Job Title: BSA Compliance Specialist
|
Posting Date: May 11, 2023
|
Summary
Under general supervision, but acting according to established policies, procedures, and strategic plan, performs a variety of BSA/AML duties. This position assists the BSA/AML Officer in ensuring that Sturgis Bank & Trust Company maintains compliance with the laws, rules, and regulations associated with, including but not limited to, the Bank Secrecy Act, the US Patriot Act, and OFAC requirements. It serves a vital risk-management function that protects the company from compliance, operational, legal, and reputational risks.
Essential Duties and Responsibilities
BSA/AML/OFAC Duties:
-
Process the Currency Transaction Reports (CTRs) including transmission to FinCEN
-
Review and identify unusual or suspicious activity as presented in CTS Reports and file Suspicious Activity Investigative Reports (SAIR) if necessary.
-
Retain accurate records as required by corporate and regulatory policy.
-
Communicate with branch offices, as needed, in connection with investigation and customer-related issues.
-
Participate in all internal/external BSA/AML audits and examinations while ensuring no violations of law or repeat findings from previous audits or examinations occur.
-
Assist the BSA/AML Officer in the annual review of the BSA/AML compliance program including the annual risk assessment review, related forms, training material, etc.
-
Perform Enhanced Due Diligence (EDD) reviews of all high-risk customers.
-
Assist with the risk assessment process and risk rating methodology of customers.
-
Manage the list of accounts & entities identified as high-risk.
-
Ensure compliance with Customer Identification Policy procedures.
-
Perform monthly monitoring of the Wire (Funds Transfer) database for suspicious activity by searching for patterns reviewed by beneficiary name, originating name, and transaction date.
-
Perform monthly investigations of the OFAC Reporting Modules (ORM) suspect matches report.
-
Maintain the Exempt Persons files in coordination with branches annual review.
-
Demonstrate the ability to provide leadership, motivating and persuading other to address compliance risk without having actual authority over them.
Qualifications
To perform this job successfully, an individual must be knowledgeable and/or able to learn company products, services, and related information to perform each essential duty satisfactorily. Individual must have basic knowledge of BSA/AML regulations. Individual must possess excellent analytical skills with the ability to interpret information, research problems, and suggest appropriate solutions. Reasonable accommodations made be made to enable individuals with disabilities to perform the essential functions.
Education and/or Experience
Associates degree preferred; 2+ years banking experience; or equivalent combination of education and experience.