BSA/AML/OFAC Monitoring & Testing Compliance Team Lead

Summary:

Responsible for monitoring and testing the Bank Secrecy Act/Anti Money Laundering (BSA/AML)/OFAC/Sanctions activities on an ongoing basis to ensure applicable regulatory requirements are met. Responsible for the day-to-day activities of the Monitoring and Testing Analysts.

Qualifications:

Education: Bachelor's degree.

Licenses/Certifications: CRCM, CIA, CAMS or similar professional certifications are preferred.

Experience: Seven or more years of BSA/AML/OFAC/Sanctions experience in compliance testing/monitoring or audit within the financial services industry. Demonstrable knowledge of the regulatory environment and associated risks and proven experience of ensuring compliance with regulatory requirements. Previous managerial experience. Or equivalent combination of education and experience.

 

Essential Functions:

 

A: Job Specific:

• Leads the BSA/AML/OFAC/Sanctions testing through planning and conducting reviews to identify and manage related compliance risks, including existing and emerging risks associated with the bank's products, services, and processes.
• Assists the Monitoring and Testing Manager in identifying BSA/AML/OFAC/Sanctions reviews for inclusion in the Annual Compliance Monitoring and Testing Plan and ensures adherence to the schedule set forth in the finalized plan.
• Maintains a working knowledge of federal regulations applicable to BSA/AML/OFAC/Sanctions and ensures team member maintains such knowledge.
• Maintains and ensures testers maintain a working knowledge of the FFIEC's BSA/AML Exam Manual.
• Performs and provides oversight of tester performing both detailed transactional testing and high-level analysis to assess adequacy of the processes and controls associated with regulatory risks within the BSA/AML program.
• Completes test scripts and workpapers based on the supporting documentation reviewed and provides oversight of the tester performing the same activities.
• Documents any observations and/or exceptions noted, including supporting documentation to evidence results obtained, and provides oversight of the tester performing the same activities.
• Documents review activity and clearly articulates any potential regulatory violations, and works with management regarding presentation of findings to key stakeholders and Senior Management and provides oversight of the tester performing the same activities.
• Maintains ongoing communication with management regarding the status of tests.
• Escalates any questions or concerns to management for quick resolution and works with tester to promptly escalate questions or concerns when needed.
• Ensures issues identified from the Monitoring and Testing program are entered in the Issues Management system and monitors the status of corrective action/implementation plans to ensure they are timely and appropriately executed and validated.
• Drafts reports to communicate the results of the monitoring and testing to senior management, key stakeholders and the Board regarding the effectiveness of the processes and controls under review and provides oversight of the tester performing the same activities.
• Provides clear, concise responses to regulatory requests.
• Consults and interacts with Compliance peers, Legal, BSA/AML team, and Senior Management on an ongoing basis.
• Mentors, coaches, and develops less experienced or new compliance colleagues to facilitate team engagement.
• Partners with HR in areas of recruitment, performance evaluation and/or discipline. Partners with HR to initiate corrective action and/or development plans, evaluate performance and develop staff members.

Knowledge/Skills/Abilities:

• The ability to communicate effectively and clearly, both in verbal and written communications.
• The ability to manage multiple deadlines in a fast-paced environment, accomplishing multiple tasks and resolving competing priorities effectively.
• Excellent attention to detail and ensuring data accuracy.
• Excellent organizational skills.
• Strong analytical skills, able to dissect complex problems and synthesize large amounts of information.