Fraud Officer

Description

Job Title: VP, BANK SECREACY ACT (BSA) & FRAUD OFFICER

Reports To: SVP, Chief Compliance Officer

The BSA Officer is responsible for overseeing the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) compliance programs for our client, a community bank located in Stamford, CT (including its payments division). This role ensures the bank adheres to all federal regulatory requirements while implementing robust compliance controls related to Bank Secrecy Act and anti-money laundering for both the retail and digital payments divisions.

PRIMARY ACCOUNTABILITIES/RESPONSIBILITIES

• Provide comprehensive required annual Bank Secrecy Act training for all employees and the Board of Directors.
• Ensure that a quantitative and qualitative Bank Secrecy Act/Anti-Money Laundering Risk Assessment (BSA/AML) and an Office of Foreign Assets Control (OFAC) Risk Assessment are performed at least annually.
• Inform the Board of Directors and senior management of compliance initiatives, identified limitations and corrective actions. Propose revisions, as deemed necessary, to the Bank’s BSA Compliance Program. Formally present the Bank Secrecy Act Program to the Board of Directors on an annual basis for their approval.
• Draft and present monthly key risk indicators for the Board of Directors and management committees.
• Ensure that recordkeeping and reporting requirements are met.
• Coordinate and be able to enhance a system of internal controls and ensure that appropriate reports are filed with the required federal and regulatory agencies.
• Oversee the monitoring of the Bank’s daily BSA activities performed at the branch and/or departmental level.
• Ensure that a list of High-Risk Accounts/Customers is maintained. Coordinate the centralized monitoring of the High-Risk List.
• Ensure the implementation of a Customer Identification Program (CIP) which includes Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
• Provide for sufficient controls and monitoring systems for timely detection, investigation, and reporting of suspicious activity. Report all Suspicious Activity Reports (SARs) to the Board of Directors on a monthly basis.
• Ensure annual independent testing of the BSA/AML Program.
• Facilitate model validation process and any corrective measures.
• Perform risk assessments for retail and payment division according to interagency standards.
• Assist external audits, internal audits, and in-house self-testing.
• Ensure BSA/AML requirements for the digital payments align with regulatory requirements.
• Be sufficiently knowledgeable and experienced interacting, responding, and addressing regulatory examinations.
• All employees are responsible for compliance with the Bank Secrecy Act and in some roles, OFAC regulations. Depending on your job responsibilities, more or less aspects of the regulations may apply, but at a minimum , all employees are responsible for reporting suspicious activity they identify in the course of performing their job duties. This includes activities conducted by customers, fellow employees, board members, and vendors.

Requirements

 QUALIFICATIONS & EXPERIENCE

• Bachelor’s degree in finance, business, or a related field.
• 5+ years of experience in BSA/AML compliance, with a focus on payments is preferred
• Strong knowledge of BSA/AML regulations (FFIEC, FinCEN, OFAC, USA PATRIOT Act, etc.).
• Knowledge of third-party payment processors, fintech partnerships, and digital banking platforms.
• Experience with transaction monitoring systems and payment fraud detection.
• Strong analytical, investigative, and reporting skills.
• Certifications: CAMS (Certified Anti-Money Laundering Specialist) or CRCM (Certified Regulatory Compliance Manager).