Bank Secrecy Act Officer

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Wellesley, MA, US

Salary Range: $ To $ Annually

Under the direction of the Chief Risk Officer, the BSA Officer is responsible for the development, implementation, administration and continuous enhancement of all aspects of the Bank Secrecy Act, Anti-Money Laundering (BSA/AML), and Office of Foreign Assets Control (OFAC) Compliance Program. The BSA Officer serves as the liaison with law enforcement, regulatory agencies, internal and external officers and business leaders on BSA/AML/OFAC matters.

The position requires regular reporting to executive management and Board and management committees.

• Develops and maintains Needham Bank’s Compliance Program, Policies, relevant Procedures and risk assessment for BSA, AML, USA Patriot Act, and OFAC regulations (the BSA/AML Program) in line with regulatory requirements and conducts periodic assessments of program effectiveness.
• Ensures compliance with the Bank Secrecy Act, the USA PATRIOT Act, Fin Cen and OFAC regulations, Customer Due Diligence, Beneficial Ownership requirements and FFIEC BSA/AML Examination Manual guidance.
• Oversees BSA/AML onboarding and monitoring program, Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) filings.
• Builds collaborative business partnerships and working relationships with management in all areas across the Bank. Works to understand core business activities, risks, products, and transactions in order to appropriately customize and support the Bank’s BSA/AML Program, including for high-risk businesses and customers. Strives to become a trusted advisor of management in supporting the Bank’s BSA/AML compliance and business objectives.
• Provides strategic direction regarding current and emerging BSA/AML financial crime risks.
• Oversees and opines on BSA/AML risk of vendors, customers and partners, as necessary.
• Establishes the Bank’s Know-Your-Customer/Customer Identification Program (KYC/CIP) and related customer due diligence and enhanced due diligence processes. Complies with requirements for beneficial owners of commercial customers.
• Conducts ongoing training of all applicable personnel on day-to-day BSA/AML compliance responsibilities.
• Maintains a current knowledge of the BSA, AML, OFAC, and all related regulations; monitors and adapts BSA/AML Program to legislative and regulatory developments, and reports important compliance developments to management and other bank personnel.
• Works with internal auditors and regulatory examiners collecting and preparing requested documents and consulting with same on matters relating to the Bank's BSA/AML Program.
• Serves as primary point of contact with law enforcement, and for information sharing requests (314(a) & 314(b))
• Develops and leverages outside relationships with peers and organizations to maintain best practices, understand regulatory change, and share back information with leadership and department.
• Reviews higher risk customer relationships and complex investigations involving cannabis businesses, money service businesses, Political Exposed Persons and fintech partnerships to ensure BSA/AML compliance.
• Oversees effectiveness of transaction monitoring systems, customer risk taking models, OFAC screening platforms and other systems. Assess system alerts, false positives, tuning and optimization efforts. Supports implementation of automated compliance solutions and analytics.
• Ensures escalations and change management issues are appropriately documented and resolved.
• Effectively leads, manages, develops, and coaches assigned BSA/AML team members…