Senior Compliance Officer
Company: MJ Boyd Consulting
Location: New York
Posted on: September 25, 2022
Job Title: Senior BSA/AML Compliance OfficerReports to: BSA /
AML Compliance OfficerJob Description"Compliance" at the Client,
ensures that all activities undertaken by the branch comply with
the US Federal and State Banking Regulations, specifically in
regards to the Bank Secrecy Act, the USA PATRIOT Act and US
Sanctions laws, rules, regulations and regulatory guidance.The
Client's BSA compliance program is premised on the "four pillars"
guidance of the Federal Financial Institutions Examinations Council
(FFIEC) and the appointment of the BSA Compliance Officer is the
first pillar. The branch's program is governed by a set of policies
and procedures and the BSA Compliance Officer is responsible for
reviewing these policies periodically and recommending appropriate
changes and for ensuring that the branch is in compliance with
these.The policies and procedures include, but are not limited to,
provisions that govern transaction monitoring, Know Your Customer
(KYC), Enhanced Due Diligence (EDD), filing of SARs, quality
control and all issues related to US sanctions against
countries/entities (SDN), drug trafficking, organized crime, tax
evasion, embezzlement and money laundering.The BSA Compliance
Officer is responsible for managing members of the compliance staff
as well as overseeing and verifying that all staff are adequately
trained in their respective assignments, particularly for BSA, and
other regulatory issues and maintaining proper records of training.
In addition, the BSA Compliance Officer is responsible for
overseeing the independent testing and review of the branch's BSA
program.In addition to the BSA program, the BSA Compliance Officer
is responsible for ensuring that the branch is in compliance with
all applicable and relevant regulations to which the branch is
Role and ResponsibilitiesThe Senior BSA/AML Compliance Officer will
support the BSA/AML Compliance Officer ensure that the branch is
complying with all US Federal and State Regulations, specifically
the Bank Secrecy Act, USA PATRIOT Act and US Sanctions laws, rules,
regulations, and regulatory guidance. Responsibilities will
include, but will not be limited to:
- The design, planning, implementation, operation, testing,
validation, and on-going analysis of the Transaction Monitoring and
OFAC Filtering Programs.
- Ensuring that the Transaction Monitoring Program and OFAC
Filtering systems are reasonably designed.
- Ensuring that the Transaction Monitoring and OFAC Filtering
systems and programs in place are:
- Based on the Risk Assessment of the Branch.
- Reviewed and periodically updated to consider and reflect
changes to applicable BSA/AML and/or OFAC laws and
- Effectively interdicts transactions that are prohibited by OFAC
and/or detect potential money laundering or other suspicious or
- Properly documents and articulates the Branch's intent and
design of the Filtering Program tools, processes or technology
current detection scenarios, the underlying assumptions, as well as
the Transaction Monitoring parameters and thresholds, as well as
how alerts are generated, how they will be investigated, the
process for deciding which alerts will result in a filing or other
action, the individuals responsible for making such a decision, and
how the investigative and decision-making process will be
- Subject to on-going analysis to assess the relevancy of the
detection scenarios, the underlying rules, threshold values,
parameters, and assumptions.
- Developing, implementing, documenting and managing a detailed
certification/sub certification process to comply with New York
State Department of Financial Services Regulations Part 504 -
Banking Division Transaction Monitoring and Filtering Program
Requirements and Certifications".Qualifications
- Bachelor's degree or equivalent, with at least 10-15 years of
work experience in the money laundering prevention, detection, and
reporting compliance field, preferably with a
commercial/correspondent bank background.
- Experience in all aspects of AML/BSA/OFAC compliance.
- In-depth knowledge of banking and regulatory requirements.
- Exceptional analytical and problem-solving skills.
- Excellent interpersonal and communication skills - both written
and verbal; ability to facilitate discussions around complex issues
and bring them to resolution.
- Should possess sufficient knowledge of AML systems and
- Demonstrated leadership qualities.
- Strong organizational skills; proven ability to collaborate
across teams with shared accountability for results.Demonstrated
ability to establish and maintain credibility with all levels of
management, and to promote and cultivate quality throughout the
organization.Email us at email@example.com or give us a call on
Keywords: MJ Boyd Consulting, New York , Senior Compliance Officer, Other , New York, New York
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