Director Of Bsa/Aml Compliance

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Regional bank located in Suffolk County Long Island is in search of a Director of BSA/AML Compliance

Summary: The Director of BSA/AML Compliance is the Board-designated BSA Officer and responsible for the supervision of the Bank’s BSA/AML/OFAC unit. BSA/AML responsibilities include providing the Chief Compliance Officer (“CCO”) and senior management with assurance that an effective, risk based BSA/AML/OFAC program exists designed to ensure compliance with all BSA/AML/OFAC laws and regulations.

Responsibilities:

• Coordinate appropriate training for BSA Department staff to maintain a high level of knowledge
• Of BSA/AML/OFAC compliance.
• BSA/AML/OFAC risks and red flags are identified and communicated prior to implementation of
• Training for applicable staff throughout the Bank.
• Compliance as well as operating efficiencies.
• Develop, implement, maintain, and administer the Bank’s BSA/AML/OFAC compliance program, including but not limited to monitoring for cash activity, suspicious transactions, and customer identification program (“CIP”) and due diligence compliance as well as drafting and updating policies and procedures related to BSA/AML/OFAC compliance.
• Perform and oversee quality assurance reviews of work performed by the BSA Department staff to ensure the accuracy of work performed.
• As a member of the Bank’s Compliance Committee, attend regular meetings and provide advice pertaining to BSA/AML/OFAC related matters.
• Oversee and document the Bank’s Compliance with NYS DFS Transaction Monitoring and Filtering Requirements “Part 504” and coordinate the Bank’s annual certification.
• Provide the CCO with periodic status reports to determine the extent of BSA/AML/OFAC
• Review and update the BSA/AML/OFAC Policy and Cannabis Banking Policy no less than annually and submit them for Board approval.
• Conduct BSA/AML/OFAC Risk Assessments as needed, and no less than annually, with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risk; reporting such annually to management and the Board of Directors or a committee thereof.
• Oversee various bank-wide quality assurance reviews and compliance monitoring in the areas of
• Direct BSA department staff in the course of their daily work regarding monitoring and reporting, ensuring staff is fulfilling all required functions in a timely, efficient, and effective manner.
• Maintain collaborative alliances with all Bank business lines to ensure appropriate
• Liaise with auditors/examiners during compliance audits/examinations.
• Periodically report to the Board of Directors, or a committee thereof, information regarding the BSA/AML/OFAC Program including but not limited to SARs filed, alert and CTR trends, high risk customers, status of any corrective actions taken related to identified compliance deficiencies, as well as industry trends and emerging risks.
• Oversee parameter tuning and periodic model validation for the Bank’s BSA/AML/OFAC software.
• Coordinate with the Training Department to ensure appropriate BSA/AML/OFAC compliance
• BSA/AML, CIP and Enhanced Due Diligence, and OFAC.
• New/changed products and services.
• Perform special projects and additional duties and responsibilities, as required, and directed by the CCO.

Qualifications:

• Extensive understanding of all BSA/AML and OFAC laws, regulations, and guidance.
• Compliance role.
• Ability to understand, interpret, convey, and implement the requirements of pertinent laws and regulations essential.
• Bachelor’s degree required or commensurate work experience.
• Experience in Cannabis Banking preferred.
• Capacity or as a consultant or regulator, with a minimum of five years in a senior leadership
• Minimum ten years’ relevant experience in the financial services industry in BSA/AML related