BSA & Fraud Officer

Description

Under the general supervision of the VP Compliance Officer, the BSA/Fraud Officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program, the Identity Theft Red Flag Program, and the Fraud Prevention Program, including investigating of fraudulent/illegal activities perpetrated by customers or employees and for assuring that the bank is in compliance with the Bank Secrecy Act, USA Patriot Act, OFAC, and all other applicable laws including.

This position performs various quality control reviews and monitoring in the area of Bank Secrecy Act, USA Patriot Act, Anti Money Laundering, OFAC and Customer Identification Program compliance using industry standard and regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis.

ESSENTIAL FUNCTIONS:

• Ensures compliance with the Bank Secrecy Act, USA PATRIOT Act, OFAC, and other applicable laws and regulations.
• Oversees daily monitoring, detecting and reporting of suspicious activities including review of transaction reports, alerts and exceptions.
• Manages the effectiveness of the automated AML monitoring system; coordinates with vendors to maintain and optimize parameter settings. 
• Collaborates with the Compliance Officer to address examination findings and implement corrective actions.
• Maintains and enforces Know Your Customer (KYC) and Customer Identification Program (CIP) policies and procedures.
• Monitors new customer accounts to ensure full compliance with CIP/KYC requirements.
• Reviews and verifies CIP and Customer Due Diligence Documents (CDD) for all new business accounts 
• Conducts enhanced due diligence reviews (EDD) and site visits for high-risk customers.
• Investigates suspicious activities; determines and files Suspicious Activity Reports (SARs) in accordance with regulatory requirements. 
• Escalates significant matters to law enforcement or regulatory agencies as needed and recommends appropriate internal actions (e.g. account closures).
• Submits all required regulatory filings, including Currency Transaction Reports (CTRs) and Designation of Exempt Person Reports. 
• Provides timely reporting of SARs and other BSA related information to the Compliance Officer and Board of Directors.
• Develops and delivers the Bank’s annual BSA/AML, CIP, KYC, OFAC and Identity Theft training programs; ensures all employees, including new hires are appropriately trained.
• Provides guidance to branch and operations staff regarding CIP/KYC compliance requirements. 
• Conducts and updates annual BSA/AML and Identity Theft Risk Assessments addressing products, services, customers and geographic risks.
• Serves as liaison with federal and state examiners, auditors and law enforcement agencies 
• Escalates significant suspicious activity or compliance deficiencies promptly to senior management or the Board of Directors.
• Provides guidance to Bank employees on BSA/AML and Fraud related matters including CIP, CTRs and the identification and escalation of suspicious activity.
• Stays current with evolving BSA/AML, OFAC and regulatory requirements through ongoing training, webinars, seminars and professional development opportunities. 

WORK ENVIRONMENT AND PHYSICAL DEMANDS:

The key physical demands for this role are:

• Ability to work in a standard office setting with periods of prolonged sitting/computer use.
• Occasional light lifting/carrying of materials or equipment.
• Mobility to move around the office space and attend meetings.
• Travel capabilities, as the role may require occasional overnight trips.
• Visual acuity for computer work and viewing marketing materials.

Requirements

QUALIFICATIONS:

• Minimum of 5-7 years of BSA/AML/OFAC compliance experience in a community bank or similar environment; prior experience serving as a BSA Officer is strongly preferred. 
• Strong knowledge of BSA, USA Patriot Act, OFAC, FinCEN and FFIEC Guidance.
• Ability to work independently and manage multiple priorities.
• Strong analytical, investigation and written/verbal communication skills.
• Proven ability to effectively communicate and collaborate with employees at all levels of the organization, including front line staff, management and executive leadership. 
• Experience with AML monitoring systems such as Verafin,and BSA E-file.
• AML Certification strongly preferred (e.g. ACAMS, CAFP).

DISCLAIMER

Savers Bank is an equal opportunity employer and does not discriminate against any employee or applicant for employment based on race, color, religion, national origin, age, gender, sex, ancestry, citizenship status, mental or physical disability, genetic information, sexual orientation, veteran status, or military status.