BSA Manager

Overview

The BSA/OFAC Manager (BSA Officer) will work with the EVP, Chief Legal and Compliance Officer, VP/Director of Compliance as well as with the VP/Fraud and Security Officer in the planning, coordination, and implementation of the BSA, AML and OFAC Programs across the Bank. The BSA Manager performs a wide variety of duties necessary to ensure the effective operation of the BSA/AML and OFAC functions within Bank Newport.

The BSA Officer oversees and implements Bank strategies, policies and procedures, as it relates to the Bank’s BSA, AML and OFAC program. Ensures that the BSA/AML and OFAC program complies with applicable law. The BSA/OFAC Manager supervises the BSA and AML analysts and supports the overall Legal, Compliance, Security & Fraud departments.

All managers of Bank Newport are expected to support Bank wide efforts designed to understand, measure, monitor, reduce, control and report risk in the most efficient and cost-effective manner. They should also possess an understanding of their department’s support metrics and continue to improve Bank efficiencies.

1. Responsible for the design, development, implementation, and management of all aspects of the Bank’s Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control and Customer Identification (BSA/AML/OFAC/CIP) compliance programs.

2. Develops and maintains the BSA/AML/OFAC risk assessments and risk management plans to identify the activities necessary to reduce exposure to the Bank’s risks relating to non-compliance with the BSA/AML/OFAC laws and regulations.

3. Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity reports (SARs). Responsible for FinCEN 314(a) filing activity and procedures and FinCEN 314(b) information sharing procedures. Provides SAR reporting to the Board of Directors or a Committee thereof. Ensures that documentation and tracking is maintained in accordance with regulatory requirements.

4. Responsible for the management and accuracy of OFAC compliance and reporting process across the Bank and its affiliates.

5. Effectively monitor for suspicious activity through the Bank and its affiliates. Ensures that proper investigation and documentation of alerts generated by the Bank’s anti-money laundering (AML) software are dispositioned in a timely manner and within regulatory time frames. Reports investigation results to the SAR committee for review. Drafts, reviews and files SARs. Performs continuing monitoring and reviews in accordance with regulatory guidelines.

6. Performs Customer Due Diligence and Enhanced Due Diligence processes, which includes but is not limited to, customer behavior reviews monitoring Customer Identification Compliance, High Risk Accounts, Money Services Businesses, Politically Exposed Persons and Privately Owned ATMs.

7. Responsible for the continuing development and upkeep of procedures within the BSA /AML and OFAC Compliance Program, including identifying improvements, enhancements and opportunities for ongoing development. Responsibility also includes strategizing risk-based changes and other enhancements to the AML program in coordination with the Compliance & Security Manager and the Director of Compliance & Risk Management.

8. Interacts with regulatory agencies, bank management and branch staff as related to BSA/AML/OFAC compliance tasks and issues.

9. Manage and validate automated monitoring systems and manual controls used to identify unusual or suspicious activity; tune rules/thresholds in coordination with management and vendors.

10. Conducts annual Branch Compliance monitoring events. Completes detailed Branch Audit Program and Compliance Monitoring Program work papers and reports to management all observations and findings.

11. Manages and coaches assigned department staff and coordinates effective staff coverage in assigned areas of the department.

12. Keeps abreast of changes to applicable laws, regulations and pending legislation. Assures that policies and procedures are enhanced, disclosures are developed,…