Bank Secrecy Act (BSA) Officer
We are looking for a Bank Secrecy Act (BSA) Officer to lead the day-to-day management of our cannabis banking division and to serve as our BSA Officer. The Bank Secrecy Act (BSA) Officer is responsible for coordinating the development, implementation and administration of all aspects of the corporate-wide Bank Secrecy Act (BSA) Compliance Program. This position monitors compliance with state and federal laws and regulations (including the Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC.
LOCATION: 32500 Woodward Ave., Royal Oak, MI
- Administer the bank’s BSA program. Develop and/or revise policies, procedures, and programs in support of the administration of the bank’s BSA program;
- Conduct regular training for the Board of Directors and staff on BSA-AML policies and procedures;
- Investigate transactions that are suspicious in nature, and submit Suspicious Activity Reports for BSA-AML-related activities;
- Monitor and track BSA-AML high-risk customers and accounts. Manages the CTR process;
- Assists with the administration of anti-money laundering/OFAC software to monitor and report all BSA-related activities to management as directed;
- Coordinate with internal and external auditors, including regulatory examiners, during audits and examinations to provide requested information as well as interim consultation;
- Maintain proficient knowledge of applicable rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, and OFAC;
- Lead the Bank’s deposit operations compliance. Coordinate with operations personnel on new account BSA/customer information compliance.
- Examines establishment policies, procedures, and practices to ensure compliance with laws and regulations.
- Stays abreast of changes to federal and state banking laws and regulations affecting the management, operations, and product offerings of the establishment.
- Coordinates with legal counsel and operating departments to ensure adherence to laws and regulations relating to new or revised products and services offerings.
- Oversees the revision, preparation, and dissemination of new and updated compliance standards and procedures.
- Coordinates, supervises, and supports establishment’s compliance-related programs, such as compliance training, compliance testing and reporting, disaster recovery, contingency planning, and records warehousing and destruction.
- Informs and advises management of conditions and status of establishment adherence to laws and regulations.
- Consults with and advises operating units and managers affected by compliance issues and regulatory requirements.
- Other duties may be assigned.
- Bachelor’s degree (B. A.) from four-year College or university; and four years related experience and/or training; or equivalent combination of education and experience.
- BSA experience required.
- Deposit or lending compliance background preferred.
- Verafin experience helpful but not required.
- Cannabis BSA/AML experience preferred.