Director of BSA AML OFAC

Join Our Team

For over 70 years, Teachers Federal Credit Union has been committed to guiding members toward building a strong financial foundation today for a better tomorrow. Named one of America's Best-In-State Credit Unions by Forbes Magazine in 2022, Teachers has grown into one of the leading credit unions in the United States. As we broaden our national reach, we will continue to ensure that Teachers is a Best Place to Bank and a Best Place to Work. Teachers offers a variety of exciting career opportunities ranging from part-time and full-time staffers to executive leadership roles.

Summary:

The Director of BSA/AML/OFAC, as the designated Bank Secrecy Act Officer, has overall responsibility for ensuring Teachers' compliance with the Bank Secrecy Act (BSA), USA PATRIOT Act, and other Anti-Money Laundering (AML) regulations. The Director of BSA/AML/OFAC develops and implements strategies, policies, and procedures for minimizing loss and reducing risk from fraud and other illegal acts

Qualifications & Education:

• Bachelor's Degree required
• Minimum six years leading or influencing people required
• Minimum six years' experience in BSA/AML-related experience including required management experience within a financial institution responsible for managing, coordinating and monitoring all aspects of a BSA/AML compliance program
• ACAMS, CAMLS, or other related certification from accredited associations; ABA, NAFCU, CUNA etc.
• Strong and demonstrated knowledge of the BSA and related laws, rules and regulations, and FinCEN, FFIEC and supervisory guidance and requirements
• Strong oral/written communication, interpersonal, analytical, problem-solving and multitasking skills required
• Compliance Management
• Internal Controls
• Investigations
• Know Your Customer Administration
• Regulatory Reporting
• Strategy Management
• Transaction Monitoring
• Suspicious Activity Monitoring
• Governance, Risk & Compliance Software

Job Duties:

• Monitor, enforce and coordinate the Credit Union's compliance with BSA/AML-related laws
• Establish strategic vision for compliance with the BSA/AML program and develop, administer and oversee the BSA/AML program for all business units
• Review, update and implement BSA/AML-related policies, procedures, processes, related to risk-profiling and management, internal/quality controls, testing, monitoring and reporting, among other things
• Regularly provides reports and updates to Board of Directors and Executive Management regarding the status of ongoing BSA/AML program and compliance efforts, including relative to addressing any concerns or remediation efforts
• Facilitate administration, adequacy and enhancements to enterprise-wide training program including annual training to the Board of Directors and Senior Management. Evaluate all considerations regarding training initiatives such as leveraging third party vendors, video courses, in-house presentations or seminars as well as provide resources/guides on internal knowledge base
• Ensure adequacy of BSA/AML program monitoring and reporting system parameters, rules, risk scoring and data segmentation, including updating, testing, monitoring, implementing and training of institution's Know Your Member ("KYM") program
• Govern front-line, retail, lending and back office staff compliance with regards to applicable due diligence and screening requirements. Establish criteria and standards for accountability concerning lack of non-compliance with regulatory requirements for all stakeholders
• Serve as the liaison/main contact for regulatory examinations, internal and third-party external audits of the BSA/AML compliance programs. Responds to exams and audit concerns and is responsible for corrective action / remediation of all related compliance deficiencies and/or findings
• Proactively monitors, analyzes, reports on and leads implementation of regulatory changes necessary to maintain compliance; advises stakeholders of emerging risks, agency guidance and recommendations to address same and mitigate attendant risks
• Responsible for developing and maintaining BSA/AML/OFAC risk assessments for new and improved product / service development enterprise wide, including evaluating inherent risk and exposure as well as applicable control environment or control augmentations needed for feasible execution and launch of products and services
• Make modifications to loss reduction strategy based on changing fraud patterns
• Prepares reports for top management on loss incidents and resulting corrective actions
• *Performs other duties as needed upon request by immediate supervisor
• *Performs duties inherent in the role of a Director

Benefits of Joining the Teachers Team:

We provide a competitive compensation and benefits package that includes, but is not limited to:

• Paid time off for vacation, personal days, and holidays
• Fully-funded pension plan
• 401(k) company contribution
• Teachers pays 100% Premium Coverage for Vision & Dental Care
• Tuition reimbursement is offered to full-time employees
• Exclusive employee discount of 0.96% APR on credit card loans and a 1.00% APR on all other loans through Teachers
• Flexible hybrid schedule for eligible positions

The good faith estimate for this position is the following $131,000k - $165,000k

All candidates will be subject to a background check, credit check, and drug test to determine employment eligibility.

To learn more about Teachers and to view a full list of our job opportunities please visithttps://www.teachersfcu.org/about/careers

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