VP - Senior BSA Officer

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Officer Cambridge, MA, US

3 days ago Requisition

Salary Range: $ To $ Annually

Actual compensation for this role is commensurate with experience, skill set, and other qualifications.

East Cambridge Savings Bank’s Compliance/BSA Department is actively recruiting for a Senior Bank Secrecy Act (BSA) Officer.

Function:

Under the general direction of the Fraud Prevention & Analytics Officer, performs a variety of management and administrative functions related to the Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control, Customer Identification, and Identity Theft Prevention Compliance Programs, in accordance with established Bank policies, procedures and strategic goals.

We are looking for candidates with:

• Bachelor’s degree or its equivalent through specialized coursework and training.
• At least 5 years of BSA experience and 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 (i.e., Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, Verafin, or similar monitoring system).

Primary Responsibilities:

• Responsible for managing all BSA related operations including monitoring, investigating, and reporting to ensure compliance and operational efficiency. Recommends and implements enhancements to ensure compliance.
• Performs document reviews, conducts employee interviews/questionnaires, and other monitoring tasks. Ensures complete and accurate documentation of all BSA/AML program documents. Reports findings and makes recommendations as needed in a timely manner.
• Utilizes the Bank’s fraud account monitoring software to determine suspicious activity. Performs investigations, opens and manages cases, and documents all due diligence efforts accordingly. Reports suspicious activity findings, including recommendations for account restrictions and account closings, to the BSA Committee. Supervises periodic data validation of fraud account monitoring software.
• As needed, keeps the fraud account monitoring software operating efficiently, develops and manages alerts, performs investigations, opens and manages cases, and documents all due diligence efforts accordingly. Reviews software thresholds and configurations for appropriateness, making recommendations for adjustments when needed.
• Oversees activities of direct report(s). Conducts periodic performance appraisals and provides guidance and training as needed. Makes hiring, salary and promotional recommendations.
• Responsible for the oversight of BSA related transaction reports’ monitoring. Reports all findings to the BSA Committee. Investigates potential money laundering and related situations for further action or investigation by management. Makes recommendations for account monitoring or closure as necessary and works with management on communication with customers.
• Responsible for the preparation and review of daily/monthly Customer Identification Program (CIP) reports. Analyzes reports and coordinates distribution to appropriate departments. Follows up on errors, missing information, discrepancies, and other issues to ensure resolution. Reports serious or unresolved issues to the BSA Committee.
• Identifies and monitors High Risk Accounts (MSBs, POAs, etc.) according to regulatory guidelines to ensure compliance with the Bank Secrecy Act and Anti-Money Laundering laws. Responsible for performing enhanced due diligence reviews of the bank’s high-risk customers,…