The position of BSA Compliance Officer is responsible to oversee BSA, Compliance, CRA, and enhanced customer due diligence (ECDD) functions for Sauk Valley Bank. The BSA Compliance Officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act compliance program. In addition is responsible for the investigation of fraudulent, illegal or improper activities against the bank and formulating prevention and recovery methods used to mitigate fraud losses suffered by SVB.
Advises COO, VP Risk Management, Senior Management and SVB personnel of emerging compliance issues and consults and guides SVB in establishment of controls to mitigate risks.
Coordinates and improves BSA/AML program
Oversees monitoring program, including SAR filling and 314(a) reporting; directly responds to all 314 (a) and 314(b) inquiries, escalates potential watch list hits and prepares required regulatory reports
Ensures new product development includes full AML consideration
Maintains a current knowledge of the Bank Secrecy Act and ll related anti-money laundering and OFAC regulations; monitors legislative and regulatory developments regarding the Bank Secrecy Act and reports important compliance developments to board, management and other bank personnel
Performs annual BSA/AML/OFAC risk assessment
Oversees and develops BSA/AML training for board, management, and staff
Coordinates regulatory and external audit examinations
Conducts or coordinates investigations of fraudulent, illegal or improper activities that could cause losses to or claims against SVB
Coordinates or assists with recovery of losses due to fraudulent, illegal or improper activities
Under the direction of Internal Audit, implement fraud investigation procedures
Oversees programs and the training of personnel to ensure financial institution’s compliance with laws, regulations and rules governing operations and product offerings
Researches federal and state banking laws and regulations, reviews Sauk Valley Banks policies and procedures and ensures compliance with laws and regulations
Schedules meetings with departments and supervisors, as necessary, to provide information on compliance changes that affect them
Identifies training needs, develops programs and coordinates training to employees on regulatory requirements, utilizing compliance software training when appropriate
Disseminates information on regulatory matters, including regulatory updates (FDIC, FRB Bulletins) through periodic corporate sponsored compliance meetings
Coordinates the compliance monitoring and auditing program. Coordinates regulatory compliance examinations
Create account disclosures for new products and review account disclosures and marketing materials for new products and services, ensuring compliance with applicable laws and regulations.
Interacts with staff to address compliance issues
Community Reinvestment Functions (CRA)
Develops and submits to the Board and appropriate CRA statement, reviewing it periodically and assuring that is available to the public upon request
Monitors SVB’s CRA performance and recommends ways to senior management to improve SVB’s position in the community
Establishes a CRA program to assure SVB performs well under the assessment factors in the regulations
Coordinates all necessary training to assure SVB’s compliance with CRA policies and regulations
Home Mortgage Disclosure Act Functions (HMDA)
Assists VP-Risk Management with development and maintenance of policy and procedures to comply with HMDA regulations
Coordinates all necessary training to assure SVB’s compliance with HMDA policies and regulations
Monitors and tests data collected to ensure accuracy for annual reporting requirements
Oversite of Sauk Valley Bank’s Policies
Coordinates the updating of bank policies as required through regulatory and/or internal requirements
Ensures bank policies are approved by the Board of Directors annually, or as changes are made
Communicates changes in policies to appropriate employees and staff
Develop an in-house training program directed towards BSA and compliance
Coordinate BSA and compliance training when utilizing external sources
Conduct training for the Board of Directors on an annual basis as required
Provide necessary BSA and compliance training when onboarding new employees
The position of BSA/Compliance Officer in addition to the above will also possess demonstrated supervisory skills, initiative and a team attitude. He or she will display excellent written and oral communication skills with the ability to research information and solve problems in a quick and efficient manner. This position will also require someone who can work independently and confront issues within Sauk Valley Bank as deemed necessary.
The position of BSA/Compliance Officer is responsible for the supervision of the BSA/Compliance Analyst.
ENVIRONMENT AND PHYSICAL ACTIVITY
The environment for this position is an open office that is mostly clean and comfortable. It may include some minor annoyances such as noise, odors, drafts, etc. The incumbent is in a non-confined office-type setting in which he or she is free to move about at will.
The incumbent in the course of performing this position spends time writing, typing, speaking, listening, lifting (up to 30 pounds), carrying, seeing (such as close, color and peripheral vision, depth perception and adjusted focus), sitting, pulling, walking, standing, squatting, kneeling and reaching.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The incumbent in this position must be able to accommodate to reading documents or instruments, detailed work, problem solving, customer contact, reasoning, math, language, presentations, verbal and written communication, analytical reasoning, stress, multiple concurrent tasks and constant interruptions.
These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
Bachelor’s degree in finance or accounting and five years related experience and/or training; or the equivalent combination of education and experience. Work experience would include areas of compliance, audit and operations
Extensive knowledge of Bank Secrecy Act, USA Patriot Act, Money Laundering Control Act, Office of Foreign Asset Control regulations, strategies and enforcement policies, familiarity with key banking regulations and interpretations, knowledge of bank laws and operations, risk assessment and analysis.
Advanced skills in computer terminal and personal computer operation; word processing and spreadsheet software
Understands bank operations, policies and procedures
Must stay current with changes in law and regulations and implement changes in a timely manner
Excellent oral, written and interpersonal communication skills with the ability to apply common sense to carry out instruction, interpret legal documents, understand procedures, write reports and correspondence, and speak clearly to customers and employees
Ability to deal with intermediate problems involving multiple facets and variables in standardized situations
Good organizational and time management skills
Ability to work with minimal supervision while performing duties.
Current driver’s license and a vehicle with appropriate insurance coverage if required to drive in the course of performing assigned duties and responsibilities.
The incumbent must be able to perform this position safely, without endangering the health or safety to him/herself or others.
Sauk Valley Bank is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, or protected veteran status and will not be discriminated against on the basis of disability.
Management reserves the right to change this position description at any time according to business needs.
About Sauk Valley Bank & Trust Co.
Sauk Valley Bank is a premier provider of financial services.