AML Team Lead

Position Overview

The AML Team Lead leads the day-to-day work of the BSA and AML team including the development, implementation, administration and maintenance of all aspects of the Bank Secrecy/Anti-Money Laundering Compliance Program. This role will manage an assigned team to ensure completion of core responsibilities are timely and accurate.

This role maintains knowledge of developing industry and compliance trends, changes to relevant laws and regulations with the ability to independently recognize, develop and implement necessary solutions.

Essential Job Functions

• Complete all AML Specialist and AML Analyst responsibilities proficiently and with a high level of accuracy, including assisting in the completion of responsibilities as needed.
• Based on direction from the AML Officer, provide oversight of day-to-day workflow of department responsibilities to ensure department and regulatory deadlines are met and workload is divided appropriately.
• Provide coaching, guidance and training for team; including new employee on-boarding and performance reviews.
• Assist with workflow to ensure effective collection of all audit/exam requests and conduct necessary follow-up for accuracy in a timely manner.

• Monitor team performance, including performing quality assurance reviews based on internal procedures and regulatory expectations, and provide coaching to support development and accuracy.

• Review regulatory reporting in compliance with BSA/AML procedures and Financial Crimes Enforcement Network (FinCEN) guidance.
• Responsible for compiling SAR committee agenda and creating meeting minutes.
• Lead the development/updating of written departmental procedures and processes.
• Based on SAR committee decisions, review, approve, and file Suspicious Activity Reports (SARs) prepared by AML team members or Fraud Investigators for completeness and compliance with regulatory expectations.
• Review and verify Currency Transaction Reports (CTRs) for completeness and accuracy prior to submission to FinCEN; submit CTRs to FinCEN.
• Adhere to BSA/AML policy and procedures, regulatory guidelines and reporting requirements.
• Assist lines of business of BSA/AML/OFAC related regulatory requirements and provide direction.
• Identify process improvements to increase efficiency and effectiveness.
• Collaborate and support Training & Development/lines of business to educate new employees about relevant BSA/OFAC regulations.
• Support BSA Officer in various responsibilities; including but not limited to completion of quarterly Board reports.
• Stay abreast of and analyze developing industry and compliance trends, changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act.
• Comply with all Company policies and procedures.
• Perform various other duties and work on various projects as assigned.

Minimum Requirements

• Two or more years of college and at least three years related BSA /AML compliance experience; or equivalent combination of education and experience.
• Strong working knowledge of the banking policies and procedures, as well as federal regulations pertaining to BSA, OFAC, AML, CIP and EDD.

Location Details

This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Actual schedule requirements may vary based upon business needs.

Compensation & Benefits

Base pay: $69,070 - $95,000

Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.

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