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Bank Secrecy Act Compliance Officer

Bank Secrecy Act Compliance Officer

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Published by ptsgroup
Bank Secrecy Act Compliance Officer position description - New York City
Bank Secrecy Act Compliance Officer position description - New York City

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Published by: ptsgroup on Sep 19, 2012
Copyright:Attribution Non-commercial


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Andy Post: recruiter@ptsgroup.


Functional Title: Officer Title: Department:

Bank Secrecy Act Compliance Officer Assistant Vice President Regulatory Compliance Department

SUMMARY: The BSA Compliance Officer will have the responsibility to ensure that the Bank maintains an effective BSA/AML compliance program, consistent with applicable regulatory requirements and “best industry” practices. JOB FUNCTIONS/DUTIES AND RESPONSIBILITIES Specific Monitoring Responsibilities:  OFAC Checking: Daily  FinCEN Checking: Every Two Weeks (when new list is published)  Required “Know Your Customer” due diligence (BSA/AML Questionnaires, etc.)  Performs Politically Exposed Person (PEP) checks on Related Parties of the Customer  Conducts Section 311 checks, sending any required Section 311 notices to customers, counterparties, and sub-custodians  Participates in completing a Customer Profile/Regulatory Compliance Checklist (“CP/RCC”) for each new Customer and updates of CP/RCC for each existing customer  Independently verifies that all account opening regulatory requirements are satisfied  Reviews daily reports on the variances from established threshold amounts concerning sources of all new custodial assets  Reviews daily reports on the activities and holdings in Medium High, High and designated Medium Risk  Checks all banks, counterparties, brokers, SWIFT messages, securities, custody accounts, subaccounts, third party advisers, vendors and employees against OFAC/FinCEN list.  Independently verifies the accuracy of BSA Risk Matrices and the CP/RCC  Tests newly generated “KYC” reports developed by IT.  Assists IT with related technology Compliance system upgrade projects as needed  Reviews BSA Questionnaires for Foreign Financial Institution Custodial Customers as required, and BSA Questionnaires for Sub-custodians, as required. Participates in changes of existing thresholds, quarterly.  Reconciles BSA Compliance Officer’s data with Custody Administration Dept. monthly  Coordinates with the business front departments obtaining completed BSA/AML Questionnaires from FFI customers.  Independently verifies accuracy of documentation per the Policy concerning required Information from Third Party Investment Managers/Advisers with Authority to Instruct the Bank concerning custodial accounts.  Independently verifies accuracy of documentation per the Policy on Customer Identification Program Requirements for Securities Lending Program.  Participates in periodical director/management compliance meetings. Acts as the Secretary of quarterly BSA/AML management meetings.  Acts as OFAC Responsible Officer  Participates in BSA/AML/OFAC Policy/Procedure making and reviews Participates in the preparation for Bank’s Compliance Seminars and training.


2. 3.

Works closely with members of the Legal Department, the Internal Auditor and, as required the Parent Bank to continually work to improve the Bank’s existing program. Works closely with all relevant departments of the Bank to ensure compliance by those departments with their regulatory BSA/AML responsibilities, including in connection with account opening and monitoring. Stays current with legal and regulatory changes as they relate to BSA/AML requirements.

REQUIREMENTS 5-7 years of experience with Compliance within Banking, issues specifically BSA/AML laws and regulations (FinCEN, OFAC, KYC)


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