Vice President, Bank Secrecy Act Compliance Officer

One United; Los Angeles (CA); On-site; USD 125,000 - 130,000; Full time

Job summary

A financial institution located in Los Angeles is seeking a Vice President, Bank Secrecy Act Compliance Officer. This role is responsible for managing the compliance program for BSA/AML and OFAC, ensuring regulatory requirements are met, and providing subject matter expertise. Candidates should possess significant experience in compliance, including managing teams effectively. A competitive salary range is offered, reflecting the skills and responsibilities associated with this senior position.

Qualifications

• 7 years of BSA, AML, OFAC, and USA Patriot Act compliance experience.
• At least 5 years of management experience in compliance.
• Ability to handle confidential information with integrity.

Responsibilities

• Manage the bank's BSA/AML and OFAC compliance program.
• Prepare for regulatory examinations and audits.
• Ensure timely reporting of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).
• Deliver relevant training to the Board of Directors.

Skills

Proven leadership skills

Excellent organizational skills

Analytical skills

Verbal communication skills

Written communication skills

Education

Bachelor's degree or advance degree preferred

Certified Anti-Money Laundering Specialist (CAMS) certification preferred

Certified BSA/AML Professional (CBAP) certification preferred

Job description

Vice President, Bank Secrecy Act Compliance Officer

POSITION SUMMARY

Responsible for administering compliance with all aspects of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA PATRIOT Act regulations. The position of Bank Secrecy Act Officer is required to be fully knowledgeable and skilled in all areas of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA Patriot Act Compliance and be able to independently recognize, develop, and implement effective compliance related solutions. Also responsible for ensuring compliance with Identity Theft Prevention and Red Flags, and Privacy related laws, regulations, and policies.

RESPONSIBILITIES AND ACCOUNTABILITIES - Essential Job Functions include but are not limited to

• Manages the bank's Bank Secrecy Act/Anti-Money Laundering and OFAC compliance program.
• Responsible for ensuring the identification, escalation, and timely mitigation of BSA/AML and OFAC risks.
• Proactively engages with business unit managers to provide comprehensive oversight of Bank Secrecy Act/Anti-Money Laundering and OFAC compliance related activities.
• Must be able to respond to common inquiries from law enforcement, regulatory agencies, courts, and outside consultants.
• Prepares for regulatory examinations and ensures an adequate corrective action process. Serves as primary liaison with regulatory agencies and prepares all regulatory responses with support from all senior managers relevant to Bank Secrecy Act/Anti-Money Laundering and OFAC compliance.
• Prepares for third-party audits and reviews and ensures an adequate corrective action process. Serves as primary liaison in preparing for third-party engagements and responses with support from all senior managers relevant to Bank Secrecy Act/Anti-Money Laundering and OFAC compliance.
• Provides Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance subject matter expertise to assist the bank in establishing an annual learning plan relevant to Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance programs.
• Delivers Bank Secrecy Act/Anti-Money Laundering, OFAC, and Privacy compliance training to the Board of Directors at a minimum annually.
• Develops and maintains Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance policies to ensure regulatory requirements are appropriately addressed.
• Monitors the regulatory environment to identify regulatory changes applicable to areas of Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance.
• Advises business unit managers concerning regulatory Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance regulatory changes.
• Collaborates with business units to implement or amend changes to policies, procedures and/or processes to address Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy regulatory requirements and ensures the timely implementation as needed.
• Maintains a comprehensive Bank Secrecy Act/Anti-Money Laundering, OFAC and Privacy compliance regulatory inventory.
• Update privacy notice as needed and ensure disclosure requirements are being followed.
• Ensure compliance with Identity Theft Prevention and Red Flags.
• Responsible for managing, administering, and enhancing all aspects of the BSA/AML/OFAC monitoring systems, including making sure that appropriate parameters are in place to identify suspicious activity.
• Ensure that all required regulatory reporting is conducted in a timely, accurate, complete, and compliant manner including but not limited to the timely and properly completed submissions of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) to FinCEN as well as FinCEN 314a procedures and reporting.
• Maintain effective CDD/EDD risk and monitoring to include initial and ongoing review and analysis of unusual/suspicious account activity.
• Regularly report to the Compliance Committee and the Board of Directors the following:
  • Status of corrective action taken related to identified BSA/AML/OFAC compliance deficiencies.
  • Status of training related to BSA/AML/OFAC compliance.
  • High-Risk Customers
  • CTR filing trends
  • Exempt customer trends
  • SAR filing trends
  • Automated monitoring systems alert generation numbers and trends
• Perform comprehensive risk assessments and policy analysis to determine BSA/AML and other risk exposures, collaborate with cross-functional teams to develop mitigating controls and monitoring strategies. Responsible for maintaining and updating the BSA/AML/OFAC policies and procedures.
• Act as a member of the bank’s Compliance Committee.
• Attend the Board of Directors and Audit Committee meetings as needed.
• Manage assigned staff.

MINIMUM QUALIFICATIONS

• Bachelor's degree or advance degree preferred (commensurate experience considered).
• Certified Anti-Money Laundering Specialist (CAMS) or Certified BSA/AML Professional (CBAP) certification preferred.
• 7 years of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA Patriot Act compliance experience with at least 5 years of management experience.
• Proven leadership skills.
• Excellent organizational, analytical, oral, and written communication skills.

The Bank is in full compliance with the Americans with Disabilities Act (ADA) and does not discriminate regarding applicants or employees with disabilities and will make reasonable accommodation when necessary. The following are essential abilities and physical requirements for all positions at the Bank:

• Ability to verbally communicate effectively with others,
• Ability to communicate effectively in writing, using the English language.
• Ability to accurately count and perform arithmetic calculations.
• Ability to work cooperatively with colleagues and supervisory staffs at all levels,
• Demonstrate the ability to hold confidential information and display honesty and high ethical standards. All customer and company information must be handled in a confidential manner.
• Exposed to short, intermittent, and/or prolonged periods of sitting and/or standing in performance of job duties,
• Ability to use various types of equipment/supplies to include, but not limited to, computers, pens, pencils, calculators, telephone, etc. to accomplish job duties.
• Travel by car, airplane, bus, or train to other Bank offices and on occasion, to other sites to attend meetings, conferences, workshops, seminars, etc.

OneUnited Bank is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status, or any other legally protected status.

Pay Range: $4,807.69 - $5,000.00/Biweekly, Which annualizes to $125,000.00 - $130,000.00