BSA Officer

This position would be primarily based out of the main office in Somerset, PA.
SUMMARY This position is responsible for developing, implementing, and administering Somerset Trust Company’s BSA/AML/CFT Program to ensure compliance with the Bank Secrecy Act, USA Patriot Act, and all other Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) rules and regulations.
This includes the Five Pillars of BSA: Serving as the Board appointed BSA Officer; Managing the bank’s BSA internal controls; Ensuring independent testing of the Program; Facilitating ongoing training; and, Collecting and maintaining Beneficial Ownership information.
ESSENTIAL DUTIES AND RESPONSIBILITIES Manages the bank’s BSA/AML/CFT Program by defining and implementing the internal controls necessary to accurately record all BSA/AML/CFT reportable transactions and detect and prevent Money Laundering and suspicious activity.
Monitors BSA/AML/CFT industry developments and assess the impact of new or amended BSA/AML/CFT rules and regulations, reviewing and updating Policies and Procedures when changes are made.
Communicates these changes to the various stakeholders throughout the bank.
Understands the bank’s products, services, customers, entities and geographic locations and the potential money laundering and terrorist financing risks associated with those activities.
Periodically reviews the Risk Assessments for BSA/AML/CFT, OFAC, and Cannabis Banking to identify and measure potential risks and ensure that appropriate mitigating controls are in place and functioning adequately.
Reviews and/or submits necessary BSA regulatory reporting such as Suspicious Activity Reports (SAR), Currency Transaction Reports (CTR), and Designation of Exempt Persons (DOEP), ensuring complete and timely filings.
Prepares reporting for the Board of Directors on a monthly basis, including SAR filings.
Ensures the Bank’s compliance with OFAC, 314(a), and other government watchlist screening, as well as handling any actions needed as a result of potential hits on the various watchlists.
Directs the bank’s High Risk Customer monitoring program, ensuring effective Customer Due Diligence and Enhanced Due Diligence processes to identify and monitor potentially higher risk customers.
This includes leading the BSA Committee, which meets on a quarterly basis to collaborate on Risk Rating and Lookbacks of recently onboarded, potentially high risk, customers.
Coordinates the bank’s Cannabis Banking Program, keeping current with changing Regulations at the State and Federal levels to ensure compliance.
Specifically with regards to Direct Marijuana Businesses, ensure appropriate due diligence is conducted and Risk Steering Committee approval is obtained prior to establishing new relationships.
Maintains communication with regulators, auditors, and other consulting or independent monitoring functions.
Ensure that all audit, regulatory, and law enforcement agencies requests, findings, and recommendations are complied with in a timely manner.
Organizes the work and activities of the BSA/AML/CFT staff in order to achieve established goals; monitors the efficiency and performance of the department.
Keeps staff informed of pertinent policies and procedures affecting the department and/or their jobs; create an atmosphere in which upward communication from employees is encouraged.
Assists and backs-up the development and conducting of training for all newly hired bank employees regarding BSA/AML/CFT/OFAC and CIP, as well as ongoing reviews for all pertinent bank employees and the Board of Directors covering current trends, regulatory expectations, and STC specific Policies and Procedures.
Pursues or maintains relevant professional certification(s) to enhance BSA/AML/CFT knowledge regarding financial crimes, anti-money laundering, and/or cannabis banking.
Provides occasional support for Fraud Officer, especially in their absence, regarding suspicious or fraudulent situations involving customers that require timely follow up such as fraud checks, suspicious wire requests, or potential elder financial abuse.
Assumes additional duties/responsibilities as required.
SUPERVISORY RESPONSIBILITIES This job directly supervises the BSA/AML/CFT staff members tasked with the day-to-day functions of the above listed responsibilities.
This job also supports the other Operations supervisors and staff when needed.
QUALIFICATIONS To perform this job successfully, an individual must be able to perform each essential duty with consistence and a high degree of accuracy.
The requirements listed below are representative of the knowledge, skill, and/or ability required.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION AND/OR EXPIERENCE Bachelor's degree (B.
A.
) from four-year college or university in Business, Management, Finance or related fields; specialized BSA/AML/OFAC training.
Certified Anti-Money Laundering Specialist, CAMS designation preferred.
At least five years of banking experience specific to BSA is a plus; or equivalent combination of education and experience.
SKILLS Complete comprehension and familiarity with BSA/AML/OFAC/USA Patriot Act regulatory environment; fully knowledgeable of all Bank policies and procedures; excellent written, verbal, interpersonal, and analytical skills; excellent project and time management skills; strong computer skills including working knowledge of Word, Excel, and Internet applications; familiarity with BSA/AML software.
Must be able to respond to common inquires from law enforcement, regulatory agencies, courts, and outside consultants.
REASONING ABILITY Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
PHYSICAL DEMANDS The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to sit; use hands and fingers to operate office equipment, telephones, etc.
; and talk or hear.
The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl.
The employee must occasionally lift and/or move up to 25 pounds.
Specific vision abilities required by this job include close vision, peripheral vision, depth perception, and ability to adjust focus.
WORK ENVIRONMENT The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually moderate.