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Compliance Officer

Company: Prospect Bank
Location: Terre Haute
Posted on: May 19, 2023

Job Description:

Job Title: Compliance Officer Region: 77 – Administrative
Reports To: W. Eric Volkmann, President & CEO FLSA Status: Exempt
Prepared By: Administrative Services Prepared Date: 04/19/2023

Summary: This position is responsible for ensuring the Bank maintains adequate credit, market, and operational risk, thus ensuring the Bank is in full compliance with all banking laws, regulations, and internal policies and procedures. Serves as an advisor to Senior Management in the areas of risk, finance, and accounting; makes recommendations to reduce risk exposure in the areas of asset/liability, credit, operational, and compliance. Promotes business for the Bank by maintaining good customer relations and referring customers to appropriate staff for new services. The position of Compliance Officer works with the Bank's Risk Management Team in attaining established compliance goals as directed by the CEO and the Board of Directors.

Essential Duties and Responsibilities:

  • Acts as the Bank's BSA Officer:

    • Oversees all aspects of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) programs.
    • Review and submit Currency Transaction Reports (CTRs), Designations of Exempt Persons (DOEPs), and Suspicious Activity Reports (SARs).
    • Maintain and review the Bank's Customer Identification Program.
    • Monitor and review high-risk customers and accounts.
    • Retrieve new FinCEN and OFAC lists and disperse them appropriately.

    • Acts as the Bank's Community Reinvestment Act (CRA) Officer:

      • Maintain the Bank's CRA Public File.
      • Monitor the bank's CRA Performance and make recommendations for changes, if necessary.
      • Monitor Community Development lending and services activity.

      • Research and respond to Compliance and Security questions from customers and staff.
      • Research and interpret new Compliance Regulations for needed Regulatory changes and procedure changes. Work with Administrative Services Department to implement changes within the required time frame.
      • Review advertisements, disclosures, and product brochures for adherence to banking regulations.
      • Gather information in coordination with the Risk Management Team for Safety & Soundness, BSA, Compliance, CRA, IT and Trust Exams, and various Audits.
      • Respond to Auditors and Examiners reports in coordination with Risk Management Team.
      • Report to the Board, monthly and quarterly, on regulatory changes and bank performance in areas of responsibility.
      • Monitor and/or create Bank policies for necessary Regulatory updates and/or changes as needed. Review policies annually and submit to Board for approval.
      • Fulfills other duties, projects or processes as assigned.

        Supervisory Responsibilities: There are no supervisory responsibilities for Compliance Officer

        Qualifications: Bachelor's degree (B. A.) from a four-year College or university; or five years related experience and/or training; or equivalent combination of education and experience. Knowledge of Bank Regulations is required. Knowledge of FISERV programs, analytical approach to problem-solving, and ability to evaluate, identify issues and trends, evaluate alternatives, and recommend comprehensive and innovative solutions to complex problems preferred.
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Keywords: Prospect Bank, Terre Haute , Compliance Officer, Accounting, Auditing , Terre Haute, Indiana

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