SVP, BSA/Compliance Officer

Why Join The Business Bank?

At The Business Bank, we truly are what we say; we're here for our customers, and we deliver the best service with the fastest, most thoughtful solutions.

As a locally owned bank, our relationships run deep. You'll quickly get to know many of our clients by name - and our team is even closer.

We show up for each other and our community. Whether it’s attending local events together, celebrating monthly milestones, or sharing daily laughs in the office, our culture is one of connection, trust, and support.

We keep things down to earth, and we take pride in creating a workplace where people feel comfortable, appreciated, and motivated to grow. If you’re looking for a place where you can build real relationships, develop new skills, and enjoy showing up to work each day - you’ll find it here.

Job Summary
The Bank Secrecy Act and Compliance Officer (BSACO) is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program by performing various quality control reviews and monitoring in the area of Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT), Office of Foreign Assets Control (OFAC), and Customer Identification Program (CIP) compliance. The BSACO is also responsible for development and administration of the Bank Community Reinvestment Act Compliance Program any other applicable Compliance Management programs. The BSACO is responsible for advising the Board of Directors, Senior Management and other applicable Bank personnel of emerging compliance issues and guidance related to mitigation controls for identified risks. The BSACO may also engage in efforts to establish and maintain relationships with community-based, charitable and non-profit organizations.

Responsibilities

• Develops, implements, and administers all aspects of the Bank Secrecy Act Compliance Program by performing various quality control reviews and monitoring in the area of Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT), Office of Foreign Assets Control (OFAC), and Customer Identification Program (CIP) compliance.
• Develops, implements, and administers all aspects of the Bank’s Compliance Management Program and performs duties as the Bank’s Compliance Committee chairperson; makes recommendations to the Board of Directors and Senior Management of emerging compliance issues when appropriate; and consults and guides the Bank in the establishment of controls to mitigate risks; and submits annual reports to the Board of Directors detailing compliance issues.
• Utilizes industry standards and applicable regulatory guidance sampling methods to ensure the Bank’s compliance efforts are maintained on a daily basis.
• Assists independent, state and federal regulator auditor inquiries.
• Serves as liaison between Bank personnel and law enforcement authorities when responding to robberies or other crimes, administers security devices and settings at all Bank facilities; identifies, analyzes and controls existing and potential safety hazards; and provides security and safety training, support and guidance to all Bank personnel. Manages risk assessments regarding compliance program in conjunction with compliance consultant. Manages relationship with 3rd part consultants.
• Develops, implements, and administers all aspects of the Community Reinvestment Act Compliance Program by establishing, participating, and maintaining relationships with community-based, charitable, and non-profit organizations; and writes CRA-related policies, procedures and processes, including the Bank’s strategic plan.
• Advises the CEO & Audit Committee of bank personnel compliance issues and makes recommendations for controls to mitigate risks.
• Creates and maintains an adequate and effective Enterprise Risk Management (ERM) program thus ensuring the Bank is in full compliance with all banking laws, rules, regulations, and internal policies, procedures and processes; and promotes risk and regulatory compliance by identifying, quantifying, reviewing, evaluating, and measuring risk to ensure that all risk categories are identified and managed in accordance with regulatory compliance and audit requirements, approved risk tolerance, risk appetite and strategic plans approved by the Risk Committee.
• Reviews and writes BSA, AML/CFT, OFAC, and CIP related policies and procedures; makes recommendations to the Executive Management when and where appropriate; and is required to submit annual reports to the Board of Directors detailing Bank Secrecy Act or other compliance issues.
• Maintains proficient knowledge of the rules and regulations, including but not limited to, the BSA, USA Patriot Act, OFAC, Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act.
• Performs daily review, monitoring and analysis of various reports, logs and transaction data to identify trends, unusual activity and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loans payments and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
• Completes and files Suspicious Activity Reports (SARs) ensuring they are properly documented with related narrative and supporting documentation.
• Provides maintenance, follow-up and timely response to the Bank’s OFAC system and FinCEN 314(a) and (b) lists and inquiries and appropriately responds to positive hits detected by the Bank’s AML or OFAC software system.
• Identifies and mitigates potential risk issues against the Bank; assists in providing BSA, AML, OFAC and CIP compliance support; and interacts with Bank personnel pertaining to such issues.
• Oversees actions of comprehensive self-testing, independent third-party and state and federal regulatory audits; makes necessary preparations for such audits or exams; coordinates responses to external auditors and regulatory examiners; and ensures deficiencies identified from such audits and examinations are corrected.
• Reviews account opening reports for CIP compliance and accuracy; maintains database of missing information for follow up by branch personnel; and identifies, monitors and tracks high risk customers and accounts.
• Reviews Currency Transaction Reports (CTRs) completed by branch personnel for accuracy and filing, including reviewing daily currency reports to ensure CTRs have been completed for all reportable transactions.
• Ensures compliance with all applicable reporting and recordkeeping requirements and timely distribution of related materials and publications to designated personnel.
• Conducts BSA, AML, OFAC and CIP training presentations and exercises with all Bank personnel, including material presented to employees during the new hire orientation process.
• Responds to inquiries or refers inquiries to the appropriate department or person and exhibits the necessary follow through with customers and/or staff involved.
• Provides supervision and support to all areas of the department where service or assistance is needed; oversees activities of assigned department personnel; and opens and closes the department.
• Assumes responsibility for special projects, and gathers data and prepares reports for Executive Management, audits and other personnel.
• Assures compliance with all Bank policies, procedures and processes, and all applicable state and federal banking laws, rules and regulations, and adheres to Bank Secrecy Act (BSA) responsibilities that are specific to the position.
• Designs and administers annual training plans for all employees, specifically tailored to their roles and to satisfy regulatory requirements.
• The position of Bank Secrecy Act and Compliance Officer performs duties specific to the position and other functions as assigned.

Qualifications

• Bachelor’s degree ; or 10 years of related experience and/or training; or the equivalent combination of education and experience. Work related experience should consist of an in-depth background in Bank Secrecy Act compliance and supervisory skills. Educational experience, through in-house training sessions, formal school or financial industry related curriculum, should be applicable to the financial industry. Professional accreditation such as a Certified Regulatory Compliance Manager (CRCM), Certified Internal Auditor (CIA), Certified Risk Professional (CRP), and Certified Anti-Money Laundering Specialist (CAMS) is preferred.
• Advanced experience, knowledge and training in progressively responsible bank administration, management and supervisory activities.
• Intermediate experience, knowledge and training in all operational and lending activities and terminology.
• Advanced knowledge of related state and federal banking compliance regulations, Bank operational policies and procedures, and the Bank’s products and services.
• Proven ability to effectively train and instruct others in a formal classroom or one-on-one environment.
• Ability to read, analyze and interpret general business periodicals, professional journals, and technical procedures.
• Excellent organizational and time management skills, with the ability to provide leadership, supervision and training for employees using positive supervisory techniques to ensure maximum productivity; demonstrated ability in organization and delegation skills.
• Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, speak clearly to customers and employees.
• Thorough understanding of management procedures; ability to plan department or Bank activities (setting objectives, developing strategies, budgeting, and developing policies and procedures); initiative to organize various functions necessary to accomplish department or Bank activities; effectively staff (selecting, training and developing employees); directing employees towards the desired objectives (delegating, motivating, resolving problems); controlling the function (developing performance standards, measuring results, taking corrective action and rewarding employees as appropriate).
• Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.
• Ability to work with no supervision while performing duties.

Join us in safeguarding our organization’s integrity while fostering an environment of continuous improvement! We value energetic professionals committed to upholding the highest standards of compliance and financial excellence.

Benefits (effective on hire date)

• Medical, Vision, and Dental Insurance
• Health Savings Account (HSA) with Employer Contribution
• 401(k) with Employer Match
• Generous Paid Time Off (PTO) policy
• Employer-paid Life Insurance, Short and Long-term Disability, and Accidental Death and Dismemberment
• Option for additional Employee-paid Life Insurance

Pay: $125,000.00 - $140,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Parental leave
• Retirement plan
• Vision insurance

Work Location: Hybrid remote in South Burlington, VT 05403