The BSA/AML Manager oversees the day-to-day operations of the BSA/AML function of the bank including employee training and testing of compliance to bank policies and procedures and regulatory requirements.
Responsibilities and Duties
- 314 (a) approval: Review cleared suspect items and documentation files for suspect items. Ensure timely submission to FinCEN, when applicable.
- Verafin Alerts: Review cleared Verafin alerts and notes, cases and complete investigations for SAR filing.
- Update parameters within Verafin as necessary to ensure we are capturing appropriate risk levels. Perform above and below the line testing of Verafin Alerts.
- Customer Due Diligence (CDD) Completion: Ensure CDD forms are completely timely by the branch and updated as identified in Verafin Reports reviewed timely and with no errors.
- CTR & Cash Report Approvals: Cash reports and CTR Reports approved, all Verafin alerts verified along with Cash Reports. Examination of various types of transactions, individuals/entities, cash expectations, multiple daily cash transactions by same conductor. Ensure CTRs are filed timely.
- SARs: Finalize any SAR investigation based on SAR Referrals from branches, Money Laundering Alerts and daily reports worked by the BSA/AML Analyst. Prepare findings and report to Chief Compliance Officer within 5 days of notification/detection. Once SAR determination has been made by SAR Committee, SARs are to be filed within 30 days and monitored for 90 days following filing, if deemed necessary then continuation SARs filed with 30 days for a total of 120 days.
- OFAC Reporting: Certify ACH Activity, IAT ACH Activity when applicable, New Account reporting and end of month reporting and Accounts Payable Verification monthly. Verification of the FIS system for OFAC updates as new lists are issued from the Treasury.
- Conduct Cannabis EDD Reviews
- Conduct EDD Reviews
- High Risk Reviews: Review High Risk Accounts annually. Document reviews and recommend changes to risk rating for Chief Compliance Officer.
- Exemptions: Review current exemptions annually, recommend customers for exemption and prepare documentation.
- BSA Board Report: Prepare compliance reports for board review monthly and quarterly, explain and discuss, with thorough explanations of reported activities and final resolution.
- ABA Frontline Training /BSA/AML Employee Training: Identify training needs and opportunities, notifying Senior Management and obtaining approval, and coordinating training with various depts; monitor employee and board member progress and maintain compliance log, reporting to board; ensure all employees and board members have completed required training; Monitor employee progress and send reminder emails as necessary.
- Review the following ratings suggestions from BSA/AML Analyst:
- Country Risk Ratings (Monthly)
- Customer Risk Changes (Monthly)
- Industries Risk Ratings (Monthly)
- Occupations Risk Ratings (Monthly)
- Zip Code Risk Ratings (Monthly)
- OFAC Sanctions Ratings (Monthly)
- Updated RDC and ACH Clients (Monthly)
- Provide review and backup support to Compliance Officer and BSA/AML Analyst as needed
- Individually, ensures BSA compliance by reading and being familiar with the BSA/AML program/policy; following all BSA/AML/OFAC policies and procedures; and completing all BSA/AML/OFAC related online courses.
- All other tasks, responsibilities or duties, as directed by management.
Qualifications and Skills
- 3 or more years of BSA/AML experience in financial institution
- Bachelor’s Degree preferred
- Strong understanding and familiarity with the Bank Secrecy Act, USA PATRIOT Act and related regulations
- Excellent follow up & communication skills
- Strong organizational and project management skills
- Professional demeanor and strong interpersonal skills
We're an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran, or disability status.