Job Type: Full-time
Location: Parsippany, NJ
Summary:
The BSA Officer is responsible for ensuring the Bank's compliance with all relevant Bank Secrecy Act (BSA) laws, rules, and regulations. Key responsibilities include monitoring and coordinating the Bank's BSA compliance program and documenting adherence to regulatory requirements. This includes the timely filing of all required BSA reports and notices, such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).
Additionally, in this role you will be tasked with maintaining and updating the Bank's policies and procedures to ensure compliance with the BSA, Customer Identification Program (CIP), Office of Foreign Assets Control (OFAC) requirements, and Regulation GG, which pertains to unlawful Internet gambling enforcement.
Finally, the BSA Manager also ensures that all staff are adequately trained on BSA-related policies and serves as the primary point of contact with regulatory agencies regarding BSA compliance.
Position Responsibilities
Conduct BSA/AML/OFAC Risk Assessments as needed, and no less than annually, with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risk, reporting such annually to management and the Board of Directors or a committee thereof.
Develop, implement, maintain, and administer the Bank’s BSA/AML/OFAC Bank Secrecy Act program, including but not limited to monitoring for cash activity, suspicious transactions, and customer identification program (“CIP”) and due diligence compliance as well as drafting and updating policies and procedures related to BSA/AML/OFAC compliance.
Maintain working relationship with State and Federal Regulators, Core Service Provider, industry groups, and other governmental agencies.
Review and update the BSA/AML/OFAC Policy and Procedures no less than annually and submit them for Board approval.
Direct BSA department staff in the course of their daily work regarding monitoring and reporting, ensuring staff is fulfilling all required functions in a timely, efficient, and effective manner.
Perform and oversee quality assurance reviews of work performed by the BSA Department staff to ensure the accuracy of work performed.
Oversee parameter tuning and periodic model validation for the Bank’s BSA/AML/OFAC software.
Oversee various bank-wide quality assurance reviews and compliance monitoring in the areas of BSA/AML, CIP and Enhanced Due Diligence, and OFAC.
Maintain collaborative alliances with all Bank business lines to ensure appropriate BSA/AML/OFAC risks and red flags are identified and communicated prior to implementation of new/changed products and services.
Coordinate with the Training Department to ensure appropriate BSA/AML/OFAC compliance training for applicable staff throughout the Bank.
Coordinate appropriate training for BSA Department staff to maintain a high level of knowledge of BSA/AML/OFAC compliance.
Additional Responsibilities
Periodically report to the Board of Directors, or a committee thereof, information regarding the BSA/AML/OFAC Program including but not limited to SARs filed, alert and CTR trends, high risk customers, status of any corrective actions taken related to identified compliance deficiencies, as well as industry trends and emerging risks.
Holds regular meetings and provide advice pertaining to BSA/AML/OFAC related matters to the BSA Committee members.
Liaise with auditors/examiners during BSA audits/examinations.
Provide the Director of Compliance & BSA AML with periodic status reports to determine the extent of BSA/AML/OFAC compliance as well as operating efficiencies.
Perform special projects and additional duties and responsibilities, as required, and directed by the Risk Management Team.
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, LGBTQ, national origin, disability or protected veteran status.