Merchants Bank has an opening for a Bank Secrecy Act (BSA) Compliance Officer. Must have extensive knowledge of Bank Secrecy Act regulations and knowledge of Verafin AML system is a plus. This position can work out of any Merchants Bank location (MN and WI), with some travel to Winona, MN.
Duties include overseeing all aspects of the organization’s compliance with the Bank Secrecy Act and Fraud. Responsible for coordinating the development, implementation, and administration of all aspects of the BSA Compliance Program. This position monitors compliance with state and federal laws and regulations. This position also oversees fraud in relation to Debit Card, ACH, check or other fraud items.
This individual is responsible for the organization’s compliance with Bank Secrecy Act and Fraud. 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 Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulations. This position also oversees fraud in relation to Debit Card, ACH, check or other fraud items. Work is performed under general supervision according to established policies and procedures; emphasis of this position is to disseminate appropriate information to the Audit Compliance Committee as necessary.
This position requires a well-organized and motivated individual with the ability to initiate projects and follow through as needed. Must be willing and able to work with limited supervision. Must be willing and able to provide leadership in the BSA compliance area and deal with different types of people.
- Overseeing all aspects of the corporate-wide Bank Secrecy Act (BSA), Anti-Money Laundering (AML) programs, including internal risk assessments, OCC MLR and policies
- Communication with department that oversees dispute area regarding debit card, ACH, checks, Zelle payments etc. when items relate to fraud.
- Supervision responsibilities of the employee(s) within the BSA/Fraud department. Oversees one full-time employee. Includes providing leadership and support to staff, assigning duties, and performing reviews.
- Coordinating and assisting in the administration of independent, state and federal regulator and auditor examinations and reviews.
- Coordinating responses to regulatory BSA-AML examinations and audits and actions taken to ensure deficiencies are corrected.
- Make recommendations to the Risk, Audit, Compliance Manager and senior management when and where appropriate.
- Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, and OFAC.
- Works with operations units to investigate transactions that are suspicious in nature.
- Reviewing configuration of the AML Monitoring system (Verafin) to assure system is functioning to meet bank’s needs.
- Review cases and tasks assigned in Verafin to determine if a SAR should be filed and if accounts should have behavior reviews completed
- Investigate, complete, and submit Suspicious Activity Reports for BSA-AML-related activities.
- Monitors and tracks BSA-AML high-risk customers and accounts.
- Additional duties within the AML system (Verafin): assist with CTRs, updating watch lists within Verafin, backup on reviewing alerts, complete quarterly foreign customer list. Responsible for OFAC, 314a and 314b.
- Completes or manages exempt person filings for CTR purposes.
- Report BSA Compliance findings to the Audit Compliance Committee of the board of directors.
- Provide necessary research for laws and regulations.
- Provide training for different laws, regulations and procedures to employees and Board of Directors.
- Stay current on compliance and audit issues as they pertain to banking via training and self-education.
- Perform other compliance reviews as directed by the MFGI VP/Risk Audit Compliance Manager.
- Prepare necessary information for audit and compliance reviews performed by an outside third party as directed by the VP/Risk Audit Compliance Manager.
- Keep track of and monitor audit and compliance review findings, including following-up on unresolved observations and exceptions.
- Serve as Chairperson for the MFGI SAR Committee.
- Attend Consistency Meetings as needed.
- Attend and participate in MBA Quarterly Compliance Meetings.
- Attend and facilitate BSA Meetings.
- Other duties as needed.
- Employee will be expected to contribute to a positive working environment through words and actions.
- Employee will be expected to greet internal and external customers in a friendly and outgoing manner.
- Employee will be expected to take responsibility to ensure that internal and external customers receive outstanding service.
- Regular and dependable attendance is an essential function of the job.
Indicators of Success:
- MFG is in compliance with BSA regulations and reporting is timely
- Compliance recommendations are followed up on appropriately.
- Reports are created in a timely fashion.
- Research is answered correctly and promptly.
- Provides leadership in the training area.
- Learns and becomes knowledgeable with banking compliance laws and regulations and audit procedures.
- Completes other assigned duties in a timely and accurate fashion.
Inside working environment, very low noise level. May include travel to affiliate operations as required.
Work is performed primarily sitting at a desk. Requires a high degree of finger dexterity, very good finger-eye coordination.
Mental Demands/Skill Requirements:
Requires above-average aptitude in math/number skills, and evaluation/reasoning skills. Above-average skill in problem analysis and problem solving. Ability to speak with clarity and articulate thoughts and ideas well. Must be able to remain calm under pressure and relate to all types of personalities.
Independent thought, good organization, self-motivation to complete tasks and remain on schedule with minimal supervision. Personal computer skills with good knowledge of Microsoft, Access, Excel, and Word programs, good typing skills, effective telephone and written communication skills. Amiable personality; team player.
Responsible to the VP/Risk Audit Compliance Manager for clarification of position responsibilities and authority, and for proper interpretation.
Will have limited person-to-person and phone contact with customers and public, however, may at times have extensive staff contact. Must have ability to work in a team environment and have personal manner to enhance overall professional image of the organization. Must be willing to be flexible, adaptable, and to learn new regulations and laws.