A bank secrecy act (BSA) officer works for a bank and makes sure that operations at a bank comply with the bank secrecy act. On a daily basis, the BSA officer will watch over cash transactions and make sure nothing is out of the ordinary. The officer will work to eliminate money laundering attempts. Some of the monitoring in the job is done manually, while other aspects are done with an automated system.
The officer will periodically carry out risk assessments and provide solutions in order to minimize and eliminate risks. The BSA officer will also make sure that employees are doing everything possible to minimize unlawful monetary transactions. In some positions, the BSA officer may be tasked with creating the automated system or making changes to it when necessary. Reports will also have to be presented to upper management periodically. Therefore, strong computer skills are essential. The officer will also be in charge of coming up with training classes for bank employees in order to familiarize them with information relating to the bank secrecy act. Sometimes, the officer will be able to recommend changes in bank policies in order to be able to better adhere to the BSA act policies. It is important to keep up to date with all laws relating to the position, such as the BSA act, the patriot act, and OFAC.
Strong team work and communication skills are essential, as the officer will work with a multitude of people, including upper management, other employees, outside auditors, and federal officers. A bachelor’s degree is usually needed, along with experience in the banking field.
Bank Secrecy Act (BSA) Officer Tasks
Advise management and bank personnel of emerging compliance issues and establish internal controls to management to mitigate risks.
Perform quality control reviews and monitor operations in relation to the BSA, US Patriot Act, customer identification, due diligence, money laundering, and other acts.
Develop, implement and administer the Bank Secrecy Act compliance program.
Lead, train and supervise the department staff.