Assistant BSA Officer
Assistant BSA Officer
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$ 110000 - 150000
1 Vacancy
Job Description
About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be Americas Small Business Bank. Our products help customers buy build and expand their business and our highyield savings and CD products help them grow their hardearned money. At Live Oak we never lose sight of the wellbeing of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined and we seek those who embody and embrace what it takes to empower the American dream.
How This Role impacts Live Oak and its People
The Assistant BSA Officer working alongside the boardappointed AML/BSA Officer and a small but highly effective team in second line compliance is responsible for managing all facets of suspicious activity detection investigation and reporting as it applies to AML BSA OFAC CTF prevention. This position helps develop procedures and policies to ensure compliance with the BSA USA Patriot Act and all other implementing regulations.
What Youll Do at Live Oak
Assist with the development and maintenance of the enterprise BSA/AML/CTF program to ensure ongoing compliance with BSA/AML and OFAC Regulations.
Assist in managing the BSA program to ensure that all department monitoring investigation data validation reporting and recordkeeping functions are performed.
Supervises assigned department staff coordinates staff for coverage in assigned areas of the department and is fully knowledgeable and skilled in all areas of the department.
Provide advice and guidance to other teams and key stakeholders regionally and globally on BSA AML/CTF and OFAC sanctions regulations.
Assist in preparing quarterly compliance reports to the Compliance Committee Corporate Risk Committee and the Audit and Risk Committee of the Banks Board of Directors.
Challenge first line teams on the development of controls and provide approvals on any control changes new products or features.
Represent BSA/AML and Sanctions compliance oversight both internally and externally to regulators auditors and partners.
Representing the AML/BSA Officer as required ensuring that there is strong oversight of all compliance operations including AML Fraud Sanctions KYC/CDD and EDD.
Assist with the development and updating the BSA/AML and Sanctions Risk Assessment.
Proactively identifying key areas of risk and work with first line teams in the development of mitigation plans.
Serve as the Banks subject matter expert on BSA/AML/OFAC related systems controls and thirdparty vendors.
How Youll Do It
Work with vendors project management and other industry resources to identify implement maintain and tune models used in the BSA/AML department.
Remain current on national and global BSA/AML trends to incorporate into daily activities as appropriate.
Monitor existing BSA models/strategies and ensure they meet falsepositive and detection rate criteria.
Explain variances and recommend remedial actions.
Assist in the implementation of new BSA/AML/CFT/OFAC strategies to mitigate BSA risks associated with online banking activity.
Serve as a department Subject Matter Expert (SME) and point of escalation for team members.
Mentor team members
Required and Preferred Experience
A bachelors degree Required
10 or more years of BSA/AML/CTF/OFAC analysis experience Required
Must have strong working knowledge of money laundering methods money laundering typologies and suspicious activity monitoring systems. Required
Professional Certifications (CAMS CFE etc. Required
Our Values
Dedication:Possess a deep commitment to Live Oak Banks mission and core values exemplified through a strong work ethic adaptability and pride in your work.
Ownership:Take initiative to deliver positive results by proactively and creatively solving problems while maintaining a high degree of quality.
Respect:Treat everyone courtesy politeness and kindness.
Innovation:Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
Teamwork: Foster collaboration accountability and trust with others and understand that together we do more
For a detailed overview of our employee benefits please visit: Oak Bank is an Affirmative Action and Equal Opportunity Employer Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race color religion sex sexual orientation gender identity national origin age genetic information veteran status or disability. Equal access to programs service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at.
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills experience and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employerpaid sick leave including but not limited to Arizona California Colorado District of Columbia Maine Maryland Massachusetts Michigan Nevada New Jersey New Mexico New York Oregon Rhode Island Vermont and Washington.
Required Experience:
Unclear Seniority
Employment Type
Full-Time
