Understanding the Role of a BSA Officer and Head of US Consumer Bank – Financial Crime Business Oversight Compliance
Financial crime is an ongoing and significant concern within the banking industry. The misuse of banking platforms for illegal activities such as money laundering, terrorist financing, and other financial-related crimes necessitates rigorous oversight and compliance measures. In response to this need, Barclays US Consumer Bank (USCB) has developed an integral team dedicated to Financial Crime Business Oversight Compliance. This team plays a pivotal role in ensuring the bank’s compliance with all applicable laws and group policies, including the Bank Secrecy Act (BSA), USA PATRIOT Act (USPA), Office of Foreign Assets Control (OFAC) regulations, Anti-Money Laundering (AML) requirements, Anti-Bribery Corruption (ABC) laws, and Sanctions.
Key Qualifications for the Role
As is expected in such a critical position, the role demands a high level of experience and expertise. Specifically, the successful candidate is expected to have spent at least three years in a BSA Officer or Deputy BSA Officer role within a large financial services company. Moreover, five or more years’ experience working with Sanctions and BSA/AML regulations is required. An ACAMS qualification, or equivalent, is also a prerequisite for this role.
While these are the essential skills and basic qualifications, there are other desirable skills and preferred qualifications. A bachelor’s degree is preferred, and experience in the financial services or credit card industry is strongly favored. The role also calls for excellent interpersonal skills, the ability to establish and maintain good working relationships with internal stakeholders, and the ability to see projects through to completion while handling multiple projects at once.
Key Responsibilities and Accountabilities
The BSA Officer is expected to provide data-led expert oversight and challenge on business and compliance matters. Their role is to ensure that the organization is operating in compliance with Barclays’ legal, regulatory, and ethical responsibilities. This involves identifying and assessing compliance risks, investigating potential market abuse and compliance risk events, and overseeing the implementation of compliance policies and procedures. The officer is also expected to collaborate with other relevant compliance teams, legal departments, and risk management functions to ensure a comprehensive approach to compliance and risk management.
Director Expectations
As a director, the BSA Officer is expected to manage a business function, contribute to function-wide strategic initiatives, and influence policy and procedures for the function. The director role involves leading a large team, embedding a performance culture aligned to the values of the business, and providing expert advice to senior functional management. The director is also expected to focus on the external environment, regulators, and advocacy groups, to both monitor and influence on behalf of Barclays, when appropriate.
The BSA Officer role is a critical one in protecting Barclays USCB against misuse for financial crimes. It requires a high level of experience, expertise, authoritativeness, and trustworthiness (E-E-A-T). The role demands a deep understanding of the regulatory environment and the ability to effectively ensure compliance within the organization.
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