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BSA Officer

Company: Infinity Consulting Solutions
Location: Sandy
Posted on: May 16, 2022

Job Description:

BSA Officer


This position is responsible for establishing, managing and administering the BSA/AML programs, policies and procedures. Reports directly to the Audit Committee and participates with other senior management members in the assessment and implementation of the bank's BSA Program.


Review and update Program & Risk Assessment annually

Coordinate, communicate and monitor day-to-day BSA compliance through the management of department processes and team members

Manage all aspects of the BSA compliance program including adherence to the BSA and its regulations

Carry out the direction of the Board and ensure that employees adhere to the Bank's BSA policies and procedures

Manage or review the daily OFAC Activity Reports

Review SACR reports with Senior BSA Analyst to determine if a SAR filing is warranted

Review monthly Patriot Officer AML monitoring reports (SAR Detector, Money Transfer monitoring, CIP Missing Data Report and Risk Management) for AML activity.

Prepare quarterly department staff meetings

Review EDDs on high and medium risk accounts submitted by BSA Analyst team members

Review all BSA-related SARs submitted to FinCEN

Review and approve all - "No File SAR" reports whenever warranted

Notify the Board (or their designated committee) monthly of SARs filed for the month

Provide regular updates, reports and program status to Executive Management and the Audit Committee

Retain electronically submitted SARs and CTRs

Process all 314(a) Information Searches; this procedure is inspected by annual external internal audit verification and reported to the Audit Committee

Review and maintain list of CTR exemptions

Hold periodic SAR Committee meetings with management to escalate significant or repeat SARs for review

Additionally, the BSA Officer is expected to know and follow the Bank's compliance policies and procedures as required by the Compliance Department, including but not limited to:

Expedited Funds Availability (Regulation CC)
Duties include providing proper disclosures at account opening and making funds deposited into accounts available for withdrawal in compliance with the regulation and the bank's policies and procedures

Truth in Savings (Regulation DD)

Duties include providing accurate disclosures at account opening and upon request in compliance with the Bank's policy

Regulation D

Duties include understanding of NOW account eligibility, MMDA and savings account transfer restrictions, and early withdrawal penalties

Electronic Funds Transfers

Duties include providing proper disclosures at account opening, knowledge of the proper handling of errors reported and knowledge of restrictions on fees

Regulation O

Duties include knowledge of the types of transaction restrictions for Directors and Executive Officers

Elder and Dependent Adult Financial Abuse

Duties include recognition and proper reporting of Elder and Dependent Adult Financial Abuse

Consumer Complaints

Duties include knowledge of the definition of a consumer complaint and the bank's policies and reporting responsibilities

Privacy (Regulation P)

Duties include providing proper disclosures at account opening and securing non-public personal information of consumers and customers of the bank

Identity Theft (Fair Credit Reporting Act)

Duties include knowledge of the proper reporting of suspected identity theft and the proper completion of address changes. Thorough understanding of the Bank's responsibilities to detect, prevent and mitigate losses due to identity theft


Duties include knowledge of the proper procedure for all types of advertising including proper Senior Management and Compliance approval for all promotions

Unfair or Deceptive Acts or Practices

Duties include knowledge of the bank's commitment to clearly disclose products and services to the public


Minimum of 10 years of recent experience working in related BSA/AML position

Minimum of 3-5 years of recent management experience

Must possess outstanding current knowledge of banking regulations (CDFI, FDIC, FFIEC)

Excellent knowledge of banking products, particularly those offered in business banking environment

Experience with Client or other major core and reporting applications is desired

Keywords: Infinity Consulting Solutions, Sandy , BSA Officer, Other , Sandy, Utah

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