BSA/ALM and OFAC Officer- Full Time

Legacy Bank•Abingdon, VA

3d•Onsite

About The Position

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.

Requirements

Minimum of two (2) years of experience in BSA/AML compliance, compliance management, fraud investigations, risk management, audit, or related banking operations.
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.

Nice To Haves

Bachelor's degree in Business Administration, Finance, Accounting, Criminal Justice, Risk Management, or a related field preferred.
Equivalent banking experience may be considered.
Community banking experience preferred.
Experience investigating suspicious activity and preparing regulatory filings preferred.
Experience with BSA/AML monitoring software preferred.
Certified Anti-Money Laundering Specialist (CAMS) preferred but not required.
Certified BSA/AML Professional (CBAP) preferred but not required.
Other banking compliance certifications preferred but not required.

Responsibilities

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.
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.
Administer the Bank's OFAC compliance program.
Review potential OFAC matches and document resolution procedures.
Ensure proper reporting and record retention requirements are met.
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.
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.
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.