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BSA Deposit Compliance and Security Officer

Company: Somerset Savings Bank
Location: Bound Brook
Posted on: May 16, 2022

Job Description:


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)
RESPONSIBILITIES:


  • Maintain responsibility for the Bank's BSA/AML/OFAC Compliance Program.
  • Maintain, review and revise, as required, BSA/AML/OFAC policies and procedures to meet regulatory guidelines and expectations.
  • Maintain and update as necessary BSA/AML/OFAC Risk Assessment.
  • 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 manner.
  • 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 regulatory expectations.
  • 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 Bank.
  • Monitor compliance with established OFAC policies and procedures to ensure completion in accordance with Bank policy and regulatory expectations.
  • Ensure any OFAC matches are handled in accordance with OFAC regulations.
  • Prepare and present monthly BSA Status report to board of directors.
  • Ensure that bank employees with specific BSA responsibilities are adequately trained to fulfill their BSA related responsibilities.
  • 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 Directors.
  • 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 Report.

    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.

    On-site/not remote


    PRE-EMPLOYMENT SCREENING:
    Credit check
    Criminal Check

    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 EMPLOYMENT.
    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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