BSA Officer
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About The Position
Somerset Regal Bank is seeking a dedicated professional to maintain responsibility for the Bank's BSA/AML/OFAC Compliance Program. The successful candidate will be expected to maintain extensive knowledge of existing and evolving BSA/AML/OFAC regulations, ensuring that necessary changes are incorporated into the Bank's compliance program to address both current and future requirements. This role involves supervising the BSA department staff, ensuring that assigned responsibilities are completed properly and within established time frames. The position requires the review and investigation of customer and account activity identified through BSA monitoring software, system reports, and staff referrals for the identification of suspicious activity. The candidate will be responsible for completing suspicious activity investigations and, when required, preparing and filing initial and follow-up Suspicious Activity Reports (SARs) in a timely manner. Additionally, the role includes ensuring that currency transaction reports are completed accurately and filed within required time periods. Monitoring compliance with established Customer Identification Program (CIP), Enhanced Due Diligence (EDD), and Customer Due Diligence (CDD) procedures is crucial. The candidate will also be tasked with preparing periodic reviews on high-risk customers to identify any unusual or suspicious activity. Completing 314a information requests and, if necessary, follow-up reporting with FinCen is also part of the responsibilities. The candidate will monitor compliance with established OFAC policies and procedures, ensuring that any OFAC matches are handled in accordance with regulations. Furthermore, the candidate will prepare and present a monthly BSA Status report to the board of directors and act as an intermediary between the Bank and the Judicial System.
