Compliance and BSA/OFAC Officer

We are searching for a Compliance and BSA/OFAC Officer. The employee will be responsible for administering all aspects of the Bank’s compliance program. The employee will also be responsible for coordinating and monitoring day-to-day BSA/AML activity and managing all aspects of the BSA/AML compliances program, including the Bank’s compliance with BSA regulatory requirements. In addition, the employee will monitor change in laws, regulations, and examination trends and keep personnel informed of all relevant matters.

Essential Functions

Compliance

• Develops, implements, and administers all aspects of the Bank’s Compliance Management Program.
• Analyzes new and pending compliance laws and regulations which directly affect the Bank’s practices.
• Maintains advanced knowledge and awareness of financial industry status and trends.
• Maintains awareness and understanding of policies, procedures, designated authorities, regulations, and laws which directly affect the Bank’s practices.
• Conducts training on various compliance issues or regulatory matters; circulates pertinent new regulatory material to Board of Directors, management, and staff on all new or updated state and/or federal legislation as needed.
• Manage Bank’s record retention.
• Establishes regularly scheduled review of areas requiring regulatory compliance in order to identify procedural and/or training weaknesses, in order to prevent regulatory violations and audit findings.
• Works with regulatory authorities and auditors as needed; prepares responses, provides information, and answers questions as audits occur.
• Responsible for annual HMDA reporting.
• Engages in investigation and resolution of customer complaints.
• Performs other duties as assigned by management.

Bank Secrecy Act/Anti-Money Laundering

The BSA/AML Officer is responsible for carrying out the direction of the Board and ensuring that employees adhere to the Bank’s BSA/AML policies, procedures, and processes to include:

• Currency Transaction reporting

• Office of Foreign Asset Controls
• Customer Identification Procedures
• Enhanced Due Diligence Procedures
• Beneficial Ownership Procedures
• Monitoring high risk customers and money service businesses.
• Anti-money laundering
• Suspicious activity monitoring & reporting
• Monetary instrument logs
• Ensure that risk assessment is updated annually.
• Meet all regulatory recordkeeping and reporting requirements, meet recommendations for BSA/AML compliance, and provide timely updates in response to changes in regulations.
• Implement risk-based customer due diligence policies, procedures, and processes.
• Identify reportable transactions and accurately file all required reports including Suspicious Activity Report’s (SARs), Currency Transaction Reports (CTRs), and CTR exemptions. Provide sufficient controls and systems for filing CTRs and CTR exemptions.
• Provide sufficient controls and monitoring systems for timely detection and reporting of suspicious activity.
• Train employees to be aware of their responsibilities under the BSA regulations and internal policy guidelines.
• Attend required BSA training session/school annually.

Office of Foreign Assets Control (OFAC)

• Identify high risk areas based on an OFAC risk profile.
• Formulate bank policies, procedures and processes for timely updating of the list of blocked countries, entities and individuals.
• Provide appropriate internal controls for screening and reporting.
• Report blocked or rejected transactions to the Office of Foreign Assets Control (if any)
• Monitor blocked funds (if any)
• Prepare, update, and maintain the OFAC risk assessment.

FinCEN 314(a)

• Ensure that records are appropriately searched for any named suspect and reported to FinCEN.

Required Education, Experience, and Skills

• Bachelor’s degree preferred.
• Minimum of 5 years of experience in banking or financial services industry, with 2 years direct involvement in compliance activities.
• Thorough knowledge of key banking regulations.
• Ability to communicate with all employees, management team, regulators, auditors, and examiners while maintaining strict confidentiality.

Benefits

• 401(k) plan with employer match
• Dental insurance
• Disability insurance
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Vision insurance