Senior Bank Secrecy Act (BSA) Officer

Pomona; Cambridge (MA); On-site; USD 105,000 - 129,000; Full time

Job summary

East Cambridge Savings Bank is seeking a senior BSA/AML Compliance Leader to oversee the Fraud Prevention & Analytics program. You will manage all BSA operations, perform investigations, and ensure regulatory compliance with FinCEN, CIP, and CTR reporting.

You will lead staff, improve monitoring systems, and coordinate training and audits. A Bachelor’s degree and extensive BSA/AML experience are required. This is a full-time role based in Cambridge, MA.

Qualifications

• Bachelor’s degree or equivalent through coursework/training.
• At least 5 years of BSA experience and 3 years of management experience.
• Strong organizational, planning, and analytical skills.
• Extensive knowledge of BSA/AML regulatory requirements.
• Experience with BSA/AML and/or Fraud monitoring software such as Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, or Verafin.

Responsibilities

• Manage all BSA related operations including monitoring, investigating, and reporting to ensure compliance and efficiency.
• Conduct document reviews, interviews, and other monitoring tasks; maintain complete documentation and report findings to the BSA Committee.
• Oversee fraud monitoring software configuration; manage alerts, investigations and case documentation.
• Supervise direct reports; conduct performance appraisals and staff development; influence hiring and promotions.
• Prepare and review CIP reports; analyze discrepancies and coordinate distribution to departments.
• Identify and monitor high risk accounts; perform enhanced due diligence and communicate findings in writing.
• Develop and oversee BSA/AML training programs and ensure effectiveness.
• Keep abreast of industry developments; recommend program enhancements and regulatory updates.
• Coordinate responses for BSA/AML regulatory examinations and audits; monitor for compliance.

Skills

Organizational skills

Planning

Analytical skills

Regulatory knowledge

Attention to detail

Education

Bachelor's degree

Tools

Bankers Toolbox

Patriot Officer

JHA Yellow Hammer

Verafin

Job description

Salary Range: $105,400 – $128,900Actual compensation for this role is commensurate with experience, skill set, and other qualifications.

Function:Under the general direction of the Fraud Prevention & Analytics Officer, performs a variety of management and administrative functions related to the Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control, Customer Identification, and Identity Theft Prevention Compliance Programs, in accordance with established Bank policies, procedures and strategic goals.

We are looking for candidates with:Bachelor’s degree or its equivalent through specialized coursework and training. At least 5 years of BSA experience and 3 years of management experience. Strong organizational, planning, and analytical skills. Extensive knowledge of regulatory requirements related to the Bank Secrecy Act and Anti-Money Laundering. Experience with BSA/AML and/or Fraud account monitoring software (i.e., Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, Verafin, or similar monitoring system).

Primary Responsibilities:

• Responsible for managing all BSA related operations including monitoring, investigating, and reporting to ensure compliance and operational efficiency. Recommends and implements enhancements to ensure compliance.
• Performs document reviews, conducts employee interviews/questionnaires, and other monitoring tasks. Ensures complete and accurate documentation of all BSA/AML program documents. Reports findings and makes recommendations as needed in a timely manner. Utilizes the Bank’s fraud account monitoring software to determine suspicious activity. Performs investigations, opens and manages cases, and documents all due diligence efforts accordingly. Reports suspicious activity findings, including recommendations for account restrictions and account closings, to the BSA Committee. Supervises periodic data validation of fraud account monitoring software.
• As needed, keeps the fraud account monitoring software operating efficiently, develops and manages alerts, performs investigations, opens and manages cases, and documents all due diligence efforts accordingly. Reviews software thresholds and configurations for appropriateness, making recommendations for adjustments when needed.
• Oversees activities of direct report(s). Conducts periodic performance appraisals and provides guidance and training as needed. Makes hiring, salary and promotional recommendations.
• Responsible for the oversight of BSA related transaction reports’ monitoring. Reports all findings to the BSA Committee. Investigates potential money laundering and related situations for further action or investigation by management. Makes recommendations for account monitoring or closure as necessary and works with management on communication with customers.
• Responsible for the preparation and review of daily/monthly Customer Identification Program (CIP) reports. Analyzes reports and coordinates distribution to appropriate departments. Follows up on errors, missing information, discrepancies, and other issues to ensure resolution. Reports serious or unresolved issues to the BSA Committee.
• Identifies and monitors High Risk Accounts (MSBs, POAs, etc.) according to regulatory guidelines to ensure compliance with the Bank Secrecy Act and Anti-Money Laundering laws. Responsible for performing enhanced due diligence reviews of the bank’s high-risk customers, following the Bank’s High-Risk Customer Monitoring Program. Performs detailed transaction analysis and communicates findings in writing.
• Responsible for the development and effectiveness of training programs and the enhancements to existing training programs within areas of responsibility. Oversees training efforts and monitors for effectiveness to ensure employee understanding of BSA related matters.
• Keeps abreast of industry developments, laws and regulations. Participates in webinars and conferences. Makes appropriate recommendations to enhance the Bank’s programs. Develops and implements BSA and AML procedures and program enhancements for operations and monitoring. Maintains and updates BSA related policies, procedures and risk assessments.
• Reviews and prepares management reports as needed for presentation to the BSA Committee, senior management, Executive Committee and Board of Directors.
• Resolving questions or issues with other departments or third parties. Oversees the process for gathering information requested for BSA/AML compliance examinations and audits. Responsible for response to findings. Performs operational audits to ensure compliance with laws, regulations, established policies and procedures in preparation for external audits and regulatory exams. Monitors results of operational audits to ensure operational preparedness for audits and regulatory examinations. Reports activities to BSA Committee and makes appropriate recommendations for necessary actions to be taken.
• Reviews responses to FinCEN information requests. Coordinates research in conjunction with other Bank departments. Ensures that responses are timely and accurate.
• Oversees the preparation of Currency Transaction Reports (CTRs) in an accurate and timely manner, ensuring that CTRs are filed within the required 15 calendar days from the date of transaction. Implements and manages an effective CTR quality control program.

East Cambridge Savings Bank is an Equal Opportunity Employer/Disabled/Veterans