MidWestOne Bank
Financial Crimes Risk Director
MidWestOne Bank, Golden Valley, Minnesota, United States,
Overview
At MidWestOne, our people are number one in everything we do. We are a community bank with a culture based on integrity and customer care. The people on our team are the foundation of our success. If you're ready to work for an organization that values you, develops your talents and helps you grow personally and professionally, then look no further.
The Financial Crimes Risk Director supports and leads the Financial Crimes Risk Management Team as the designated Corporate BSA/AML/OFAC Officer. The incumbent will provide day-to-day coverage, advice, and oversight to the bank’s Financial Crimes Risk Management Program to ensure compliance with regulatory expectations as well as internal policies and procedures. The incumbent will regularly interface with first line of defense business/operating units, other groups within the Compliance Risk Management Team, and other support functions including Legal, Risk, and Third Party Risk Management.
Responsibilities
Provide day-to-day advice on rules and regulations, BSA/AML/OFAC compliance policies and procedures, and training for our colleagues and partners in the first line of defense.
Contribute subject matter expertise on all facets of BSA/AML/OFAC compliance risk.
Collaborate with the first line of defense to identify and mitigate elevated residual BSA/AML/OFAC compliance risks and establish appropriate compliance controls related thereto.
Support the Director of Compliance in enterprise compliance risk management responsibilities, including the drafting of regulatory analysis memoranda, policies and procedures, board and senior management reporting related to BSA/AML/OFAC, and correspondence with regulators.
Monitor the regulatory and political landscape for emerging risk that would influence the Financial Crimes Risk Management space, and the bank’s regulatory tolerance related thereto.
In conjunction with other members of the Compliance Risk Management Leadership Team, implement legislative and regulatory requirements, whether new or modified; analyzing implications on the bank’s operations and activities.
Implement bank-wide and Compliance Risk Management Team projects and initiatives, whether with respect to new business, new BSA/AML/OFAC compliance programs, new or changing regulations or new tools and systems.
Develop, implement and maintain new and enhanced BSA/AML/OFAC compliance processes and controls.
Maintain BSA/AML/OFAC compliance policies and procedures.
Develop content and deliver Financial Crimes Risk Management Team trainings and presentations to our partners in the first line of defense.
Contribute to new initiative reviews, liaising with business management and support function teams (including Legal and Risk) to deliver clear guidelines to ensure new business activities operate in compliance with applicable regulatory requirements.
Develop, monitor and report on BSA/AML/OFAC compliance-centric Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs).
Create and maintain a centralized inventory of all BSA/AML/OFAC compliance risk controls.
Supervise a team of BSA/AML/OFAC compliance officers and compliance analysts; monitoring production through review of work, allocating resources, setting priorities and progressing team members’ technical skills and knowledge.
Ensure that Financial Crimes Risk Management Team meetings are appropriately memorialized through documentation (minutes/notes).
Assist in the preparation for and coordination of regulatory examinations, independent compliance audits, and second line Compliance Testing engagements.
Read, analyze and interpret governmental regulations and professional publications in relation to BSA/AML/OFAC.
Consult on various enterprise-wide projects relative to BSA/AML/OFAC compliance and regulatory risks.
Assist the Compliance Risk Management Leadership Team in the preparation of risk assessments.
Communicate effectively with colleagues on the Compliance Risk Management Team, first line of defense business partners, executive management, internal and external auditors, and regulators.
Adhere to all designated time frames, manage workflow to the specified deadlines and complete responsibilities in a satisfactory manner.
Complete all job-related training and continuing education in a timely manner, and attend seminars or continuing education, as directed.
Qualifications
Bachelor’s degree or equivalent combination of post high school education and related work experience.
10 years BSA/AML/OFAC management experience.
Prior compliance experience at a large bank subject to direct CFPB oversight and supervision preferred.
Expert-level familiarity with federal and state banking regulations preferred.
Association of Certified Anti-Money Laundering Specialists (ACAMS) preferred, Certified Fraud Examiner (CFE) preferred, or similar compliance certification.
Experience working as an examiner may be taken into consideration when determining prior senior-level compliance requirements have been met.
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The Financial Crimes Risk Director supports and leads the Financial Crimes Risk Management Team as the designated Corporate BSA/AML/OFAC Officer. The incumbent will provide day-to-day coverage, advice, and oversight to the bank’s Financial Crimes Risk Management Program to ensure compliance with regulatory expectations as well as internal policies and procedures. The incumbent will regularly interface with first line of defense business/operating units, other groups within the Compliance Risk Management Team, and other support functions including Legal, Risk, and Third Party Risk Management.
Responsibilities
Provide day-to-day advice on rules and regulations, BSA/AML/OFAC compliance policies and procedures, and training for our colleagues and partners in the first line of defense.
Contribute subject matter expertise on all facets of BSA/AML/OFAC compliance risk.
Collaborate with the first line of defense to identify and mitigate elevated residual BSA/AML/OFAC compliance risks and establish appropriate compliance controls related thereto.
Support the Director of Compliance in enterprise compliance risk management responsibilities, including the drafting of regulatory analysis memoranda, policies and procedures, board and senior management reporting related to BSA/AML/OFAC, and correspondence with regulators.
Monitor the regulatory and political landscape for emerging risk that would influence the Financial Crimes Risk Management space, and the bank’s regulatory tolerance related thereto.
In conjunction with other members of the Compliance Risk Management Leadership Team, implement legislative and regulatory requirements, whether new or modified; analyzing implications on the bank’s operations and activities.
Implement bank-wide and Compliance Risk Management Team projects and initiatives, whether with respect to new business, new BSA/AML/OFAC compliance programs, new or changing regulations or new tools and systems.
Develop, implement and maintain new and enhanced BSA/AML/OFAC compliance processes and controls.
Maintain BSA/AML/OFAC compliance policies and procedures.
Develop content and deliver Financial Crimes Risk Management Team trainings and presentations to our partners in the first line of defense.
Contribute to new initiative reviews, liaising with business management and support function teams (including Legal and Risk) to deliver clear guidelines to ensure new business activities operate in compliance with applicable regulatory requirements.
Develop, monitor and report on BSA/AML/OFAC compliance-centric Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs).
Create and maintain a centralized inventory of all BSA/AML/OFAC compliance risk controls.
Supervise a team of BSA/AML/OFAC compliance officers and compliance analysts; monitoring production through review of work, allocating resources, setting priorities and progressing team members’ technical skills and knowledge.
Ensure that Financial Crimes Risk Management Team meetings are appropriately memorialized through documentation (minutes/notes).
Assist in the preparation for and coordination of regulatory examinations, independent compliance audits, and second line Compliance Testing engagements.
Read, analyze and interpret governmental regulations and professional publications in relation to BSA/AML/OFAC.
Consult on various enterprise-wide projects relative to BSA/AML/OFAC compliance and regulatory risks.
Assist the Compliance Risk Management Leadership Team in the preparation of risk assessments.
Communicate effectively with colleagues on the Compliance Risk Management Team, first line of defense business partners, executive management, internal and external auditors, and regulators.
Adhere to all designated time frames, manage workflow to the specified deadlines and complete responsibilities in a satisfactory manner.
Complete all job-related training and continuing education in a timely manner, and attend seminars or continuing education, as directed.
Qualifications
Bachelor’s degree or equivalent combination of post high school education and related work experience.
10 years BSA/AML/OFAC management experience.
Prior compliance experience at a large bank subject to direct CFPB oversight and supervision preferred.
Expert-level familiarity with federal and state banking regulations preferred.
Association of Certified Anti-Money Laundering Specialists (ACAMS) preferred, Certified Fraud Examiner (CFE) preferred, or similar compliance certification.
Experience working as an examiner may be taken into consideration when determining prior senior-level compliance requirements have been met.
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