AML/CFT & OFAC Compliance Officer

Royal Banks of Missouri•Saint Charles, MO

1d•Onsite

About The Position

Summary: Reporting to the Chief Operating Officer, the VP/AML/CFT and OFAC Officer is responsible for developing, implementing, and overseeing the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Office of Foreign Assets Control (OFAC) compliance programs to ensure adherence with applicable laws, regulations, and regulatory expectations. This role serves as the bank’s designated AML/CFT Officer and is responsible for managing the Bank’s AML risk framework. Essential Duties and Responsibilities: Regulatory Compliance Leadership: Serve as the bank’s designated AML/CFT and OFAC Officer, responsible for maintaining and enforcing the BSA/AML/OFAC Compliance Program. Ensure that the bank complies with all BSA/AML/OFAC regulatory requirements, including customer due diligence (CDD), enhanced due diligence (EDD), suspicious activity monitoring (SAR), and currency transaction reporting (CTR). Stay current on regulatory changes, industry best practices, and enforcement trends; update policies, procedures, and training as necessary. Program Development & Oversight: Develop, implement, and maintain the AML/CFT/OFAC risk and policies as well as related control environment. Oversee the transaction monitoring system to ensure appropriate identification and reporting of suspicious activity. Direct the preparation and filing of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) as required by law. Risk Management: Conduct periodic AML/CFT/OFAC policy and risk assessments to identify inherent risks, evaluate control effectiveness, and determine residual risk levels. Identify emerging risks and develop strategies to mitigate exposure to money laundering, terrorist financing, and other financial crimes. Training & Awareness: Collaborate to design and deliver AML/CFT/OFAC compliance training programs for employees, management, and the Board of Directors to ensure awareness and understanding of regulatory responsibilities. Provide guidance to business lines on high-risk customers, products, and services. Monitoring, Testing & Reporting: Oversee internal monitoring and independent testing of the AML/CFT/OFAC programs to assess compliance effectiveness. Prepare and present regular reports on program performance, key risk indicators, and material issues to senior management and the Compliance Committee. Respond to regulatory examinations, audits, and law enforcement inquiries. Team Leadership: Lead and manage AML/CFT compliance staff, ensuring appropriate staffing, skills development, and performance management. Other Duties and Responsibilities: Other duties assigned as needed

Requirements

4-year College Degree in Business, Finance, Risk Management, or related field; or equivalent industry experience
Minimum of 8 years’ experience in BSA/AML/OFAC compliance in the banking or financial services industries
Minimum of 8 years' experience with Verafin, an AML transaction monitoring system, and in suspicious activity investigations
In-depth knowledge of AML/CFT, BSA, USA PATRIOT Act, OFAC, CIP regulations, and other applicable laws and regulations
Intermediate PC skills-MS Office (Outlook, Word & Excel)
Superior interpersonal and communicational (written and verbal) skills; ability to present complex regulatory matters clearly to senior leadership and the Board of Directors
Strong analytical, problem-solving, and decision-making skills
Flexible, team player, self-starter, takes initiative
Ability to multi-task and manage multiple assignments, deadlines, and cross-functional relationships
Risk and control awareness; documentation discipline
Well-developed planning skills
Ability to maintain composure under pressure
Superior ability to listen and communicate with both employees and clients
Duties require employees to work onsite.

Nice To Haves

CAMS certification preferred

Responsibilities

Serve as the bank’s designated AML/CFT and OFAC Officer, responsible for maintaining and enforcing the BSA/AML/OFAC Compliance Program.
Ensure that the bank complies with all BSA/AML/OFAC regulatory requirements, including customer due diligence (CDD), enhanced due diligence (EDD), suspicious activity monitoring (SAR), and currency transaction reporting (CTR).
Stay current on regulatory changes, industry best practices, and enforcement trends; update policies, procedures, and training as necessary.
Develop, implement, and maintain the AML/CFT/OFAC risk and policies as well as related control environment.
Oversee the transaction monitoring system to ensure appropriate identification and reporting of suspicious activity.
Direct the preparation and filing of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) as required by law.
Conduct periodic AML/CFT/OFAC policy and risk assessments to identify inherent risks, evaluate control effectiveness, and determine residual risk levels.
Identify emerging risks and develop strategies to mitigate exposure to money laundering, terrorist financing, and other financial crimes.
Collaborate to design and deliver AML/CFT/OFAC compliance training programs for employees, management, and the Board of Directors to ensure awareness and understanding of regulatory responsibilities.
Provide guidance to business lines on high-risk customers, products, and services.
Oversee internal monitoring and independent testing of the AML/CFT/OFAC programs to assess compliance effectiveness.
Prepare and present regular reports on program performance, key risk indicators, and material issues to senior management and the Compliance Committee.
Respond to regulatory examinations, audits, and law enforcement inquiries.
Lead and manage AML/CFT compliance staff, ensuring appropriate staffing, skills development, and performance management.
Other duties assigned as needed