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If you have a money services business, compliance with the Bank Secrecy Act and Anti-Money Laundering laws (BSA/AML) should be a top priority. You can spend time consulting with compliance professionals to develop a comprehensive compliance program, which includes training, detailed best practices for every relevant role, and audit procedures. 

However, your employees only have minimal BSA/AML training, and they are generally focused on the day-to-day operations of their jobs. For this reason, it is important for many companies to have dedicated BSA/AML compliance officers and support staff to facilitate and maintain their compliance program. 

Finding the right fit for your compliance department can be challenging, but the recruitment services professionals of CorCom, LLC are here to help. 

Complicated Job Responsibilities

Many companies make the mistake of simply transitioning someone from their existing team to the role of compliance officer. However, this position has many complex responsibilities that require specialized training and experience. 

Compliance officers should implement and administer every aspect of your BSA/AML compliance program. This includes quality control reviews and monitoring to ensure your organization is meeting industry and regulatory standards with every transaction. Some responsibilities might include:

  • Assuring full compliance with internal policies and procedures, as well as any applicable federal or state regulations. 
  • Managing all aspects of the compliance program to ensure the organization is fully adhering to BSA/AML requirements.
  • Acting as the BSA/AML expert for the organization and providing guidance internally and handling regulator communications.
  • Having a full understanding of the company’s financial products and services, customers and geographic locations in order to identify unique money laundering risks for your particular operations.
  • Overseeing compliance of all employees, as well as answering to the company’s board of directors and senior management when needed. 
  • Preparing reports to submit to senior management or regulators regarding compliance issues.
  • Conducting training of all staff and management who must comply with BSA/AML regulations.
  • Routinely monitoring operations to identify any compliance issues and communicating audit results to management.
  • Keeping all BSA/AML policies and procedures up to date.
  • Helping to investigate any transactions that are reported as suspicious.
  • Filing the proper documentation for Suspicious Activity Reports and meeting all reporting requirements.
  • Monitoring high-risk accounts, customers, and transactions. 
  • Meeting all recordkeeping and reporting requirements.

In many cases, this compliance officer should have several years of experience in BSA/AML compliance, specialized training, and CAMS certification when possible. Because most people in your organization will not be focused on BSA/AML compliance, it is important that this individual be independent and motivated. 

You also need to ensure your compliance officer has the support staff they need to carry out their responsibilities. These staff members must also be carefully vetted to ensure they understand their roles and are prepared to support the officer and conduct duties as needed. 

Contact Our Recruitment Services Professionals

If you need to recruit a BSA/AML compliance officer and support staff, you want the right recruiting assistance. Contact the team at CorCom, LLC, to learn about our recruiting services today.

BSA/AML/OFAC
Development and enhancement of risk-based Compliance Programs
Consumer Protection
Consumer Protection Reviews and Gap Analysis
State Licensing
Money Transmitter License Acquisition and Maintenance

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