A Bank Compliance Officer ensures that a bank adheres to external regulations and internal policies designed to prevent legal, ethical, or regulatory violations. Their role is crucial for managing risk and protecting the institution from financial and reputational damage. Salary $200,000.00- $225,000.00 plus bonus.
Key Responsibilities:
Regulatory Compliance:
Ensure the bank complies with local, state, and federal regulations, including anti-money laundering (AML) laws, the Bank Secrecy Act (BSA), and Know Your Customer (KYC) requirements.
Stay up to date on new regulations and laws affecting banking operations and advise management on necessary changes.
Risk Management:
Identify, assess, and mitigate compliance risks across various bank operations.
Develop and implement policies and procedures to minimize regulatory risks.
Policy Implementation:
Draft and enforce internal compliance policies, ensuring they align with current regulatory standards.
Conduct internal audits to assess the effectiveness of compliance programs.
Monitoring and Reporting:
Monitor daily banking operations for adherence to regulations.
Report any violations or potential breaches to senior management and regulatory bodies, ensuring corrective action is taken.
Training and Awareness:
Educate and train bank staff on compliance-related matters and promote a culture of compliance within the organization.
Provide guidance on handling compliance issues and advise on ethical decision-making.
Investigations:
Lead investigations into potential regulatory breaches, including issues related to fraud, suspicious transactions, or violations of financial laws.
Liaise with regulatory authorities, law enforcement, and external auditors, as necessary.
Documentation and Reporting:
Maintain comprehensive records of all compliance-related activities, audits, and reports.
Prepare and submit required regulatory filings and reports accurately and on time.
Coordination with Departments:
Work closely with the legal department, risk management, audit, and operational teams to ensure seamless compliance across the organization.
Qualifications:
Education: Bachelor's degree in finance, law, business administration, or a related field.
Certifications: Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or other relevant certifications are often preferred.
Experience: 3-5+ years of experience in compliance, banking, or a related financial field.
Knowledge: Strong understanding of financial laws, regulations, and compliance frameworks like AML, BSA, OFAC, and FATCA.
Skills:
Strong analytical and risk assessment skills.
Excellent communication and interpersonal abilities.
Detail-oriented with high ethical standards.
Ability to stay current on regulatory changes and apply them in practice.
Proficiency in compliance software tools and reporting.
Work Environment:
100% office-based, with occasional travel for training or meetings with regulatory bodies.