, timely, and adequate documentation is maintained ;

·        Maintain accuracy of SAR records such as internal logs and supporting documentation;

·        Serve on the SAR Committee and perform reporting functions;

·        Perform FinCEN 314(a) information requests accurately, timely, and adequate is documentation maintained;

·        Serve as a point of contact for 314(b) sharing including maintaining adequate documentation of request;

·        Assist and maintain the annual BSA/AML and OFAC risk assessments through joint efforts from the Enterprise Risk Department to identify potential risk within the organization.

·        Perform the data collection  and maintain documentation for the annual OCC’s MLR and ensure accuracy and timely filing;

·        Assist with internal audit or exam request items;

·        Assist with any project assigned from the SVP, Bank Compliance Officer.

·        Stay abreast of regulatory changes within BSA/AML and OFAC compliance and communicating such information to SVP, Bank Compliance Officer to develop an action plan;

·        Serve and report to the Compliance Committee on matters relating to BSA/AML and OFAC;

·        Provide ongoing support and research to Bank’s first line defense for BSA/AML and OFAC compliance related matters and questions; and

·        Collaborate with FCFS to ensure an enterprise BSA/AML and OFAC approach for an overall compliance program;

Authorities

·        Information Access – BSA/AML Compliance Officer has authority to access, monitor and report on sensitive Bank, customer, transaction, and employee information related to the position’s duties to ensure compliance with regulatory requirements.

Cross Functional Relationships

Internal:

·        Corporate Audit, Compliance, Legal and Risk

·        Bank President and CEO

·        SVP, Bank Compliance Officer

·        All Line of Business Management including Senior Leadership

·        Marketing

·        Technology (Business Analyst)

External:

·        Regulatory Agencies

·        Compliance professionals at financial institutions with a view to understanding the competitive landscape, keeping abreast of compliance developments, industry developments and new products.

·        Industry associations

What Skills & Qualifications Do You Need?

Education

·        Bachelor’s degree required; Equivalent experience may be considered

Work Experience

·        Minimum of 5 years of experience in BSA/AML and OFAC compliance within a financial institution (bank) including experience in managening these compliance programs.

·        Experience in BSA/AML and OFAC compliance software and tools

Certifications 

·        CAMS or similar designations strongly preferred

Required Knowledge, Skills, and Abilities

·        Familiarity with financial products, services, and transactions.

·        In-depth knowledge of BSA/AML laws, regulations, and best practices.

·        Knowledge of sanctions programs, such as those administered by OFAC.

·        Strong knowledge and understanding of the required elements of a BSA/AML and OFAC compliance program.

·        Strong analytical and problem-solving skills.

·        Excellent communication and interpersonal skills.

·        Ability to manage multiple priorities and work under pressure.

·        Detailed oriented and organization.

·        Public Speaking and SAR/memorandum writing skills.

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