BSA Officer

Bankwell Financial Group•New Canaan, CT

About The Position

This role consists of reviewing, maintaining, and improving the Company’s BSA Program (including sanctions/OFAC) to ensure compliance with applicable bank laws and regulations. This role involves overseeing the implementation of BSA programs, monitoring suspicious activity, and conducting internal investigations. The BSA Officer also leads risk assessments, regulatory reporting, and staff training to maintain a strong compliance culture. The BSA Officer will act as a compliance resource and should be able to answer the bulk of the staff’s BSA questions.

Requirements

Bachelor’s degree and knowledge of banking regulations
Minimum of 10 years of experience in BSA/AML compliance, preferably in a financial institution or commercial bank
Strong knowledge of BSA/AML regulations, including the USA PATRIOT Act, OFAC requirements, and other relevant financial
crime laws
Experience with BSA/AML monitoring software and transaction surveillance systems (e.g., Actimize, Verafin)
Familiarity with regulatory reporting requirements such as SARs, CTRs, and FinCEN 314(a) requests
Knowledge of all applicable State and Federal BSA regulations and laws
SharePoint, AML transaction monitoring systems, Fiser, Jack Henry and/or FIS platform knowledge is desirable
Basic PC skills. Familiarity with basic Windows and Microsoft programs including ability to create Word Documents, Power Point presentations, and Excel spreadsheets
Excellent oral and written communication skills
Must be proactive, self-motivated, and a self-starter
Possess good interpersonal skills
The ability to communicate with people at all levels of the Company including Senior Management and the Board of Directors
Strong sense of integrity and personal ethics
Adheres to all applicable Policies and Procedures

Nice To Haves

Certified Anti-Money Laundering Specialist (CAMS) certification or similar relevant certification (e.g., CFE, CRCM) preferred
Experience with AI technology platforms is a plus

Responsibilities

Evaluating sufficiency of and adherence to the Company’s policies and procedures and compliance with applicable laws and regulations and ensuring that affected departments have taken corrective action, as needed
Implementing BSA changes by developing a written Implementation Plan and assisting affected departments in implementing regulatory requirements by effective dates
Participating in risk/governance meetings
Reporting to the Bank’s governance structure on a regular basis on Financial Crime related issues
Overseeing BSA related examinations and audits
Managing and maintaining the Bank's BSA/AML compliance program to ensure adherence to all applicable regulations and guidelines
Managing the Bank’s Financial Crimes Program, inclusive of BSA/AML, OFAC, Anti-fraud.
Oversee daily monitoring and investigation of suspicious activity reports (SARs), ensuring timely filing and accurate documentation
Conduct risk assessments of the Bank’s customers, products, and services to identify and mitigate money laundering and financial crime risks
Design, implement effective controls and procedures to detect and prevent financial crimes
Monitor transaction activity for potential money laundering or other suspicious behavior using BSA/AML monitoring software
Assist with regulatory filings and reporting, including Currency Transaction Reports (CTRs) and SAR filings, ensuring accuracy and timeliness
Provide ongoing training and guidance to Bank staff on BSA/AML regulations and procedures to maintain awareness and compliance
Liaise with internal departments, auditors, and external regulators during BSA/AML audits, reviews, and examinations
Oversee internal investigations of high-risk customers and accounts, ensuring thorough documentation and reporting to the BSA Officer
Develop and update BSA/AML policies and procedures in response to regulatory changes and emerging risks
Maintain knowledge of current and emerging financial crime trends and regulatory developments in the BSA/AML space
Lead and manage BSA/AML projects, including system enhancements and testing of monitoring systems
Ensure compliance with Office of Foreign Assets Control (OFAC) sanctions regulations and perform screening of customers and transactions
Review and analyze regulatory guidance, enforcement actions, and best practices to improve the bank’s BSA/AML framework
Provide regular reporting to senior management on the status of the BSA/AML program, including metrics and risk assessments
Maintain an effective Quality Assurance Program to ensure ongoing assessment of compliance with policies and procedures relative to reviewing BSA-related matters, including CIP, CDD, KYC, alerts, cases, SARs and CTRs.