BSA Deposit Compliance and Security Officer
Company: Somerset Savings Bank
Location: Bound Brook
Posted on: May 16, 2022
Somerset Savings Bank is offering a $2,000 bonus to the qualified
candidate hired for the BSA Deposit Compliance and Security Officer
position! (Paid after three months of active employment)
- Maintain responsibility for the Bank's BSA/AML/OFAC Compliance
- Maintain, review and revise, as required, BSA/AML/OFAC policies
and procedures to meet regulatory guidelines and
- Maintain and update as necessary BSA/AML/OFAC Risk
- Review and investigate customer and account activity identified
through BSA monitoring software, system reports and staff referrals
for the identification of suspicious activity.
- Complete suspicious activity investigations and, when required,
prepare and file initial and follow-up SARs in a timely
- Prepare and file currency transaction reports in a complete and
accurate manner within required time periods.
- Monitor compliance with established CIP and EDD procedures to
ensure processes are completed in accordance with Bank policy and
- Perform periodic reviews on high risk customers to identify any
unusual or suspicious activity.
- Complete 314a information requests and, if necessary, complete
follow-up reporting with FinCen.
- Ensure that employee training relative to BSA and related
regulations is completed annually.
- Train Bank staff on BSA/AML/OFAC related policies and
procedures to ensure compliance is maintained throughout the
- Monitor compliance with established OFAC policies and
procedures to ensure completion in accordance with Bank policy and
- Ensure any OFAC matches are handled in accordance with OFAC
- Prepare and present monthly BSA Status report to board of
- Ensure that bank employees with specific BSA responsibilities
are adequately trained to fulfill their BSA related
- Serve as Deposit Compliance Officer to ensure compliance with
all deposit related consumer regulations; as appointed by the
Bank's Board of Directors.
- Serve as Bank Security Officer to ensure compliance with the
Bank Protection Act; as appointed by the Bank's Board of
- Act as intermediary between the Bank and the Judicial System.
Coordinates and directs the collection and presentation of Bank
records as required by the dictates of levies, subpoenas, etc.
Research compliance issues and problems and provides
interpretations or clarifications.
- Develop, review and revise, as required, compliance policies
and procedures relating to but not limited to the Bank Secrecy Act,
Bank Protection Act, Expedited Funds Availability Act - Reg CC,
Electronic Funds Transfer Act, Etc. Coordinates the implementation
of the policies and procedures through the education and training
of all appropriate staff.
- Evaluate, recommend, and ensure compliance of security
procedures through the Bank with the use of the Security Manual and
various methods of reporting.
- Review and perform follow-up when required with regard to the
Branch Monthly Reports including but not limited to Cash
Management, Return Item Report, Monthly Audit Report and Compliance
EDUCATION and EXPERIENCE:
Qualified candidates will have served at least three years as a
Bank Secrecy Act Officer and have experience with deposit
compliance in a bank. He/she will also possess a strong working
knowledge of US banking regulations. CAMS certification, or
willingness to obtain, is required. A college degree with a focus
in a business or finance related area, and/or supervisory
experience, are preferred. Experience with Fiserv Cleartouch and
Fiserv FCRM - AML Manager Software is a plus.
SOMERSET SAVINGS BANK RETAINS THE RIGHT TO CHANGE OR MODIFY JOB
DUTIES AT ANY TIME. THE ABOVE JOB DESCRIPTION IS NOT ALL
ENCOMPASSING NOR IS IT TO BE CONSIDERED A CONTRACT OF
SOMERSET SAVINGS BANK IS AN EEO EMPLOYER.PI177447570
Keywords: Somerset Savings Bank, Elizabeth , BSA Deposit Compliance and Security Officer, Accounting, Auditing , Bound Brook, New Jersey
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