BSA/AML Compliance Officer

Job Summary

This position is appointed by the Board of Directors and is responsible for managing all aspects of the Bank’s Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Compliance Program including coordinating and monitoring day-to-day BSA/AML Compliance. The BSA/AML Compliance Officer is charged with developing and maintaining a program that addresses all relevant statues, regulations and regulatory guidance including the BSA and AML acts, as amended, 31 CFR Chapter X, Office of Foreign Asset Control (OFAC) requirements, and the  FFIEC BSA/AML Examination Manual.

The BSA/AML Compliance Officer is responsible for directing the BSA Department Staff in detecting unusual, suspicious or high-risk activities in a timely manner and to safeguard the integrity of the Bank and will ensure the Bank’s compliance with BSA/AML and OFAC regulations.  The BSA/AML Compliance Officer supports the BSA/AML/OFAC processes, by overseeing alert monitoring, suspicious activity investigations and reporting, customer and enhanced due diligence, sanctions related activities, and other processes to prevent the Bank from being exploited by money laundering or terrorist financing. Guides and directs the BSA Managers, Analysts, and Specialists.  

Essential Duties

• Leads and evolves the Bank’s BSA/AML Compliance Program, including ensuring adherence to all Bank Policies and Procedures related to the Bank Secrecy Act, USA PATRIOT Act, and OFAC regulations.
• As part of the second line of defense (2LOD), advises the Bank's Board, Audit, BSA and Executive Committees, and other Bank personnel of emerging compliance issues, consults and guides the Bank in the establishment of appropriate controls to mitigate risks relevant to the BSA/AML and OFAC Compliance Program.  Actively works to resolve client issues with branch personnel and BSA Team. 
• Responsible for presentations to the Board of Directors, Risk & Compliance Committee, Audit Committee, and BSA Committee.
• Reports on a regular basis to the Board and senior management on the status of ongoing compliance with the BSA/AML /OFAC program so the Bank’s leadership can make informed decisions about existing risk exposure and the overall BSA/AML/ OFAC compliance program.
• Manages BSA Department staff, including workstreams, deliverables, training, career development, performance evaluations, and disciplinary action.
• Identifies and implements opportunities for process improvements that improve productivity while ensuring the effectiveness of the controls. 
• Enhances and manages the Bank’s programs for Customer Due Diligence, Customer Identification, Customer Risk Rating, and Enhanced Due Diligence. Aligns risk ratings with the Bank’s Enterprise Risk Management policy. 
• Writes and updates policies and BSA/AML Compliance Program documentation as well as the BSA Committee Charter.
• Responsible for updating both the BSA enterprise-wide and the BSA department risk assessments.
• Responsible for managing and executing testing of BSA and OFAC controls.
• Works on all new initiatives that have a BSA component; responsible for rolling out new initiatives to departments and branches in a collaborative manner.
• Reviews and edits desktop procedures.
• Reviews and approves SARs, CTR Exemptions, as needed.
• Assumes a leadership role for all BSA audits and exams. Addresses any findings in a timely manner. 
• Oversight of and involvement in the management of the BSA software including the implementation of Verafin. 
• Participate in effective challenge and review sessions for risk and control self-assessments (RCSAs) and similar forums.
• Completes all correspondent bank BSA certifications and reviews incoming correspondent bank certifications.
• Identifies the BSA Training Program; creates materials and identifies training  modules for Bank-wide BSA training; conducts BSA Training for Board of Directors, annually.

Complies with all State and Federal Banking regulatory requirements, including but not limited to: BSA, AML, OFAC, CIP, Financial Elder Abuse Reporting, Sexual Harassment, Information Security, and privacy requirements. Acts as the control point for the Department to ensure that all BSA-related requirements, procedures, and time frames are met.

Required Knowledge 

• Bank Secrecy Act
• OFAC
• USA PATRIOT Act 
• Privacy Laws
• Regional bank BSA experience preferred

Basic Knowledge, Skills, and Abilities

• Visionary leadership – a leader that has strong BSA/AML knowledge and understands the role BSA should play in a regional banking organization (RBO). 
• Proven manager – hands on, highly organized, can multi-task, self-directed with the ability to motivate staff and attract and retain excellent talent.  Strong active listening skills.  
• Possesses strong critical thinking, judgement, and problem-solving skills.  
• Demonstrates strong customer service skills with the ability to work with first line of defense (1LOD) personnel on addressing issues and concerns and not easily rattled.  
• Effective communication skills and ability to influence to address varied stakeholders and impact change
• Experience with Verafin or similar enterprise BSA/AML compliance solutions is preferred  
• Proficient in Microsoft Excel, Word, Outlook. 

Equipment Operated

• Computers (desktop and laptops,) and mobile devices (iPad and iPhone) for business purposes
• Standard Office Equipment (copiers, fax machines)

Physical Requirements & Work Environment

• Requires sitting for prolong period of time.
• Requires lifting up to 10 lbs.
• Office setting w/controlled temperature

Education and Experience

• Bachelor’s degree in accounting, Business Administration, Finance, or equivalent required.  A master’s degree is a plus.
• 5+ years’ experience as a BSA Officer at an RBO.
• 15+ years’ experience with BSA programs within a commercial bank
• 7+ years' experience in managing staff.
• CAMS certification required.

This job description is not intended to be all-inclusive, and employees will be required to perform additional related work duties as assigned by their immediate supervisor and/or management.

F&M Bank reserves the right to revise or change job duties and responsibilities as the need arises. This job description does not constitute a written or implied contract of employment.