BSA Officer OFAC Officer
Job in
Virginia, St. Louis County, Minnesota, 55792, USA
Listing for:
New Peoples Bank, Inc.
Full Time
position
Listed on 2026-03-05
Job specializations:
-
Finance & Banking
Regulatory Compliance Specialist, Risk Manager/Analyst
Salary/Wage Range or Industry Benchmark: 80000 - 100000 USD Yearly
USD
80000.00
100000.00
YEAR
Job Description & How to Apply Below
Description
EXEMPT
There will be flexibility for work within the NPB branch/office network.
PRIMARY PURPOSE
This is responsible work in supervising the overall operations and functions of the BSA department and staff, ensuring all potential or detected illegal customer or account activity is resolved. The employee also develops and submits reports to state/federal agencies, develops BSA policy and procedure, provides staff training, and serves on various committees. Performance of the duties requires excellent supervisory, communication, attention-to-detail, organization, and typing, filing, and customer service skills.
The following essential duties do not cover an all-inclusive list of work requirements. Individuals will perform other job-related duties as assigned, including work in other areas to cover absences or otherwise balance the workload.
ESSENTIAL FUNCTIONS
Supervises all aspects of the Bank Secrecy Act department and staff, ensuring all operations and procedures of bank are protected from potential illegal or fraudulent activity.Maintains knowledge of the Bank Secrecy Act and all related regulations and monitors changes to BSA issues, disseminating information related to new or amended BSA/OFAC regulations to senior management, Board of Directors, Committees, and staff.Develops and maintains BSA and OFAC policy and procedure manuals and ensures compliance with all recordkeeping and regulatory requirements. Obtains Board of Director approval annually for established or updated BSA and OFAC policy and procedure.Reviews all daily alerts, analyzing for suspicious activity in customer accounts and analyzes false/positive hits under OFAC.Maintains knowledge of the bank's products, services, customers, and geographic locations, and the potential money laundering and terrorist financing risks associated with these activities.Reviews SAR referral forms and provides determination to file Suspicious Activity Report (SAR) based upon six (6) months or more of considered activity. Utilizes all opened account documents to compile report and submit to FICEN.Provides final authorization and signature to Suspicious Activity Report, Currency Transaction Report, and Currency Exemption Report prior to submittal to senior management and appropriate agency.Implements and monitors all training to bank employees for BSA and OFAC policy, procedure, red flag indicators, and other related training modules.Organizes and compiles requested documents for external state and federal examination in addition to internal and external audits and provides interpretation of bank processes used and performed in executing the Bank Secrecy Act requirements.Ensures model validation is conducted periodically on the BSA/AML monitoring software bb engagement of an external third party or by internal review. Maintains and performs comprehensive review of established software parameters and ensures all software updates are installed and operating effectively when provided by vendor.Reviews various audits completed and addresses findings accordingly.Assists with annual performance evaluations for department staff, providing recommendations and relative paperwork to Human Resources.Develops necessary updates and reports related to bank compliance to be submitted to senior management and Board of Directors as requested.Completes risk assessment of bank products and services and meets with the BSA Committee as needed to discuss and report findings.Serves as a member of the Operational Risk and Compliance Committee and the Audit, Risk, and Compliance Committee.Responsible for or oversees the employee that is responsible for day to day operations, vendor relationship, application feature review, administration (upgrades, testing, user training, account maintenance, and troubleshooting), and user access reviews for all applications within area of responsibility.Regularly refresh knowledge of and familiarity with online, mobile, electronic and traditional products and services. Regularly practice/rehearse customer conversation and engagement skills around the entire suite of New Peoples Bank products and services. Invite customer respect by demonstrating product and service knowledge and engaging customers around the benefits of using them.Performs related duties and responsibilities as required and assigned.Requirements EDUCATION/EXPERIENCE
Graduation from an accredited four-year college with a Bachelor degree in Business or related field, with four-six years of BSA and/or banking regulatory compliance experience; or any equivalent combination of education, training, and experience which provides the required knowledge and abilities. Must complete required Annual Training and Certificate of completion of Bank Secrecy Act from Virginia Bankers Association.
KEY COMPETENCIES
- Ability to present ideas and information in a clear and concise manner, both orally and in writing.
- Ability to work independently and accomplish tasks through self-motivation.
- Ability to…
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