The BSA/AML/OFAC Officer is responsible for developing, implementing, and administering all aspects of the Bank Secrecy Act Compliance Program. The BSA/AML/OFAC Officer assures compliance with all applicable state and federal banking regulations and that appropriate policies and procedures, guidelines, and methods for gathering required customer information are in place for currency transaction reporting, suspicious activity reporting, monetary instruments sold for cash, exemption of customers, CDD, Patriot Act, and OFAC processes. This position performs various quality control reviews and monitoring in the area of Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering, OFAC, and Customer Identification Program compliance using industry standard and regulatory guidance sampling methods to ensure the bank’s compliance efforts are maintained on a daily basis.
The BSA/AML/OFAC Officer collaborates with the Chief Risk Officer in the overall administration of these directives for the bank and advises the Chief Risk Officer, Senior Management, Board of Directors, and bank personnel of related emerging compliance issues and consults and guides the bank in the establishment of controls to mitigate these risks.
Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act, USA Patriot Act, and OFAC. Maintains the bank's related policies and procedures.
Prepares an annual report to the Board of Directors detailing Bank Secrecy Act issues.
Prepares the annual BSA Risk Assessment and related exhibits.
Ensures compliance with all applicable reporting and recordkeeping requirements and timely distribution of related materials and publications to designated personnel.
Identifies and mitigates potential risk issues against the bank; assists in providing BSA, AML, OFAC and CIP compliance support; interacts with Bank personnel pertaining to such issues.
Performs daily review, monitoring and analysis of various reports, logs and transaction data to identify trends, unusual activity and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
Completes and files Suspicious Activity Reports (SARs) ensuring they are properly documented with related narrative and supporting documentation.
Execute 314a related search and clearing process.
Reviews account opening reports for CIP compliance and accuracy. Identifies, monitors, and tracks high risk customers and accounts.
Reviews Currency Transaction Reports (CTRs) completed by branch personnel for accuracy and filing; reviews daily currency reports to ensure CTR’s have been completed for all reportable transactions.
Reviews, approves or declines requests for exempt person filings; files approved documentation for exemptions; performs annual review of exempt persons.
Responds to inquiries or refers inquiries to the appropriate department or person, and exhibiting the necessary follow through with customers and/or staff involved.
Participates in various committees, audits, and examinations.
Assists independent, state and federal regulator auditor inquiries.
Oversees actions of comprehensive self-testing, independent third party and regulatory audits; makes necessary preparations for such audits or exams; coordinates responses to external auditors and regulatory examiners; ensures deficiencies identified from such audits and examinations are corrected.
Assumes responsibility for special projects; gathers data and prepares reports for the Chief Risk Officer, auditors, and other personnel.
Ability to analyze current processes and make recommendations to streamline and modernize processes and systems to be more efficient while maintaining the integrity of the existing policies.
Prepares training materials and conducts BSA, AML, OFAC and CIP training presentations and exercises with all Bank personnel and the Board, including material presented to employees during the new hire orientation process.
Processes, solves, and answers complex customer transactions, problems, or inquiries.
Consistently applies superior decision making techniques pertaining to inquiries, approvals and requests as they apply to existing policies and procedures, keeping within assigned approval limits and using these instances as learning tools for employee development.
Follows policies and procedures; completes administrative tasks correctly and on time; supports the bank’s goals and values; benefits the bank through outside activities.
Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
About Citizens Union Bank
Dating back to 1888 Citizens Union Bank (CUB) has maintained the desire to offer community banking services that meet the needs of all individuals and businesses in the local communities that we serve.
Today CUB has Branch locations throughout Kentucky in Shelby, Jefferson, Spencer, Hardin, Oldham, Bullitt, Owen and Gallatin Counties.
We continue our long tradition of decision making by local people who you know and trust.
From our past, to the present, and looking towards the future, one constant has remained. CUB is truly a "local" bank. We continue to be locally owned and operated because CUB is committed to being a community bank.