Job Description

AML/BSA/Compliance Officer

We are looking for an experienced AML/BSA/Compliance Officer to develop and manage a comprehensive compliance program for a community-focused financial organization in Worcester, Massachusetts. This contract position requires expertise in ensuring adherence to federal and state regulations while mitigating risks related to financial crimes. The ideal candidate will play a key role in maintaining organizational integrity and supporting affordable housing finance initiatives.

Responsibilities:

• Design and implement a risk-focused AML/BSA compliance program that meets regulatory requirements from FinCEN and the Massachusetts Division of Banks.
• Develop and formalize policies and procedures for customer due diligence, enhanced due diligence, transaction monitoring, and investor verification.
• Act as the primary liaison with regulators, providing updates and detailed risk assessments to the Board of Directors.
• Establish systems to detect suspicious activities and manage regulatory filings for compliance purposes.
• Maintain detailed documentation to ensure readiness for audits and regulatory inspections.
• Deliver annual training programs to staff, increasing awareness and understanding of AML/BSA compliance protocols.
• Conduct regular risk assessments to identify vulnerabilities in loan products and investor activities.
• Coordinate external audits of AML/BSA compliance and implement corrective actions as needed.
• Monitor and evaluate the effectiveness of compliance systems, ensuring continuous improvement.
• Ensure all compliance-related records are accurate and up-to-date for regulatory requirements.

Requirements:

• A minimum of 5 years of experience in AML, BSA, and compliance-related roles.
• In-depth knowledge of federal and state regulations governing financial institutions and affordable housing finance.
• Proven ability to design and oversee compliance programs tailored to organizational needs.
• Expertise in conducting risk assessments and implementing effective risk mitigation strategies.
• Strong skills in regulatory reporting, suspicious activity detection, and filing requirements.
• Experience coordinating audits and ensuring adherence to corrective action plans.
• Excellent communication skills, with the ability to train staff and liaise with regulators effectively.
• Familiarity with policies and procedures related to customer due diligence and transaction monitoring.

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