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Bank Secrecy Act (BSA)/AML & OFAC Officer

Sandy Spring Bank

Details

Posted: 27-Dec-21

Location: Olney , Maryland

Type: Full Time

Preferred Education: 4 Year Degree

Internal Number: req2264

About Us

Are you someone who seeks opportunity and has a true desire to grow your career with an organization that has enriched the lives of its clients and communities in the Greater Washington region for more than 150 years? If so, Sandy Spring Bank may be the perfect fit for you!

Sandy Spring Bank is a growing financial services company focused on creating real experiences for our employees, clients, shareholders and communities. We are proud to have been certified as A Great Place To Work®, recognized by The Washington Post and the Baltimore Sun as a Top Workplace, by Forbes magazine as the #1 Bank in Maryland, as well as by American Banker as a Best Bank to Work For. It is our employees who play an integral role in shaping who we are as a company and upholding what matters most to us: people and relationships.

To help us attract the highest quality individuals, we offer a comprehensive benefits package to those who qualify. We offer competitive market salaries, paid time off, multiple retirement savings options, full health care options, life insurance, health care and dependent care flexible spending accounts, career development opportunities, tuition assistance and volunteer opportunities. We are proud to offer those, and so much more, making Sandy Spring Bank a remarkable place to work and build a career.

About The Job

Sandy Spring Bank is currently recruiting for a BSA/AML & OFAC Officer in the department of Risk Management. If you are the chosen candidate, you will be responsible for developing, implementing, administering, and maintaining all aspects of the bank’s enterprise wide BSA/AML & OFAC programs. The Officer will ensure the programs function at a high level of compliance with the BSA/AML related laws and regulations, internal policies and Federal regulatory expectations. The Officer is required to be fully knowledgeable and skilled in all areas of BSA/AML compliance and to independently recognize, develop, and implement effective compliance related solutions for the BSA/AML & OFAC programs.

Areas of focus:

The Bank’s enterprise-wide BSA program

Ensures an effective BSA/AML/OFAC compliance program that is in compliance with current industry best practices, regulatory guidance, and requirements.
Develops, implements, administers and enhances the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity.
Establishes and maintains an effective CIP, CDD/EDD process that risk rates and decisions clients and ensures monitoring that includes initial and ongoing assessments, reviews and analysis of unusual account activity.
Ensures that the Board and management understand the aggregate risk of the customer base to align with their acceptable risk appetite.
Ensures timely and accurate filing of Currency Transaction Reporting (CTR).
Establishes and maintains appropriate SAR investigation, reviews and reporting processes that promote consistent decisions; adequate investigation and research; and completes detailed documentation, with timely filings.

Subject Matter Expert (SME)

In depth understanding of the regulations pertaining to BSA/AML/OFAC/USA Patriot Act and monitors and analyzes developing industry and compliance trends and changes to laws and regulations.
Advises stakeholders of emerging risks, new or amended laws, regulations, or agency guidance and recommends and implements changes and controls to mitigate those risks.
Conducts BSA/AML/OFAC risk assessments at least annually with consideration to products, services, clients, and geographies, and categorizes clients by high risk categories or determinations, that may present BSA/AML/OFAC related risks.
Serves as a subject matter expert in all systems enterprise wide that are related to BSA/AML activities.
Develop and maintain advanced, machine learning equipped, BSA/AML monitoring and reporting system, and CDD/EDD automated tools. Reviews available industry technology and champions additional resources and investments when needed.
Utilizes knowledge, experience and continually exercises judgment following broad FINCEN guidelines.
Ensure appropriate reporting to law enforcement or making decisions to terminate client relationships.
Identifies and selects complex choices of actions where standard practices may not exist. Must be able to accommodate detailed work, problem solving, reasoning, math, presentations, multiple and concurrent tasks, and constant interruptions.
Acts as a contact for compliance monitoring, examinations, internal audit, and external audits of the BSA/AML compliance programs. Responds to exams and audit concerns and oversees corrective action of all related compliance deficiencies.
Updates and revises BSA/AML/OFAC and related compliance policies and procedures.
Administers BSA/AML/OFAC related training programs for directors, executives, management and employees and provides BSA guidance and coaching to employees.
Communicates with FINCEN and/or OFAC when appropriate.
Maintains peer contacts, and involvement in user groups, related technologies, or ABA, MARC, or MBCA committees and working groups.
Contributes to the ACH Risk Assessment managed by Deposit Operations annually.
Completes industry partner BSA/AML questionnaires and reporting.

Management of BSA Resources

Full management and coaching of BSA/AML staff to include hiring and termination decisions, performance evaluation, task assignment, ensuring specialized training, and cross training to use resources to optimal efficiency and to build bench strength for succession planning.
Ensures efficient and comprehensive use of the technology available to the BSA/AML department.
Ensures staff completes required Currency Transaction Reports (CTRs), by comparing system generated reports to CTRs prepared. Coordinate completion of missing reports with staff and management.
Ensures all required regulatory reporting is conducted in a timely, accurate, and compliant manner.
Reviews watch lists and watch list alerts. Analyzes possible matches and takes appropriate follow up actions.
Reviews anti-money laundering alerts for suspicious activity. Performs additional research to determine if activity is suspicious.
Composes, reviews, and files Suspicious Activity Reports (SARs) and conducts case management and follow-up reviews to determine if subsequent SAR filings are required.
Investigates internal employee reporting of possible suspicious behavior in branches, deposit, and loan products, and performs case management and files SARs as necessary.
Ensures 314(a) procedures and reporting.
Ensures 314(b) participation and resource utilization when appropriate.

Required Skills:

Bachelor’s degree required, a degree in Financial Crimes Management, Banking, Economics, Risk Management, or Business Administration, preferred.
Strong decision making, analytical and investigative abilities with attention to detail and accuracy.
Knowledge of, and the working ability to evaluate and apply, the agents and calibration available within the Verafin BSA/AML software, preferred.
Ability to think strategically for the long-term success of the bank.
Ability to effectively present information to management, public groups, and/or members of the Board of Directors.
Accreditation in ACAMS, CRCM, or related discipline, preferred.
5 years or more of demonstrated managerial experience.
10 years or more of banking operations experience required.
Thorough knowledge of key banking regulations.
Strong interpersonal, oral and written communication skills required with the ability to influence others.
Ability to work independently as well as to work collaboratively within a team environment.

Sandy Spring Bank is an Equal Opportunity Employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability status, protected veteran status, or any other characteristic protected by law. We maintain a drug-free workplace environment and perform pre-employment substance abuse testing.

Sandy Spring Bank requires COVID-19 vaccination(s) as a condition of employment for all employees. Submission of Covid-19 Vaccination Card is required if hired. Accommodations may be available for those who are unable to be vaccinated for medical or religious reasons.

If you require a reasonable accommodation to apply for a position, please call our job line at 1-800-399-5919 and select option 5. Requests are considered on a case-by-case basis.

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About Sandy Spring Bank

At Sandy Spring Bank, we offer a broad range of commercial banking, retail banking, mortgage and trust services. Through our subsidiaries, Rembert Pendleton Jackson, West Financial Services and Sandy Spring Insurance, we also offer a comprehensive menu of insurance and wealth management services. Whether you visit one of our convenient locations, connect with us online, or call our Client Service Center, you will see that we are not just a financial institution. We are not about deals and transactions. We are about lifelong interactions and making a difference in the lives of our clients, employees and community.

Connections working at Sandy Spring Bank

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