Assistant BSA/AML & OFAC Officer

Five Star Bank•Rochester, NY

1d•Hybrid

About The Position

Purpose: The Assistant Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control (BSA/AML & OFAC) Officer supports the BSA/AML & OFAC Officer in administering and enhancing Five Star Bank’s BSA/AML and OFAC Compliance Program. This role assists in implementing compliance initiatives that align with the enterprise’s risk profile and regulatory expectations. The Assistant BSA/AML and OFAC Officer is required to be fully knowledgeable and skilled in all areas of BSA/AML/OFAC compliance. The Assistant BSA/AML & OFAC Officer plays a key role in transaction monitoring, investigations, risk assessments, regulatory reporting, management and Board reporting, and training while supporting department leadership in maintaining high levels of regulatory compliance.

Requirements

Education: Bachelor’s degree required; relevant field such as Finance, Criminal Justice, or Business preferred.
Prior Experience: 5+ years banking experience, 5+ years with an emphasis on BSA/AML/OFAC, financial crimes, or regulatory experience, prior Assistant or BSA/AML & OFAC experience preferred.
Licenses or Accreditation: CAMS or CAFP preferred.
Working knowledge of the application of BSA/AML/OFAC regulatory requirements, with a strong interest in career development in financial compliance.
Experience using BSA/AML monitoring systems and investigative tools preferred.
Experience interacting with banking regulators or auditors is a plus.
Ability to effectively escalate emerging risks and present information to management, public groups Committees, and/or Boards of Directors.
Familiarity with applicable banking laws and regulations, including the Bank Secrecy Act, OFAC regulations, and the USA PATRIOT Act.
Strong attention to detail with excellent problem-solving and investigative skills.
Proficient in Microsoft Office Suite and BSA/AML-related software platforms.
Ability to manage multiple tasks in a fast-paced environment and meet deadlines.
Effective verbal and written communication skills.
Collaborative mindset and ability to work well across teams and departments.
Excellent analytical and problem-solving skills, with the ability to interpret complex data.
Strong leadership and team management skills.
Ability to work in a demanding, fast-paced, multi-tasked environment with the ability to prioritize and meet deadlines.
Ability to handle confidential information with discretion and professionalism.
Ability to interact effectively with all levels of management, regulators and examiners while maintaining strict confidentiality.

Responsibilities

Supports the ongoing management and enhancement of the Bank’s BSA/AML and OFAC Compliance Program.
Assists with day-to-day monitoring and investigations related to suspicious and/or potentially fraudulent activity.
Supports tuning and maintenance of transaction monitoring systems and assists in system validations and upgrades.
Assists in the filing management of SARs and CTRs, ensuring timeliness and accuracy.
Participate in annual BSA/AML and OFAC risk assessments.
Assists in maintaining and enhancing the Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) programs.
Assists in the maintenance of an effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments and reviews and analyzes unusual account activity.
Supports quality control program and testing of the BSA/AML/OFAC program to ensure operational effectiveness.
Helps prepare and review reports for internal management and regulatory stakeholders.
Assists with regulatory exams and internal/external audits by preparing requested documentation and responding to findings under the direction of the BSA/AML & OFAC Officer.
Monitors changes in BSA/AML/OFAC laws and regulations and helps implement necessary updates to procedures and systems.
Participates in the delivery of BSA/AML/OFAC training to staff across the bank.
Maintains knowledge of applicable regulations and industry best practices, including FinCEN priorities, OFAC enforcement actions, and applicable sections of the USA PATRIOT Act.
Serves as a point of contact for BSA/AML/OFAC-related inquiries from internal business lines.
Performs other duties as assigned by the BSA/AML & OFAC Officer.
Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.

Benefits

Medical, Dental, and Vision Insurance
Health Savings Account
Flexible Spending Account(s)
Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity & Personal Accident
Tuition Reimbursement
Employee Referral Program
Wellness Reimbursement Program
Star Volunteer Program
Employee Banking and Financial Perks
Flexible Hybrid Work Schedule
Paid Time Off (PTO)
Company Paid Holidays