BSA/AML/CFT Officer

This position will be based entirely on-site in Somerset, PA.

SUMMARY

This position is responsible for the ongoing implementation and administration of Somerset Trust Company's BSA/AML/CFT Program to ensure compliance with the Bank Secrecy Act, USA PATRIOT Act, and all other Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) rules and regulations, and to continually recommend refinements to the Program to proactively address regulatory changes and expectations as the financial landscape evolves. Such administration includes, but is not limited to ensure compliance with the Five Pillars of BSA: Serving as the Board-appointed BSA Officer; Managing the bank's internal controls; Ensuring independent testing of the Program; Facilitating ongoing training; and, Collecting and maintaining Beneficial Ownership information.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Administers the bank's BSA/AML/CFT Program ensuring adherence to policies related to Bank Secrecy Act, USA PATRIOT Act and Office of Foreign Asset Control regulations.
• Defines and implements internal controls necessary to accurately record and report, as needed, appropriate BSA/AML/CFT transactions, and detect, prevent and report Money Laundering and suspicious activity.
• Monitors BSA/AML/CFT, Cannabis banking and other related industry developments, assesses the impact of potential, new or amended rules and regulations, and recommends or implements Policy and/or Procedure changes as required.
• Monitors customer identification program (CIP), beneficial ownership and other related industry developments, assesses the impact of potential, new or amended rules and regulations, and recommends or implements Policy and/or Procedure changes as required.
• Reviews and updates departmental Policies and Procedures on an ongoing basis and submits to the Board of Directors for approval as directed by policy.
• Communicates Policy and Procedure changes to appropriate stakeholders throughout the bank.
• Conducts and maintains BSA/AML/CFT and OFAC, and Cannabis Banking Risk Assessments to identify and measure potential risks and ensure that appropriate mitigating controls are in place and functioning adequately.
• Ensures complete and timely filings of BSA regulatory reporting such as Suspicious Activity Reports (SAR), Currency Transaction Reports (CTR), and Designation of Exempt Persons (DOEP).
• Prepares reports for the Board of Directors, and Audit and Risk Committees as needed.
• Ensures the Bank's compliance with OFAC, 314(a), and other government watchlist screening, and responds with appropriate actions as a result of such hits.
• Directs the bank's High Risk Customer monitoring program, ensuring effective Customer Due Diligence and Enhanced Due Diligence processes to identify and monitor potentially higher risk customers.
• Lead a quarterly review of new customer accounts initially rated as high risk to assess whether a high-risk rating is warranted.
• Coordinates the bank's Cannabis Banking Program, ensuring appropriate due diligence is conducted and Risk Steering Committee approval is obtained prior to establishing new Direct Cannabis Related Business relationships.
• Leads audits and exams and maintains communication with regulators, auditors, and other consulting or independent monitoring functions.
• Ensures that all audit and regulatory requests, findings, and recommendations are addressed in a timely manner.
• Prepares regulatory-facing documents and presentations in advance of, during and in response to examinations to facilitate sound communication of STC's BSA/AML/CFT program.
• Manages, documents, and responds to requests for documentation from law enforcement agencies.
• Organizes the work and activities of the BSA/AML/CFT staff in order to achieve established goals.
• Monitors the efficiency and performance of the department.
• Directs the development and conduct of BSA/AML/CFT/OFAC and CIP training for all newly hired bank employees, including ongoing reviews of training for bank employees and the Board of Directors covering current trends, regulatory expectations, and STC-specific Policies and Procedures.
• Evaluates and coordinates appropriate training for BSA/AML/CFT team.
• Monitors and maintains AML or other software dedicated for use by BSA/AML/CFT department.
• Pursues or maintains relevant professional certification(s) to enhance BSA/AML/CFT knowledge regarding financial crimes, anti-money laundering, and/or cannabis banking.
• Provides support to Fraud, and bank-wide, regarding suspicious or fraudulent account activity including elder financial exploitation (EFE).
• Provides support to Quality Assurance and branch staff regarding account documentation.
• Assumes additional duties/responsibilities as required.

SUPERVISORY RESPONSIBILITIES

This job directly supervises the BSA/AML/CFT staff members tasked with the day-to-day functions of the above listed responsibilities.

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty with consistence and a high degree of accuracy. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION AND/OR EXPIERENCE

Bachelor's degree (B. A.) from four-year college or university in Business, Management, Finance or related fields; specialized BSA/AML/OFAC training. Certified Anti-Money Laundering Specialist, CAMS, designation preferred. Six to ten years of banking experience specific to BSA is a plus; or equivalent combination of education and experience.

SKILLS

Complete comprehension and familiarity with BSA/AML/OFAC/USA PATRIOT Act regulatory environment; fully knowledgeable of all Bank policies and procedures; excellent written, verbal, interpersonal, and analytical skills; excellent project and time management skills; strong computer skills including working knowledge of Word, Excel, and Internet applications; familiarity with BSA/AML software. Must be able to respond to common inquiries from law enforcement, regulatory agencies, courts, and outside consultants.

REASONING ABILITY

Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit; use hands and fingers to operate office equipment, telephones, etc.; and talk or hear. The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, peripheral vision, depth perception, and ability to adjust focus.

WORK ENVIRONMENT

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.