BSA/ALM and OFAC Officer- Full Time-

Legacy Bank; Abingdon (VA); On-site; USD 90,000 - 120,000; Full time

Job summary

Legacy Bank is seeking a BSA/ALM and OFAC Officer in Abingdon, VA to lead the Bank's BSA/AML program and OFAC compliance. This full-time role reports to the Chief Financial Officer and requires coordinating regulatory filings and examinations.

The officer will oversee CIP, CDD, and EDD reviews, manage SAR/CTR reporting, and train staff on BSA/AML controls while presenting quarterly Board reports on risk, activity trends, and remediation outcomes.

Qualifications

• Bachelor's degree preferred in business, finance, or related field.
• Minimum of two years in BSA/AML compliance or related banking ops.
• Experience with monitoring software preferred; CAMS/CBAP preferred but optional.

Responsibilities

• Administer and maintain the BSA/AML compliance program.
• Monitor customer activity for unusual transactions and review alerts.
• Prepare SARs/CTRs and regulatory filings.
• Oversee CIP, CDD, and Beneficial Ownership requirements.
• Train staff on BSA/AML and OFAC annually.
• Report to the Board and present quarterly BSA reports.

Skills

BSA/AML knowledge

Regulatory reporting

Investigations

Communication skills

Risk assessment

Education

Bachelor's degree in Business Administration or related

Tools

BSA monitoring software

Microsoft Office

Job description

BSA/ALM and OFAC Officer

Position Title: BSA/ALM and OFAC Officer- Full Time-

Department/Branch: Main Branch

Reports to: Chief Financial Officer

Employment Status: Full-Time

FLSA Status: Non-Exempt

Effective Date: Immediately

Position Summary

The BSA Officer serves as the Bank's designated Bank Secrecy Act (BSA) Officer and is responsible for the administration, oversight, and maintenance of the Bank's BSA/AML, OFAC, Customer Identification Program (CIP), Customer Due Diligence (CDD), and Beneficial Ownership compliance programs. The BSA Officer is appointed by and reports directly to the Board of Directors regarding the effectiveness of the Bank's BSA/AML compliance program.

The BSA Officer is responsible for developing, implementing, and maintaining policies, procedures, systems, and internal controls designed to ensure compliance with all applicable federal and state laws and regulations relating to anti-money laundering, terrorist financing, suspicious activity reporting, and economic sanctions. The BSA Officer serves as the primary contact for regulatory examinations, independent audits, and law enforcement requests relating to BSA compliance.

BSA Program Administration

• Serve as the Bank's designated BSA Officer.
• Administer and maintain the Bank's BSA/AML compliance program.
• Ensure policies, procedures, risk assessments, and internal controls remain current and effective.
• Monitor customer activity for unusual or suspicious transactions.
• Review and investigate alerts generated through transaction monitoring systems.
• Prepare and file Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and other required regulatory filings within prescribed deadlines.
• Maintain complete and accurate documentation supporting investigations and filings.
• Coordinate responses to subpoenas, law enforcement inquiries, and FinCEN requests.

Customer Due Diligence and Risk Management

• Oversee Customer Identification Program (CIP) compliance.
• Ensure compliance with Customer Due Diligence (CDD) and Beneficial Ownership requirements.
• Conduct Enhanced Due Diligence (EDD) reviews for higher-risk customers.
• Perform periodic reviews of high-risk accounts and relationships.
• Conduct and maintain the Bank's enterprise-wide BSA/AML Risk Assessment.

OFAC Administration

• Administer the Bank's OFAC compliance program.
• Review potential OFAC matches and document resolution procedures.
• Ensure proper reporting and record retention requirements are met.

Regulatory Compliance and Examination Management

• Monitor changes in BSA, AML, FinCEN, OFAC, and related regulatory requirements.
• Recommend policy and procedural changes as necessary.
• Serve as the primary liaison during regulatory examinations and independent audits.
• Coordinate corrective action plans and monitor resolution of findings.

Training Responsibilities

• Develop and administer annual BSA/AML and OFAC training programs.
• Provide specialized training to lending, deposit operations, branch personnel, and management.
• Maintain records documenting employee training completion.

Board Reporting Responsibilities

• Report directly to the Board of Directors on the overall effectiveness of the Bank's BSA/AML compliance program.
• Provide quarterly reports to the Board of Directors that include:
  • SAR and CTR activity trends
  • High-risk customer review results
  • OFAC monitoring results
  • Regulatory and legal developments
  • Training completion status
  • Audit and examination findings
  • Status of corrective actions
  • Emerging money laundering, fraud, and financial crime risks
• Present the annual BSA/AML Risk Assessment to the Board of Directors for review.
• Notify the Board of Directors promptly of any significant compliance issues or material regulatory concerns.

Qualifications

Education

• Bachelor's degree in Business Administration, Finance, Accounting, Criminal Justice, Risk Management, or a related field preferred.
• Equivalent banking experience may be considered.

Experience

• Minimum of two (2) years of experience in BSA/AML compliance, compliance management, fraud investigations, risk management, audit, or related banking operations.
• Community banking experience preferred.
• Experience investigating suspicious activity and preparing regulatory filings preferred.
• Experience with BSA/AML monitoring software preferred.

Certifications

Preferred but not required:

• Certified Anti-Money Laundering Specialist (CAMS)
• Certified BSA/AML Professional (CBAP)
• Other banking compliance certifications

Knowledge, Skills, and Abilities

• Thorough knowledge of:
  • Bank Secrecy Act (BSA)
  • Anti-Money Laundering (AML) regulations
  • USA PATRIOT Act
  • OFAC requirements
  • FinCEN regulations and guidance
  • Customer Due Diligence (CDD) requirements
  • Beneficial Ownership requirements
• Strong investigative and analytical skills.
• Ability to independently assess risk and make sound recommendations.
• Excellent written and verbal communication skills.
• Ability to interact effectively with regulators, auditors, senior leadership, and the Board of Directors.
• Strong organizational skills and attention to detail.
• Proficiency in Microsoft Office applications.

Authority

The BSA Officer is authorized to:

• Access all Bank records necessary to fulfill BSA responsibilities.
• Conduct investigations involving customer accounts and transactions.
• Escalate significant compliance concerns directly to the Board of Directors.
• Recommend account restrictions or closures when warranted by BSA/AML risk.
• Coordinate directly with regulators, auditors, law enforcement, and legal counsel regarding BSA matters.

Performance Expectations

• Maintain a satisfactory BSA/AML compliance program as demonstrated through regulatory examinations and independent audits.
• Ensure timely and accurate regulatory filings.
• Complete and present quarterly and annual BSA reports to the Board of Directors.
• Maintain current risk assessments and monitoring programs.
• Foster a strong culture of compliance throughout the Bank.

The company is an Equal Opportunity Employer, drug free workplace, and complies with ADA regulations as applicable.

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