The Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Department's Financial Crimes Risk and Governance Manager (Manager) must have a high-level of expertise within BSA/AML compliance, economic sanctions, and other related financial crimes laws and regulations, directives, guidance, and best practices.
This Manager will be responsible for leading and developing a team that will leading the efforts around developing, enhancing, and maintaining a number of risk management and governance related tasks such as the enterprise-wide BSA/AML and Office of Foreign Assets Control (OFAC) risk assessments; BSA/AML Department policies and programs, procedures, and other controls based on regulatory/policy changes, risk assessment results, audit and exam findings, etc; develop Key Risk/Performance Indicators and other management reports; Committee and Board reporting; proactive and risk-based AML transaction monitoring, OFAC screening, and higher risk customer categories and identification; etc. This Manager will evaluate and execute against new BSA/AML, OFAC, or other regulatory changes, guidance, and industry best practices, such as the AML Act of 2020. This Manager will also oversee the execution of a Quality Assurance program focused on BSA/AML and OFAC compliance, as well as, the enterprise-wide BSA/AML and OFAC training program. This Manager will support the other BSA/AML Department teams in developing, enhancing, and executing upon control and process improvements, as well as, assist with other projects impacting the BSA/AML Department.
Finally, this Manager must have a risk-based and innovative mindset, while also the ability to work collaboratively with other BSA/AML Department managers and team members to influence change.
Duties & Responsibilities
Lead and develop a strong and proactive Financial Crimes Risk and Governance team
Conduct and prepare the enterprise-wide BSA/AML, OFAC, and other targeted risk assessments
Review BSA/AML and OFAC risk related to new and expansion of existing products and services
Develop, enhance, and maintain policies, procedures, and processes, where applicable. Maintain an up-to-date library of each business unit's BSA/AML and OFAC policies, procedures, and other controls
Develop and deliver reports for ongoing risk assessment activities. Analyze and summarize report findings for Board and/or senior management review
Proactively identify BSA/AML and OFAC key risks and mitigating factors throughout the organization
Develop, enhance, and maintain the enterprise-wide BSA/AML and OFAC training program
Develop and maintain an enterprise-wide Quality Assurance testing program focused on BSA/AML and OFAC compliance
Monitor and stay current with BSA/AML and OFAC regulatory, industry developments, and best practices. Provide an impact analysis on new and amended laws, regulations, and regulatory guidance. Provide input to BSA/AML and OFAC staff, Bank employees, the Board, Senior Management, etc., of emerging issues and interpretation of regulations
Assist in the analysis and implementation of risk-based AML monitoring and EDD reviews that align with the AML Act of 2020, particularly the AML/Counter-Terrorist Financing National Priorities
Develop Key Risk and Performance Indicators to monitor effectiveness and efficiency
Coordinate BSA/AML and OFAC internal audits, regulatory examination, and other testing processes
Track the status of regulatory, audit, and self-identified BSA/AML-related program deficiencies
Assist with other projects related to the BSA/AML program
Build strong, open relationships with the Lines of Business
Assist, where applicable, with fraud detection strategies and effectiveness
Regular reporting (written and verbal) to senior management, executive management, and the Executive Compliance Committee in a clear, concise manner
Manage and develop team members' skills and technical expertise to meet oncoming risks and business changes
WHAT YOU'LL BRING
Federal Regulations, specifically regulations implemented and enforced by FinCEN and the federal functional regulators
Experience managing people and complex projects
Good oral and written communication skills
Attend compliance related meetings with business partners at the various bank regions, as applicable, in relation to the Regulatory Compliance Program
This position requires the ability to assess BSA/AML and OFAC risk in current and new bank initiatives while providing easy to understand guidance to business staff and senior management
WHY IT MATTERS
With recent changes to the BSA/AML regulatory space through passage of the AML Act of 2020, strong employees with a mindset that is risk-based and innovative are in need more than ever. The Financial Crimes Risk and Governance team is critical for the BSA/AML Department. Having a risk-based and innovative BSA/AML program gives Busey a competitive advantage over its competitors, while also playing an important role in protecting the bank and financial industry from criminals. In today's regulatory environment, identifying and mitigating financial crimes risk before it becomes a bigger issue, not only protects income, it builds up Busey's reputation with its customers. A strong reputation leads to customer retention and new customer acquisition. You will lead and curate this team of BSA/AML and OFAC professionals. You will also be a partner to Busey's business lines and key to their success and the success of Busey.
EDUCATION & TRAINING
Bachelor's degree is required
Graduate degree preferred (MBA, J.D.)
5+ years experience in a senior position and/or leading teams focused on BSA/AML and OFAC risk management and governance within financial services is required. A combination of this experience, as well as, AML investigations, EDD reviews, and other similar experience, is preferred
10+ years experience in banking, compliance, risk management, audit, regulatory, or a related field within financial services OR an equivalent combination of education and experience is required
Professional certification (e.g., CAMS, CFE, etc.) preferred
Busey believes that diversity and inclusion among our teammates is critical to our success as a company, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool.
Equal Opportunity Employment is a priority for Busey and all qualified applicants will receive consideration regardless of race, color, religion, national origin, genetic information, sex (including pregnancy), age, sexual orientation, gender (including gender identity and expression), marital status, military status, veterans status, citizenship status, disability, order of protection or any other characteristic protected by applicable law or other non-merit based factors.
As of June 30, 2019, First Busey Corporation (Nasdaq: BUSE) was a $9.61 billion financial holding company headquartered in Champaign, Illinois.
Busey Bank, a wholly-owned bank subsidiary with total assets of $7.66 billion as of June 30, 2019, is headquartered in Champaign, Illinois and has 44 banking centers serving Illinois, 13 banking centers in the St. Louis, Missouri metropolitan area, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through the Busey Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of June 30, 2019, assets under care were approximately $7.47 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 28 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 4,000 agent locations in 43 states. More information about FirsTech, Inc. can be found at firstechpayments.com.
Busey Bank was named among Forbes' 2019 Best-In-State Banks—one of five in Illinois and 173 from across the country, equivalent to 2.8% of all banks. ...Best-In-State Banks are awarded for exceptional customer experiences as determined by a survey sample of 25,000+ banking customers who rated banks on trust, terms and conditions, branch services, digital services and financial advice.
TheBANK of Edwardsville, a wholly-owned bank subsidiary of the Company with total assets of $1.95 billion as of June 30, 2019, is headquartered in Edwardsville, Illinois and has 19 banking centers. Through TheBANK of Edwardsville Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of June 30, 2019, assets under care were approximately $1.50 billion.
For more information about us, visit busey.com and 4thebank.com.