VP - Senior BSA Officer

East Cambridge Savings Bank • Cambridge, MA

2d

About The Position

East Cambridge Savings Bank’s Compliance/BSA Department is recruiting a Senior Bank Secrecy Act (BSA) Officer. Under the general direction of the Fraud Prevention & Analytics Officer, this role performs management and administrative functions related to the Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control, Customer Identification, and Identity Theft Prevention Compliance Programs, consistent with bank policies, procedures, and strategic goals. The officer manages BSA operations and monitoring, oversees staff and training, maintains program documentation and procedures, and reports findings and recommendations to the BSA Committee and other bank leadership. Actual compensation is commensurate with experience, skill set, and other qualifications.

Requirements

• Bachelor’s degree or equivalent through specialized coursework and training.
• At least 5 years of BSA experience.
• At least 3 years of management experience.
• Strong organizational, planning, and analytical skills.
• Extensive knowledge of regulatory requirements related to the Bank Secrecy Act and Anti-Money Laundering.

Nice To Haves

• Experience with BSA/AML and/or fraud account monitoring software, such as Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, Verafin, or a similar monitoring system.

Responsibilities

• Manage BSA-related operations, including monitoring, investigation, and reporting, to support compliance and operational efficiency.
• Recommend and implement enhancements to ensure compliance; perform document reviews, employee interviews or questionnaires, and other monitoring tasks.
• Ensure complete and accurate BSA/AML program documentation and report findings and recommendations in a timely manner.
• Use fraud account monitoring software to identify suspicious activity; conduct investigations, manage cases, and document due diligence.
• Report suspicious activity findings and recommendations for account restrictions or closures to the BSA Committee.
• Supervise periodic data validation of fraud account monitoring software; maintain its efficient operation as needed, manage alerts and cases, and review software thresholds and configurations for appropriateness.
• Oversee direct reports, conduct periodic performance appraisals, provide guidance and training, and make hiring, salary, and promotional recommendations.
• Oversee monitoring of BSA-related transaction reports and report findings to the BSA Committee.
• Investigate potential money laundering and related situations, recommend account monitoring or closure when appropriate, and work with management on customer communications.
• Prepare and review daily and monthly Customer Identification Program (CIP) reports, coordinate their distribution, follow up on errors and discrepancies, and escalate serious or unresolved issues to the BSA Committee.
• Identify and monitor high-risk accounts, including MSBs and POAs, according to regulatory guidelines and perform enhanced due diligence reviews under the Bank’s High-Risk Customer Monitoring Program.
• Conduct detailed transaction analysis and communicate findings in writing.
• Develop and improve training programs, oversee training, and monitor employee understanding of BSA-related matters.
• Keep current on industry developments, laws, and regulations; participate in webinars and conferences; and recommend program enhancements.
• Develop and implement BSA/AML procedures and program enhancements; maintain and update related policies, procedures, and risk assessments.
• Prepare and review management reports for the BSA Committee, senior management, Executive Committee, and Board of Directors as needed.
• Resolve questions or issues with other departments or third parties.
• Oversee collection of information requested for BSA/AML examinations and audits and respond to findings.
• Perform operational audits and monitor their results to ensure compliance and readiness for external audits and regulatory examinations; report activities and recommendations to the BSA Committee.
• Review responses to FinCEN information requests and coordinate research with other bank departments to ensure accurate, timely responses.
• Oversee accurate and timely preparation of Currency Transaction Reports (CTRs), ensuring filing within 15 calendar days of the transaction, and implement and manage an effective CTR quality control program.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior