VP, BSA Officer

Company: CENTREVILLE BANK
Location: West Warwick
Posted on: May 25, 2023

Job Description:

Description:The BSA Officer is responsible for the implementation and administration of all aspects of the Bank Secrecy Act compliance program, under the guidance of the SVP, Chief Compliance Officer. The BSA Officer advises Senior Management and Bank Personnel of emerging BSA compliance issues and consults and guides the Bank in establishment of controls to mitigate risks This position performs various periodic quality control reviews and monitoring pertaining to the Bank Secrecy Act, USA PATRIOT Act, Anti money laundering, OFAC and Customer Identification Program (collectively the BSA) compliance using industry standard and regulatory guidance to ensure the Bank's compliance efforts are maintained. The BSA officer is required to be fully knowledgeable/proficient in the BSA and skilled in all areas of the department.Responsible for the development and oversight of the Bank's risk based BSA program.Maintain current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations.Manages and oversees the daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments, wire or ACH transfers, monetary instrument sales, new account openings, etc.Develop, coordinate, and facilitate training programs, sessions, and seminars to educate bank personnel about BSA related compliance requirements and procedures.Coordinate the development and implementation of Bank forms, notices, and procedures and monitoring processes for compliance with the Bank Secrecy Act and related regulations.Prepare for and coordinate regulatory and internal audit examinations.Ensure compliance with 314(a) and 314(b) (PATRIOT Act) responsibilities. Researches and responds to information requests from FinCEN and other government entities.Oversee and coordinate the monitoring of account activity for suspicious patterns and activity, conducts suspicious activity report (SAR) investigations, decide when to file suspicious activity reports, and file SARs when applicable.Oversees and responsible for the review, approval, and filing of all Currency Transaction Reports (CTRs) within required timeframes.Prepare reports for the Board of Directors on a periodic basis and ensure that the Board is kept fully informed of the BSA program, including but not limited to: a) Sending suspicious activity reports to the Board b) Training Board members and other senior management on BSA compliance c) Presenting the written risk assessment and Bank Secrecy Act policy to the Board annually.Maintain current knowledge of all federal and state laws and regulations, along with the Bank's policies and procedures.Prepares the annual BSA Risk Assessment. Responsible for maintaining/updating the BSA Policy/Program documents an ensuring board approval is received annually.Administers automated BSA/AML/Fraud system, Oversees, that alerts are researched and resolved timely, and investigations are conducted and documented fully within the system.Conducts self-assessments and assists in preparation and coordination of independent audits and regulatory examinations.General ComplianceProvides assistance to the Compliance Department when needed.Assists in special projects and tasks for the department as directed.Assists in the development, revision or review of bank policies, procedures, disclosures, notices, and forms to ensure compliance with BSA, comply with legislative and regulatory.Requirements:Bachelor's degree or equivalent Banking experience.10+ years general banking or regulatory experience, with an emphasis in BSA compliance and Operations. Previous experience managing High Risk BSA BSA/AML Programs, and experience with MSBs/MRBs.Certified Anti Money Laundering Specialist Certification required.10+ years Management and supervisory experienceExcellent oral and verbal communication and training skills.Maintain current knowledge of regulations.Ability to resolve issues, work independently with little or no supervision and meet deadlines.Ability to proactively identify and assess potential concerns and risks.Interact effectively with co-workers and other Bank employees.Read and comprehend detailed information.Understand the operational and loan functions of the Bank.Recognize, evaluate, and resolve problems.

Keywords: CENTREVILLE BANK, Warwick , VP, BSA Officer, Executive , West Warwick, Rhode Island