Skowhegan Savings Bank seeks an individual to join our Internal Controls team as BSA Officer. This full-time position will be located onsite in our Operations Center in Skowhegan, ME. Schedule is Monday-Friday.
Position Summary:
The BSA Officer is responsible for the implementation and administration of all aspects of the Bank Secrecy Act compliance program, under the guidance of the SVP, Chief Risk Officer. This position performs various quality controls reviews and monitoring pertaining to the Bank Secrecy Act, USA Patriot Act, anti-money laundering, OFAC and Customer Identification Program compliance using industry standard and regulatory guidance to ensure the Bank’s compliance efforts are maintained daily.
Advises the Board of Directors, Senior Management and all other Bank personnel of emerging BSA compliance issues and consults and guides the Bank in the establishment of controls to mitigate risks. The position of BSA Officer is required to be fully knowledgeable and skilled in all areas of the department.
Duties and Responsibilities:
- Maintain current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations.
- Serves as the Bank’s ID Theft Red Flag program Officer and maintains current knowledge of the ID Theft Red Flag program requirements.
- Supervises BSA Analyst(s) employees, mentoring, providing coaching, feedback, and performance reviews.
- Ensure completion of daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments, and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
- Develop, coordinate, and facilitate training programs, sessions, and seminars to educate bank personnel about BSA and ID Theft Red Flag related compliance requirements and procedures.
- Coordinate the development and implementation of Bank forms, notices, and procedures and monitoring processes for compliance with the Bank Secrecy Act and related regulations as well as the Bank’s ID Theft Red Flag program.
- Prepare for regulatory and internal audit examinations regarding BSA/AML and ID Theft Red Flags.
- Ensure compliance with 314(a) and 314(b) (PATRIOT Act) responsibilities.
- Ensure the preparation and submission of all Currency Transaction Reports within required timeframes.
- Oversee and coordinate the monitoring of account activity for suspicious patterns and activity, conducts suspicious activity report (SAR) investigations, decide when to file suspicious activity reports, and file SARs when applicable.
- Research and respond to information requests from FinCEN and other government entities.
- Works with Treasury Operations for management and oversight of the Bank’s cannabis-related businesses.
- Prepare reports for the Board on a periodic basis and ensure that the Board is kept fully informed of the BSA program, including but not limited to: Presenting BSA updates to the Board regarding Currency Transaction Reports, Suspicious Activity Reports and other BSA news Training Board members and other senior management on BSA compliance & ID Theft Red Flag requirements Updating and presenting the written risk assessment and Bank Secrecy Act policy and ID Theft Red Flag policy to the Board annually.
- Administers automated BSA/AML/Fraud system, researches and resolves alerts and conducts investigations within the system.
- Provides assistance to the Audit & Compliance Officer when needed, including Brach Audits and compliance monitoring.
- Researches and assists with BSA and ID Theft Red Flag related questions from internal staff.
- Assists in the development, revision or reviews of bank policies, procedures, disclosures, notices, and forms to comply with legislative and regulatory changes or new requirements.
- Provides excellent customer service both internally and externally utilizing Integrity Customer Service principles.
- Assists in special projects and tasks for the Bank as directed.
- Assumes additional responsibilities as assigned.
