Job Description

The AML/CFT Officer at Community Bank is responsible for overseeing and implementing the institution’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) compliance program, ensuring adherence to all relevant regulations by leading the team tasked with monitoring transactions, identifying suspicious activity, filing necessary reports, and maintaining robust customer due diligence practices to combat financial crimes like money laundering and terrorist financing; acting as a key point of contact for internal stakeholders and regulatory agencies regarding AML/CFT compliance matters.

The AML/CFT Officer will report to the Chief Banking Officer.

The position is located in Flowood, MS and is not eligible for remote work.

Key Responsibilities:

• Risk Assessment and Policy Development:
  • Conduct regular risk assessments to identify potential AML/CFT vulnerabilities within the bank.
  • Develop, implement, and maintain comprehensive AML/CFT policies and procedures aligned with regulatory requirements.
  • Update policies to reflect changes in regulations and industry best practices.
• Customer Due Diligence (CDD):
  • Oversee customer onboarding process, including thorough KYC (Know Your Customer) verifications. This includes approval of Non-US persons.
  • Monitor customer activity for suspicious transactions and patterns.
  • Conduct enhanced due diligence on high-risk customers or transactions.
  • Ensure compliance with the Office of Foreign Asset Control (OFAC) regulations.
• Transaction Monitoring:
  • Utilize AML software to monitor transactions for potential red flags and suspicious activity.
  • Investigate and report suspicious activity to relevant authorities through Suspicious Activity Reports (SARs).
  • Establish and maintain transaction monitoring thresholds.
  • Monitor high-risk and money service businesses on an on-going basis.
• Compliance Training and Awareness:
  • Design and deliver AML/CFT training programs for bank employees at all levels.
  • Ensure staff are aware of AML/CFT policies and procedures, reporting requirements, and red flags.
• Regulatory Reporting:
  • Prepare and submit required AML/CFT reports to regulatory agencies according to established timelines.
  • Maintain accurate records and documentation to support compliance with regulatory audits.
  • Comply with FinCEN 314(a) and 314(b) rules and procedures.
• Internal Controls and Audits:
  • Conduct regular internal review of AML/CFT compliance programs to identify weaknesses and areas for improvement.
  • Implement corrective actions to address identified deficiencies.

Required Skills and Qualifications:

• Bachelor’s degree in finance, accounting, law, or related field preferred.
• Relevant experience with a financial institution or regulatory agency required.
• Certified Anti-Money Laundering Specialist (CAMS) designation preferred.
• In-depth knowledge of AML/CFT regulations, including the Bank Secrecy Act (BSA) and Patriot Act.
• Prior experience with Verafin and Silverlake strongly preferred.
• Strong analytical skills to identify suspicious activity and trends.
• Excellent communication and interpersonal skills to lead team and collaborate with various departments and regulatory agencies.
• Detail-oriented with strong organizational skills to manage complex data and reporting requirements.
• Ability to manage department independently with a strong focus on staff development.

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