VP - Senior BSA Officer

East Cambridge Savings Bank•Cambridge, MA

2d•$105,400 - $128,900

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 for the Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control, Customer Identification, and Identity Theft Prevention Compliance Programs, in accordance with bank policies, procedures, and strategic goals. 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.
Experience with BSA/AML and/or fraud account monitoring software.

Nice To Haves

Experience with Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, Verafin, or a similar monitoring system.

Responsibilities

Manage BSA-related operations, including monitoring, investigations, and reporting, and recommend and implement enhancements for compliance and operational efficiency.
Review documents, conduct employee interviews and questionnaires, and perform other monitoring tasks; ensure BSA/AML program documents are complete and accurate; report findings and recommendations promptly.
Use fraud account monitoring software to identify suspicious activity, investigate and manage cases, document due diligence, and report findings and recommendations to the BSA Committee; supervise periodic data validation.
Maintain efficient operation of fraud account monitoring software, manage alerts and cases, and review thresholds and configurations for appropriateness, recommending adjustments as needed.
Oversee direct reports, conduct performance appraisals, provide guidance and training, and make hiring, salary, and promotion recommendations.
Oversee monitoring of BSA-related transaction reports, report findings to the BSA Committee, investigate potential money laundering, recommend account monitoring or closure, and work with management on customer communications.
Prepare and review daily and monthly Customer Identification Program (CIP) reports, analyze and distribute them, resolve errors and discrepancies, and escalate serious or unresolved issues to the BSA Committee.
Identify and monitor high-risk accounts in accordance with regulatory guidelines and the Bank’s High-Risk Customer Monitoring Program; conduct enhanced due diligence and transaction analysis and communicate findings in writing.
Develop and improve training programs, oversee training, and monitor employee understanding of BSA-related matters.
Keep current with industry developments, laws, and regulations; participate in webinars and conferences; recommend program enhancements; develop and implement BSA/AML procedures; and maintain BSA policies, procedures, and risk assessments.
Prepare and review management reports for the BSA Committee, senior management, Executive Committee, and Board of Directors.
Resolve questions and issues with other departments or third parties; oversee information gathering for compliance examinations and audits; respond to findings; conduct operational audits; monitor audit readiness; and report activities and recommendations to the BSA Committee.
Review responses to FinCEN information requests, coordinate research with other bank departments, and ensure responses are timely and accurate.
Oversee preparation of Currency Transaction Reports (CTRs), ensure timely and accurate filing within 15 calendar days of the transaction, and implement and manage a CTR quality control program.