BSA Compliance Officer

MasonWest is currently searching for an experience VP - BSA Compliance Officer for a growing Bank in Northern New Jersey.

PRIMARY PURPOSE: 

Provide strategic oversight for all aspects of the Bank’s AML/BSA/OFAC Compliance Program in order to manage AML/BSA/OFAC risk.  Advise the Bank's Director of Regulatory Compliance, Senior Management, and Bank personnel of emerging compliance issues, and strategically guide the Bank in the establishment of controls to mitigate risks.  This position provides leadership and supervision within the department, and is required to be fully knowledgeable and skilled in all areas of the department. 

1. Identify and measure the BSA/AML and OFAC risks associated with products and services offered by the Bank and design appropriate policies, procedures, systems, controls and training to address those risks.
2. Design and maintain the strategic BSA/AML and OFAC Compliance Programs encompassing all business lines. Submit Program for BOD approval annually.
3. Oversee the written BSA/AML and OFAC risk assessments (RAs) process; to be completed at least every 12 months for approval by the Bank BOD. Ensure RAs are communicated with all business lines across the bank, management and appropriate staff.
4. Review and approve the BSA/AML and OFAC RAs, periodic monitoring reports, and BSA system parameters.
5. Develop and maintain benchmarks for dashboard reporting.  Provide periodic updates to the Director, Regulatory Compliance and the Board of Directors. Highlight any potential areas of concern and propose appropriate risk mitigation response actions.
6. Prepare reports concerning BSA-related risk and activities to Director of Regulatory Compliance and the Board of Directors.
7. Ensure the timely filing of the annual Money Laundering Risk report.  Identify and resolve errors and discrepancies to ensure a complete and accurate MLR submission.
8. Provide guidance and oversight to the Assistant BSA Officer and staff.   Develop and maintain quantifiable process to routinely evaluate resource needs to maintain appropriate performance levels.
9. Monitor BSA/AML industry developments, maintain advanced knowledge of new and amended laws and regulations impacting the Program and Risk Assessment, and guides the department accordingly.
10. Drive the development and implementation of new and modified processes and/or system enhancements necessary to maintain compliance with all BSA/AML and OFAC requirements.
11. Manage all internal and external examinations of department activities, including independent testing and external examinations.   Oversee the preparation of audit and examination responses, including monitoring the completion of management commitments/corrective action.
12. In conjunction with the Director of Regulatory Compliance, develop department goals and objectives. Monitor and report progress towards completion of those goals and objectives.