The AML/CFT/OFAC Compliance Officer is responsible for developing, implementing, administering, and maintaining all aspects of the Anti-Money Laundering (AML), Anti-Fraud and Economic Sanctions Compliance Program(s) in order to ensure a high level of compliance with the relevant U.S. laws and regulations. The AML/CFT/OFAC Compliance Officer is required to be fully knowledgeable with all applicable regulatory requirements and be able to independently recognize, develop, and implement bespoke compliance related solutions for the Bank’s AML/CFT/OFAC and Anti-Fraud Compliance Program(s). The AML/CFT/OFAC Compliance Officer is expected to support and advise business and operational stakeholders with the development of appropriate controls within their respective lines of business and/or functions. The AML/CFT/OFAC Compliance Officer will report to the SVP Chief Compliance Officer.
Along with the key functions listed below, this position will be expected to uphold the value that Washington Federal places on simply being kind when working alongside colleagues and servicing our clients.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned
Coordinate and oversee effective AML/CFT/OFAC and Fraud Compliance Program(s) in line with industry best practices, relevant rules and regulations, regulatory expectations, and the Bank’s unique business strategy.
Oversee all AML/CFT/OFAC compliance operations including, but not limited to, the transaction monitoring system, investigations, risk assessments, CIP/CDD/EDD program, training, policies and procedures, and regulatory reporting.
Provide and maintain a compliant working environment by adhering to all relevant laws, regulations, and ethical standards, as well as leading by example.
Assisting senior management in fostering a culture of compliance throughout the organization.
Directly manage and develop AML/CFT/OFAC and Fraud personnel, ensuring adherence to Bank’s policies and procedures, rules and regulations, professional expectations and adherence to the Bank’s core values.
Regulatory change management- Monitors and analyzes developing changes to laws and regulations pertaining to the BSA/AML/OFAC/USA Patriot Act. Advises stakeholders of new or amended laws, regulations, or agency guidance and recommends and implements changes and controls to mitigate those risks.
Conduct AML/CFT/OFAC and Fraud risk assessments at least annually in line with industry guidance and regulatory expectations with consideration to products, services, customers, and geographies that may present heightened risks.
Responsible for ensuring all required regulatory reporting is conducted in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), as well as timely administration of314(a) and 314(b) procedures, processes, and reporting.
Act as liaison/contact for regulatory examinations and internal and external independent reviews or audits of the AML/CFT/OFAC and Fraud compliance programs. Coordinate response to exam and audit concerns and oversee corrective actions arising from any related compliance deficiencies.
Regularly apprises the bank's Board of Directors and senior management of ongoing compliance with BSA/AML related requirements including compliance initiatives, identified compliance deficiencies, corrective action taken, and Suspicious Activity Reports (SARs) filed.
Responsible in collaboration with the Training Department, for administration of AML/CFT/OFAC and Fraud related training programs to Directors, Management, and Employees.
Advise Management on the BSA/AML/OFAC risks related to expansion into new products, services, and markets.
Continually reviews and refines alert thresholds and organizational configurations in the transactional monitoring system to ensure alerts are appropriately set and suspicious activity is detected as expected.
Maintains and updates documentation and justification of alert thresholds.
Evaluates processes and makes recommendations to gain optimal efficiencies using available systems, tools, and resources.
Manages the vendor, process, and documentation for required model validations.
Oversees all the bank’s functional areas with respect to suspicious activity investigations.
Serves as a decision maker in conjunction with other designated individuals on possible suspicious activity and Suspicious Activity Report (SAR) decisions and ensures SARs are properly filed and reported to the Board of Directors.
Makes determinations and communicates decisions on termination of account relationships or refusal of new relationships because of unacceptable BSA and/or OFAC risk.
Leads and monitors the process for maintaining and administering the bank's customer identification program (CIP), customer due diligence (CDD)/beneficial ownership, and enhanced due diligence (EDD) requirements.
Leads the process for maintaining and administering the bank's Office of Foreign Assets Control (OFAC) compliance program for all functional areas of the bank.
Manages the identification and monitoring of customers at high risk of money laundering and
Provides oversight and strategic direction for the Bank’s fraud program and serves as the next level manager over the Bank’s Fraud Manager.
Works with the Fraud Manager to analyze trends to identify emerging fraudulent schemes or risks and proactively recommends measures to reduce exposure and limit liability.
Perform other compliance related duties as required.
Bachelor of Science or Bachelor of Arts degree. Certified as an Anti-Money Laundering Specialist (CAMS) preferred. If not, CAMS certified, must be eligible to sit for the exam and obtain certification within one year of employment.
Minimum of ten (10) years of prior financial institution BSA compliance experience in developing and implementing BSA/AML//OFAC/Anti-Fraud policies, procedures, and programs.
Extensive knowledge of Bank Secrecy Act /Anti-Money Laundering / USA PATRIOT Act/ OFAC/Anti-Fraud regulations and leading industry practices.
General knowledge and understanding of bank deposit operations, lending activities, and consumer banking and compliance functions.
Minimum of five (5) years direct supervisory / management experience.
Strong interpersonal, communication (written and verbal), and organizational skills with the ability to work independently, as well as collaboratively within a team environment.
Ability to interact effectively with all levels of management, legal counsel, law enforcement, regulators and internal auditors while maintaining strict confidentiality.
Strong decision making, analytical and investigative abilities with attention to detail and accuracy.
Proficient in Microsoft Office Suite (Word, Excel), and aptitude for learning other software applications (bank platforms).
Strong organization skills.
Focus, attention to detail and problem-solving skills required.
Ability to manage and conduct logical investigations.
Excellent decision-making ability.
Ability to train, build, motivate and develop teams.
Prior experience with bank regulators and responding to regulatory matters preferred.
Self-motivated and results oriented.
Ability to work well with business counterparts.
Effectively handle management and administration duties related to BSA/AML employees, including providing performance and salary reviews, disciplinary action, and employee recognition.
Experience with mid-size banking organizations or the Mid-Size Bank Coalition would be beneficial, but not required.
At WaFd Bank you get all of these great benefits!
Paid time off for vacation, sick days and holidays
Health insurance
Stock options
Bonus programs
Generous 7% 401(k) employer matching*
Paid Parental Leave
Life and AD&D insurance
Long-term disability
Tuition Reimbursement
Employee assistance programs
Pre-tax health and dependent-care spending plans
WaFd Bank Benefits Summary - Click here for more information
We are committed to Equal Employment Opportunity and Affirmative Action. We recruit, hire, train and promote persons in all job titles and ensure that all other personnel actions are administered without regard to race, color, religion, sex, sexual orientation, gender identity, military and/or veteran status, or disability in accordance with Executive Order 11246, Section 503 of the Rehabilitation Act of 1973, as amended, and the Vietnam Era Veterans Readjustment Assistance Act of 1974, which require affirmative action to ensure equal opportunity in all aspects of employment. WaFd Bank does not discriminate on the basis of national origin or citizenship status as provided under the Immigration Reform and Control Act of 1986, or any other Federal or State legally-protected classes. WaFd Bank is committed to providing reasonable accommodations to employees and applicants with disabilities to the full extent required by the Americans with Disabilities Act (ADA). If you feel you need a reasonable accommodation pursuant to the ADA, you are encouraged to contact us at 800.324.9375