BSA/AML Compliance Officer
Location: Orlando, Florida Category: Banking & Finance
Our client, based in Orlando, FL and founded in 1998, operates through 30+ US retail branches. With current earnings at $50M, they anticipate doubling to $100M in 3 years. Specializing in foreign exchange tech for banks, credit unions, and businesses globally, they offer currency exchange, wire transfers, Global EFTs, and foreign cheque clearing. Their success hinges on a united team, prioritizing morale, communication, and feedback. Their harmonious approach fosters growth, work-life balance, and a family-friendly atmosphere.
The primary role of the BSA/AML Compliance Officer is to be responsible for compliance with Bank Secrecy Act (BSA), Anti-Money Laundering (AML) Compliance Program, Anti-Terrorist Financing (“ATF”) legislation, Office of Asset Control regulations, State-specific MT regulations, regulatory guidance and the broader prudential risk management of internally established policies and procedures regarding compliance. This position will have the necessary mandate, resources, and access to the Board of Directors and the Board Committees as may be required to satisfactorily perform this Mandate.
Additionally, this position is responsible for directing the compliance department in detecting unusual or suspicious activity in a timely manner and, in an effort to safeguard the integrity of the organization. This position will oversee the BSA/AML processes and alert monitoring, suspicious activity investigations, reporting, customer-enhanced due diligence, and other processes to prevent the company from being exploited by money laundering or terrorist financing.
As a seasoned BSA/AML Compliance leader, you’re driven by seeking the next innovation, not settling for mediocrity. You excel in devising strategies that uplift organizations and fearlessly tackle intricate business challenges. Learning from others is second nature, and you eagerly immerse yourself to understand complexities. In leadership, you foster trust, support teams, and grasp the nuances of public company obligations. You take pride in past achievements, value continuous learning, and radiate positivity and high energy. Adaptable and persistent, you present ideas effectively and bring innovation to serve customers. With an assertive, integrity-driven approach, you inspire peers and envision propelling the company into new markets.
Essential Functions & Responsibilities:
- Oversee and monitor to assess that adequate and effective controls and systems for AML/ATF are implemented and appropriately managed.
- Keep the organization’s AML/ATF and Sanctions Program current relative to the inherent risks (clients and business relationships, products and delivery channels, geographic locations of activity, risks associated with affiliates, new development, and technology, sanctions measures, and any other relevant factors).
- Develop and implement AML/ATF risk assessment methodologies (including to assess client risk) and ensure the methodology is applied to pertinent processes and systems consistently.
- Assess all key changes (e.g., initiatives, organizational, accountabilities, scope of business, etc.) that may have an impact on Money Laundering, Terrorist Financing, or Sanctions compliance.
Client due diligence enhanced due diligence and ongoing client monitoring processes.
- Maintain processes to monitor for sanctions and processes to identify and assess known terrorists, Designated Persons, Politically Exposed Persons (both domestic and foreign), and Heads of International Organizations.
- Identify any clients operating in prohibited countries or associated with a Designated Person and either declining to approve them as a new client or, for an existing client, presenting them for demarketing to the Management Risk Committee.
- Identify and assessing reportable transactions and ensuring they are reported to FINCEN and other State regulators as required.
- Identify sufficient resources to detect and report attempted and completed suspicious transactions and activities.
- Promote and maintain AML/ATF training programs and training plan, and guidance for employees, agents (as applicable), Senior Management and the Board and monitoring required completion.
- Report at least quarterly to the Audit & Conduct Committee and Board on the status of the AML program and significant and applicable new regulatory requirements.
- Identify potential areas of compliance vulnerabilities and risk, create strategies to identify and mitigate identified risks
- Maintain an annual planning process, present the Annual Plan to Senior Management for review and to the Board for approval and report quarterly to Senior Management and the Board on the status of the Annual Plan.
- Report to the Board and Senior Management (at least quarterly) that includes information about significant patterns or trends, the results of assessment of controls and material changes thereto, remedial action plans and recommendations, if any, with milestones and target dates of completion.
Self-assessment and Quality Assurance monitoring of AML/ATF and Sanctions controls by the BSA Compliance Officer of AML/ATF and Sanctions Program controls carried out at least annually.
AML/ATF risk assessment methodology to assess inherent risk of products and services, geographies, delivery channels, affiliates risk, new development and technology and sanctions risk, clients and transactions, and ongoing client refresh and transactions.
- Ensure that company engages to complete the independent audit at least every two years.
Handle regulator and law enforcement requests relating to ML/TF and Sanctions.
- Respond to FINCEN or state regulators in relation to AML/ATF and Sanctions matters, as required.
- Act as a lead on all compliance-related internal and external audits, preparing audit requests for independently contracted auditors, IRS and state-issued audits, and regulatory agencies that visit the company to ensure full understanding of our business.
- Provide guidance to employees, senior management and the Board on AML/ATF and Sanctions initiatives and regulatory developments.
- Maintain up-to-date information on applicable AML/ATF regulatory requirements, update relevant policies and procedures and communicating to relevant stakeholders.
- Delegate any of the above as appropriate however, this position is ultimately responsible for delegated controls and for the implementation and maintenance of the AML/ATF Program.
Ideally You Will Have:
- Proven BSA/AML compliance in financial services operations and/or regulatory experience.
- Experience in a financial institution and/or a multi-faceted foreign exchange business.
- Bachelor’s degree in business, finance, accounting, law, or related field or equivalent experience.
- Relevant certifications in AML (ACAMs).
- Knowledge of the US Regulatory environment with respect to the state MT rules and regulations.
- Demonstrated experience working with USA oversight bodies (e.g., OCC, FINTRAC, Department of Banking) and in programs they would consider effective.
- Led and directed various projects.
- Provide support, coordination, and guidance to managers/executives.
- Lead and develop an existing high-performance team and ensure succession plans are in place for the senior roles.
- Create a culture of engagement and accountability that supports our client’s vision, plan, and values, and promotes a culture of high ethical business conduct.
- Drivesmultiple projects forward with a relentless focus on delivery. Effective at removing obstacles and obtaining buy-in in the pursuit of achieving objectives with consensus.
- Enhance and implement applicable operational processes, structures and best practices that enable scale and growth.
That’s just the beginning. The working environment and culture of this company are unique and offer an outstanding opportunity for the right individual. The company will offer a competitive compensation package that is inclusive of a competitive base salary, annual bonus, 401k & comprehensive benefits.
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