Most of the time, assistant Bank Secrecy Act (BSA) officers work for banks. However, they may work for other financial institutions. These institutions include brokerage firms that provide banking services to their customers, in addition to investment services and stock trading platforms. BSA officers provide operational support for their BSA department. They implement the bank's BSA compliance programs. They maintain and review their institution's BSA and Office of Foreign Assets Control (OFAC) monitoring system to assure that it has appropriate tools to identify suspicious or fraudulent activities. They must also monitor their bank’s compliance with Anti-Money Laundering (AML) laws and that they have ways to recognize suspicious activities related to money laundering. They must make sure that their banks adhere to various banking and federal laws and regulations.
They must collaborate with their internal and external auditors. They review reports, compose business correspondence, and participate in various projects. In addition to complying with applicable state and federal banking regulations, they must follow bank policies, procedures, and guidelines. They must have interpersonal and leadership skills. They must have excellent oral and written communications skills. They must be proficient in Microsoft Office suite. They must be able to use computer programs specific to their job. They must continuously keep themselves up to date with various banking rules and regulations. They may have to attend conferences relevant to their job.
As officers of a bank, these employees must usually have at least a bachelor’s degree in finance or a related field, as well as years of experience. This position also typically requires numerous certifications.
Assistant Bank Secrecy Act (BSA) Officer Tasks
Develop and implement BSA, AML, and OFAC regulations, policies and procedures of the branch.
Report suspicious cases and any issues relating to non-compliance.
Assist compliance officer with OFAC and SARs searches.
Monitor EDD profile daily and record transactions in EDD system.