BSA/OFAC OFFICER

Cypress Bank SSB•Mount Pleasant, TX

About The Position

BSA: The Bank Secrecy Act (BSA) Officer is responsible for coordinating the development, implementation and administration of all aspects of the corporate-wide Anti Money Laundering/ Countering the Financing of Terrorism Compliance Program. This position monitors compliance with state and federal BSA, USA Patriot Act, Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC) laws and regulations.

Requirements

Bachelor's Degree preferred.
5 years' experience in BSA/AML functions of the bank.
Advanced knowledge of banking regulations required.
Proficiency in Excel required.
Excellent written and verbal communication skills required.
Weight lifting limit: 20 lbs.

Responsibilities

Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML) and Office of Foreign Asset Control (OFAC).
Ensure that all banking activities are performed in compliance with all provisions of the BSA and all applicable federal, state, and local regulations as follow:
Implement a system of internal controls for compliance with the BSA, including suspicious activity reporting, CIP requirements, and anti-money laundering, across all product and service offerings.
Develop policies, procedures, and practices which address compliance with the BSA.
Provide AML/CFT training, including SAR training, to the Bank's staff and Board of Directors, as needed, to ensure continued compliance with all regulatory and legal requirements.
Inform Bank personnel about changes in BSA regulations.
File all applicable BSA reports to Federal government agencies.
Work with Federal and State compliance examiners; take recommended actions to correct deficiencies.
Coordinate and provide management's response to annual AML/CFT audit.
Obtain proposals annually for ongoing external audits of the AML/CFT Program.
Coordinate specific work tasks with other personnel within the compliance department, as well as with other departments, to ensure a smooth and efficient flow of information.
Review and analyze CTRs for accuracy and timely regulatory filings.
Review all CIP documents and procedures for each new account, including loans, opened the previous day.
Follow up on outstanding CIP exceptions until resolved.
Ensure that Beneficial Ownership and customer level risk assessments are obtained at account opening across all applications for each legal entity customer.
Review Teller generated Currency Transaction Logs and Monetary Instrument Logs to identify any suspicious activity.
Review system generated Exempt Person Cash Activity Logs to identify suspicious activity.
Download, review, and file bi-weekly 314(a) Information Sharing list.
Provide annual BSA, AML, US Patriot Act, and OFAC training to the Board of Directors.
Provide, at least annually, general BSA, AML, US Patriot Act, and OFAC training to all employees and officers of the Bank.
Provide, at least annually, job-specific BSA, AML, US Patriot Act, and OFAC training to necessary employees and officers of the Bank.
Develop, review, and maintain the Bank's BSA, AML, US Patriot Act, and OFAC Policy and Procedures annually and have approved by the Board of Directors.
Develop, review, and maintain the Bank's Customer Identification Program (CIP) annually and have approved by the Board of Directors.
Develop, review, and maintain the Bank's BSA, AML, US Patriot Act, and OFAC Risk Assessment of customers, products, services, and geographies annually and have approved by the Board of Directors.
Review the development of new banking products to ensure compliance with appropriate laws and regulations.
Conduct investigations of suspicious activity, detect documentation deviations. Oversee decision making related to identified scenarios, to include whether or not to file a SAR is appropriate and whether additional action, such as contacting law enforcement or regulators or recommending the cessation of a customer relationship is necessary.
Files and manages Suspicious Activity Report requirements. Make certain that pertinent BSA-related information, including the reporting of SARs filed with FinCEN, is reported to the Board of Directors or an appropriate board committee so these individuals can make informed decisions about overall BSA/AML compliance.
Determine eligibility for Exempt Status for large cash transactors and file required documentation.
Identify Money Service Businesses (MSB) and ensure proper registration requirements have been met.
Perform annual review of Exempt Entities.
Perform annual review of MSBs.
Monitor and track BSA/AML high and moderate risk rated customers and accounts.
Perform SAR continuing activity reviews and ensure timely filing of continuing activity SARs.
Ensure that funds transfers are conducted in accordance with The Travel Rule.
Ensure that all customers and transaction, both incoming and outgoing, are compared against the OFAC list with no matches.
Ensure that all checks cashed over $3000 for non-customers are compared against the OFAC list with no matches.
Provide Reg GG: Unlawful Internet Gambling training, at least annually, to Bank employees, officers, and Directors.
Research cost, system requirements and functionality of various BSA/AML automated systems and prepare presentation for senior management and the Board. If automation software is approved, serve as Project Coordinator for selected system.