BSA/ALM and OFAC Officer- Full Time
legacy bankAbingdon (VA)
About the role
BSA/ALM and OFAC Officer
Position Title: BSA/ALM and OFAC Officer- Full Time-
Department/Branch: Main Branch
Reports to: Chief Financial Officer
Employment Status: Full-Time
FLSA Status: Non-Exempt
Effective Date: Immediately
Position Summary:
The BSA Officer serves as the Bank's designated Bank Secrecy Act (BSA) Officer and is responsible for the administration, oversight, and maintenance of the Bank's BSA/AML, OFAC, Customer Identification Program (CIP), Customer Due Diligence (CDD), and Beneficial Ownership compliance programs. The BSA Officer is appointed by and reports directly to the Board of Directors regarding the effectiveness of the Bank's BSA/AML compliance program.
The BSA Officer is responsible for developing, implementing, and maintaining policies, procedures, systems, and internal controls designed to ensure compliance with all applicable federal and state laws and regulations relating to anti-money laundering, terrorist financing, suspicious activity reporting, and economic sanctions. The BSA Officer serves as the primary contact for regulatory examinations, independent audits, and law enforcement requests relating to BSA compliance.
BSA Program Administration
Serve as the Bank's designated BSA Officer.
Administer and maintain the Bank's BSA/AML compliance program.
Ensure policies, procedures, risk assessments, and internal controls remain current and effective.
Monitor customer activity for unusual or suspicious transactions.
Review and investigate alerts generated through transaction monitoring systems.
Prepare and file Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and other required regulatory filings within prescribed deadlines.
Maintain complete and accurate documentation supporting investigations and filings.
Coordinate responses to subpoenas, law enforcement inquiries, and FinCEN requests.
Customer Due Diligence and Risk Management
Oversee Customer Identification Program (CIP) compliance.
Ensure compliance with Customer Due Diligence (CDD) and Beneficial Ownership requirements.
Conduct Enhanced Due Diligence (EDD) reviews for higher-risk customers.
Perform periodic reviews of high-risk accounts and relationships.
Conduct and maintain the Bank's enterprise-wide BSA/AML Risk Assessment.
OFAC Administration
Administer the Bank's OFAC compliance program.
Review potential OFAC matches and document resolution procedures.
Ensure proper reporting and record retention requirements are met.
Regulatory Compliance and Examination Management
Monitor changes in BSA, AML, FinCEN, OFAC, and related regulatory requirements.
Recommend policy and procedural changes as necessary.
Serve as the primary liaison during regulatory examinations and independent audits.
Coordinate corrective action plans and monitor resolution of findings.
Training Responsibilities
Develop and administer annual BSA/AML and OFAC training programs.
Provide specialized training to lending, deposit operations, branch personnel, and management.
Maintain records documenting employee training completion.
Board Reporting Responsibilities
Report directly to the Board of Directors on the overall effectiveness of the Bank's BSA/AML compliance program.
Provide quarterly reports to the Board of Directors that include:
SAR and CTR activity trends
High-risk customer review results
OFAC monitoring results
Regulatory and legal developments
Training completion status
Audit and examination findings
Status of corrective actions
Emerging money laundering, fraud, and financial crime risks
Present the annual BSA/AML Risk Assessment to the Board of Directors for review.
Notify the Board of Directors promptly of any significant compliance issues or material regulatory concerns.
Qualifications: Education
Bachelor's degree in Business Administration, Finance, Accounting, Criminal Justice, Risk Management, or a related field preferred.
Equivalent banking experience may be considered.
Experience
Minimum of two (2) years of experience in BSA/AML compliance, compliance management, fraud investigations, risk management, audit, or related banking operations.
Community banking experience preferred.
Experience investigating suspicious activity and preparing regulatory filings preferred.
Experience with BSA/AML monitoring software preferred.
Certifications: Preferred but not required:
Certified Anti-Money Laundering Specialist (CAMS)
Certified BSA/AML Professional (CBAP)
Other banking compliance certifications
Knowledge, Skills, and Abilities
Thorough knowledge of:
Bank Secrecy Act (BSA)
Anti-Money Laundering (AML) regulations
USA PATRIOT Act
OFAC requirements
FinCEN regulations and guidance
Customer Due Diligence (CDD) requirements
Beneficial Ownership requirements
Strong investigative and analytical skills.
Ability to independently assess risk and make sound recommendations.
Excellent written and verbal communication skills.
Ability to interact effectively with regulators, auditors, senior leadership, and the Board of Directors.
Strong organizational skills and attention to detail.
Proficiency in Microsoft Office applications.
Authority
The BSA Officer is authorized to:
Access all Bank records necessary to fulfill BSA responsibilities.
Conduct investigations involving customer accounts and transactions.
Escalate significant compliance concerns directly to the Board of Directors.
Recommend account restrictions or closures when warranted by BSA/AML risk.
Coordinate directly with regulators, auditors, law enforcement, and legal counsel regarding BSA matters.
Performance Expectations
Maintain a satisfactory BSA/AML compliance program as demonstrated through regulatory examinations and independent audits.
Ensure timely and accurate regulatory filings.
Complete and present quarterly and annual BSA reports to the Board of Directors.
Maintain current risk assessments and monitoring programs.
Foster a strong culture of compliance throughout the Bank.
The company is an Equal Opportunity Employer, drug free workplace, and complies with ADA regulations as applicable.
Legal Disclaimer:
This document is intended for informational purposes only, and does not constitute legal information or advice. This information and all HR Support Center materials are provided in consultation with federal and state statutes and do not encompass other regulations that may exist, such as local ordinances. Transmission of documents or information through the HR Support Center does not create an attorney-client relationship. If you are seeking legal advice, you are encouraged to consult an attorney.
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