BSA Risk Manager

At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.

Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!

About Your Role

The BSA Risk Manager reports to the BSA Officer on the Bank Secrecy Act and its requirements of Anti-Money Laundering related to operations and lending. The individual will manage the enhanced due diligence (EDD) monitoring of the Bank's higher risk customers and their transactions via report review, data mining using designated BSA/AML software, the Bank's core system and other computer applications. The position is required to deal effectively and tactfully with Bank personnel at all levels, and with personnel representing regulatory agencies or audit firms.

What You Will Do

1. In conjunction with the BSA Officer, prepares/assists with the Annual BSA/AML/OFAC Risk Assessment for management and Board approval.
2. Monitors all BSA Compliance Programs related to area of responsibilities.
3. Assist in monitoring the Bank's BSA/AML Software to determine if the correct rules are in place in the Risk Module to measure money-laundering risks related to customer transactional activity, and NAICS code.
4. Assists the BSA Officer in collection, preparation, and reporting of the annual MLR for the OCC.
5. Reviews regulatory examination findings and with the BSA Officer ensures that corrective measures and recommendations are implemented and followed.
6. Manages and monitors the workflow of the BSA Risk Analysts, who perform annual reviews of high-risk customers to include identifying all necessary documents requested, review of complex documents received, annual reviews of MSB/check cashers and MSB Agent customers, review of complex documentation and periodic transactional monitoring.
7. Manages the review process of higher-risk customers in Verafin to determine, if any additional due diligence is required.
8. Assign EDD reviews to the BSA Risk Analyst and monitor progress to ensure reviews are completed in a timely manner in accordance with department procedures and standards.
9. Review and approve EDD reviews to ensure the reports accurately summarizes the activity, identify potential risks, and appropriate conclusions.
10. Through the EDD process, identify suspicious/unusual behavior or transaction patterns that pose a risk to the Bank and refer those situations to the BSA FCC Unit that is responsible for investigations.
11. Provide strong technical and operational leadership, support, and advice on BSA-related compliance issues to the centers and other operational departments.
12. Collects data as requested for internal audit and regulatory examinations.
13. Interacts with lines of business to resolve issues.
14. Develops and conducts BSA CDD/EDD training initiatives for CDD/EDD team and applicable Bank departments as appropriate.
15. Review KYC Onboarding documentation (AOQs, CIP, etc.), risk assessment, liaising with the Business and Compliance/AML teams and advising on KYC requirements.
16. Remains current on regulations pertaining to Bank Secrecy Act, Anti-Money Laundering, EDD, Fifth Pillar, to ensure Bank's compliance and advises staff accordingly.
17. Acts as a technical resource for the various business lines and staff on matters pertaining to BSAEDD and Beneficial Ownership.
18. Exercises sound judgment while examining, reviewing and documenting EDD of high-risk customers.
19. Oversees the analysis on transactional data to make determinations of high-risk activity through understanding of industry norms, historical customer activity and regulatory definitions of suspicious activity.
20. Develops, recommends enhancements or modifications to department procedures; manages maintenance of procedures and training documentation relating to BSA EDD and CDD.
21. Manages the compliance requirements for the EDD workflow to ensure files are maintained in accordance with regulations.
22. Provides leadership of direct reports through the establishment of goals and objectives, performance evaluation, mentoring and coaching, and development plans.
23. Ensures that all staff members meet compliance and disclosure requirements and are cross trained.
24. Perform other tasks as assigned by the BSA officer.

What We Expect of You

• Working knowledge of BSA/AML CDD/EDD regulatory and compliance requirements for the Beneficial Ownership rules.
• Strong knowledge of Bank and Branch operations.
• High degree of initiative & strong ability to meet principal accountabilities with limited direction.
• Proven ability to exercise good judgment in analysis and resolution of EDD & CDD documentation.
• Proficient in MS Office Suite and internet skills.
• Strong interpersonal, written, and oral communication skills.
• Proven leadership skills with the ability to effectively manage, coach for performance, and develop staff through knowledge transfer and leading by example.
• Detailed oriented with excellent research, analytical and documentation skills.

Your Qualifications

• Bachelor's Degree in business or related field preferred or equivalent work experience.
• 7+ years bank experience, and 4+ years in BSA/AML and Fraud or related Compliance or Audit experience.
• 1-3 years of leadership/supervisory experience.
• Certified Anti-Money Specialists (CAMS) designation preferred.

Internal and External Contacts

• Frequent contact with Retail Branch management staff, and Compliance Officer.
• Occasional contact with local police departments and prosecutors.
• Interaction with Retail Customer Services, Retail Support Services, Legal, and Internal Audit Department, other Business Units and service providers as necessary.

Working Conditions/Physical Requirements

Office environment. Ability to operate computer. Ability to communicate simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.