Compliance Officer bei None

Position Summary 

The Compliance Officer works semi-independently in the implementation and administration of all aspects of the Bank Secrecy Act compliance program and assists with various assignment supporting the Credit Union’s (CU) Compliance Program under the guidance of the Director, Risk Management. Using regulatory guidance and CU standards, the Compliance Officer will perform various quality control reviews, monitoring and reporting pertaining to BSA, AML, OFAC, etc. The daily duties and procedures will be the responsibility of the Compliance Officer who is hereby designated as the Bank Secrecy Act Compliance Officer. The Compliance Officer and designated Risk Management department team member are responsible for continuity of the BSA Program. 

Responsibilities 

• Administration of the BSA/AML/OFAC compliance program and the development of an ongoing compliance training program for employees. 
• Report to the Board of Directors and or the Supervisory audit committee at least monthly covering but not limited to the following areas:
  •  Number of CTRs filed. 
  • Number of SARs filed. 
  • Changes in BSA/AML/OFAC compliance requirements and any changes made in compliance procedures. 
  •  Any positive responses to government list checks. 
  • Outcome of the review of monetary instrument reports. 
• Provide assistance and guidance to all employees regarding interpretation and implementation of the Bank Secrecy Act and related federal regulations and this policy, to include but are not limited to: 
  • Facilitate, assist and coordinate with Team as needed to complete SAR’s and CTR activity reports. 
  • Design and conduct annual BSA training for all Team, Board of Directors and Volunteers 
• Perform ongoing research for any regulatory changes and recommend changes to this policy as needed. 
• Act as liaison to all federal agencies for matters pertaining to the Bank Secrecy Act. 
• Perform various quality control reviews and monitoring in the area of Bank Secrecy, USA Patriot Act, Anti-Money Laundering, OFAC and Member Identification Program compliance using industry standard and regulatory guidance. 
• Monitor daily compliance and ensure that all transactions that meet the reporting requirements are properly filed within the designated time frames. This shall be performed by the BSA Officer or delegated to Risk Management Team. Specific responsibilities include but are not limited to:
  • Conduct the monitoring of account activity for suspicious patterns and activity, conducts suspicious activity report investigations, high-risk customer/account reviews, and recommends when to file Suspicious Activity Reports (SARs). May assist in the filing of the SARs when necessary. 
  • Perform 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 accountopenings, etc. 
  • Assist in the preparation and submission of all Currency Transaction Reports (CTRs) within required timeframes. 
  • Monitor Anti-Money Laundering and Fraud software to ensure that updates and associated reports are processed and monitored in a timely manner. Distribute pertinent information to appropriate Management and Executive Team. 
• Review all record requests from government agencies as pertains to BSA / OFAC matters for sufficiency and coordinate their release with our legal counsel, if necessary. This shall be performed by designated Risk Management Team. 
• Perform an annual BSA / OFAC risk assessment to identify and measure BSA / AML and OFAC risks associated with products and services offered and make recommendations to management on development of policy, procedures, systems, controls and training to address those risks. 
• Maintains current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations. 
• Maintain current knowledge of all federal and state laws and regulations, along with the CU’s policies and procedures. 
• Acts as the CU’s liaison with the BSA / AML / OFAC vendor partner. 
• Perform Deposit Document Management reviews, and update as needed, and approval of all documents utilized in the account opening process. This function may require new forms creation, working with forms vendor and other business units. 
• Perform other duties as assigned.
  

Performance and Expectations

• Remain updated on all matters concerning regulatory compliance, including federal and state regulations. 
• Work independently, act promptly to research and resolve matters. Exercise good judgment in forming recommendations and decision-making. 
• Ensures that work performed is within compliance and completed according to CommonWealth One FCU policies and procedures, and with all applicable regulatory standards. 
• Good communication and professional working relationships exist with all CU departments, members, and vendors. • Supervisor is appropriately informed of department activities. 
• The CU’s professional reputation is maintained and conveyed. 
• Demonstrate the CU’s Core Values and Cultural Beliefs

Education and Experience

• Five years to eight years of related work experience in a regulatory compliance role for a financial institution. 
• Bachelor’s degree (B.A. or B.S.) in a related field or equivalent combination of education and experience. Certificates are not required but would be considered. 
• CU Compliance certification or similar designation, preferred.

Skills and Abilities

• Demonstrated knowledge of applicable rules, regulations and laws affecting financial institutions. 
• Knowledge of Verafin system, preferred. 
• Experience using Correlation Keystone system is a plus. 
• Proficiency with Microsoft Office Suite (Word, Excel, PowerPoint).

Skills & Abilities 

• Demonstrated knowledge of applicable rules, regulations and laws affecting financial institutions. 
• Knowledge of Verafin system, preferred. 
• Experience using Correlation Keystone system is a plus. 
• Proficiency with Microsoft Office Suite (Word, Excel, PowerPoint)
• Ability to apply critical thinking to identify unusual member transaction patterns indicative of suspicious activities and conduct further investigation. 
• Strong organization skills with demonstrated ability to work on competing priorities. 
• Ability to work independently and under pressure of deadline. 
• Strong written, verbal and interpersonal communication skills. 
• Work involves much personal contact with others inside and/or outside the organization for the purpose of first-level conflict resolution, building relationships, and soliciting cooperation. Discussions involve a higher degree of confidentiality and discretion, requiring diplomacy and tact in communication. 

Other Pertinent Information 

• Regular and satisfactory attendance required. 
• Must maintain an acceptable personal credit history and be bondable.