Bank Secrecy Act (BSA) OfficerAmerican State Bank & Trust
Responsible for developing, implementing, and administering the Bank’s BSA/AML 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) laws and regulations; supports the Bank Secrecy Act training effort for the Board of Directors, appropriate management, and staff personnel; participates in briefings of management and staff on BSA/AML compliance issues and responds to BSA/AML questions. Accepts the responsibility for the identification, measurement, and monitoring of BSA/AML/OFAC risks.
Essential Functions & Responsibilities:
- Manages the BSA Department to ensure the Bank's compliance with all related federal, state and local laws and regulations.
- Maintains, reviews and updates the Bank's BSA/AML Program, policies and procedures and ensures that they are updated when changes to regulations and laws are made.
- Performs an annual BSA risk assessment and advises management on the development of policy, procedures, systems controls and training to address those risks.
- Conducts reviews of customer accounts using the BAM+ software and other transaction monitoring processes to analyze and investigate suspicious or unusual customer activity for identified medium and higher risk customers independently.
- Review suspicious activity detected by the use of automated system reports, other reports/customer statements, and report unusual activities in the form of a Suspicious Activity Report (SAR) filing.
- Ensure that 314(a) requests, Currency Transaction Reports (CTRs) and SARs are completed accurately and completely and filed with FinCEN on time.
- Maintain ongoing development and maintenance of the Bank’s automated AML software BAM+, including recommending and establishing effective risked-based parameters with regular data validation; establishing effective risk ratings; and ongoing calibration and maintenance of supporting documentation. Review effectiveness of automated system reports and recommend changes or modifications, if necessary.
- Develop, maintain, and coordinate a BSA/AML and OFAC training program. Maintains all BSA/AML and OFAC training records.
- Serves as Chairperson to the Bank’s BSA Committee. Prepares and reports developments on significant BSA matters to the BSA Committee, the President/Chief Executive Officer, the Chief Risk Officer and other groups as required by the Bank.
Knowledge, Skills and Ability Requirements:
- Must have 5+ years banking experience
- Must have 3+ years working in the BSA area
- Strong foundation of accounting rules, regulations, policies and procedures in the financial services industry
- Strong analytical and problem solving skills
- Specialized BSA/AML/OFAC training. Certified Anti-Money Laundering Specialist (CAMS) or Certified AML and Fraud Professional (CAFP) designation is strongly preferred.