Vice President, Bank Secrecy Act Compliance Officer

Vice President, Bank Secrecy Act Compliance Officer

Responsible for administering compliance with all aspects of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA PATRIOT Act regulations. The position of Bank Secrecy Act Officer is required to be fully knowledgeable and skilled in all areas of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA Patriot Act Compliance and be able to independently recognize, develop, and implement effective compliance related solutions.

Also responsible for ensuring compliance with Identity Theft Prevention and Red Flags, and Privacy related laws, regulations, and policies.

• Manages the bank's Bank Secrecy Act/Anti-Money Laundering and OFAC compliance program.
• Responsible for ensuring the identification, escalation, and timely mitigation of BSA/AML and OFAC risks.
• Proactively engages with business unit managers to provide comprehensive oversight of Bank Secrecy Act/Anti-Money Laundering and OFAC compliance related activities.
• Must be able to respond to common inquiries from law enforcement, regulatory agencies, courts, and outside consultants.
• Prepares for regulatory examinations and ensures an adequate corrective action process. Serves as primary liaison with regulatory agencies and prepares all regulatory responses with support from all senior managers relevant to Bank Secrecy Act/Anti-Money Laundering and OFAC compliance.
• Prepares for third-party audits and reviews and ensures an adequate corrective action process. Serves as primary liaison in preparing for third-party engagements and responses with support from all senior managers relevant to Bank Secrecy Act/Anti-Money Laundering and OFAC compliance.
• Provides Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance subject matter expertise to assist the bank in establishing an annual learning plan relevant to Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance programs.
• Delivers Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance training to the Board of Directors at a minimum annually.
• Develops and maintains Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance policies to ensure regulatory requirements are appropriately addressed.
• Monitors the regulatory environment to identify regulatory changes applicable to areas of Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance.
• Advises business unit managers concerning regulatory Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance regulatory changes.
• Collaborates with business units to implement or amend changes to policies, procedures and/or processes to address Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy regulatory requirements and ensures the timely implementation as needed.
• Maintains a comprehensive Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance regulatory inventory.
• Update privacy notice as needed and ensure disclosure requirements are being followed.
• Ensure compliance with Identity Theft Prevention and Red Flags.
• Responsible for managing, administering, and enhancing all aspects of the BSA/AML/OFAC monitoring systems, including making sure that appropriate parameters are in place to identify suspicious activity.
• Ensure that all required regulatory reporting is conducted in a timely, accurate, complete, and compliant manner including but not limited to the timely and properly completed submissions of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) to FinCEN as well as FinCEN 314a procedures and reporting.
• Maintain effective CDD/EDD risk and monitoring to include initial and ongoing review and analysis of unusual/suspicious account activity.
• Regularly report to the Compliance Committee and the Board of Directors the following:
  • Status of corrective action taken related to identified BSA/AML/OFAC compliance deficiencies.
  • Status of training related to BSA/AML/OFAC compliance.
  • High-Risk Customers
  • CTR filing trends
  • Exempt customer trends
  • SAR filing trends
  • Automated monitoring systems alert generation numbers and trends
• Perform comprehensive risk assessments and policy analysis to determine BSA/AML and other risk exposures, collaborate with cross-functional teams to develop mitigating controls and monitoring strategies. Responsible for maintaining and updating the BSA/AML/OFAC policies and procedures.
• Act as a member of the bank’s Compliance Committee.
• Attend the Board of Directors and Audit Committee meetings as needed.
• Manage assigned staff.

• Bachelor's degree or advance degree preferred (commensurate experience considered).
• Certified Anti-Money Laundering Specialist (CAMS) or Certified BSA/AML Professional (CBAP) certification preferred.
• 7 years of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign…