A Bank Secrecy Act-Anti-Money Laundering (BSA/AML) officer is primarily responsible for understanding the regulations and laws related to the Bank Secrecy Act. Using this understanding, the BSA/AML officer helps implement rules and regulations within their bank; this includes identifying parameters to ensure the bank is in compliance with the BSA/AML regulations, as well as the Patriot Act. The employee must be self-motivated, as they must monitor, explain, and adjust the bank's operations within this regulatory framework.
These officers are responsible for making sure the bank is operating as efficiently as possible within the context of the regulations. To do this, the BSA/AML officer must stay on top of regulatory changes and properly analyze their implications for the day-to-day functioning of the bank. These individuals must be able to work well on their own with very little oversight. The officer typically needs to provide detailed reports to the board of directors, several times a year.
Typically, a bachelor’s degree is required for this full-time position, along with several years of relevant work experience. A college degree is not always required, for instance, if the employee has significant experience in the banking industry (especially with experience as a certified fraud examiner or as a certified anti-money laundering specialist). A BSA/AML officer must have excellent communication skills, so they can explain details necessary for bank employees to operate within the regulatory framework.
Bank Secrecy Act-Anti-Money Laundering (BSA/AML) Officer Tasks
Develop an enterprise-wide BSA/AML risk assessment with consideration to products, services, customers, and geographies that may present BSA/AML related risks.
Direct and perform special projects or audits as directed.
Resolve issues and problems with all levels of management throughout multi-bank environments responding to issues/problems as they occur.
Implement policies, procedures, and systems to ensure comprehensive customer identification, customer due diligence, and suspicious activity monitoring and reporting.
Oversee BSA report preparation. Issue periodic reports of BSA review issues to senior and division managers.