Bank Secrecy Act Compliance Officer, Forma
A modern-day benefits platform
Open for applications
A modern-day benefits platform
101-200 employees
Open for applications
101-200 employees
Company mission
To give every employee the ability to integrate work and life seamlessly.
Role
Who you are
- A deep understanding of the Bank Secrecy Act, Anti-Money Laundering (AML) laws, USA PATRIOT Act, and other relevant regulations and guidelines
- Awareness of global AML standards, such as those set by the Financial Action Task Force (FATF)
- Ability to analyze complex data, identify patterns, and detect unusual or suspicious activity
- Proficiency in using compliance and transaction monitoring systems
- Strong attention to detail to ensure accurate reporting and documentation
- Ability to scrutinize transactions and customer behavior for signs of potential non-compliance
- Excellent written and verbal communication skills to clearly convey compliance requirements and findings to various stakeholders
- Ability to provide training and education to staff on BSA/AML topics
- Aptitude for identifying compliance issues and developing solutions to mitigate risks
- Critical thinking skills to address complex regulatory challenges
- Familiarity with financial compliance software and systems used for transaction monitoring and reporting
- Basic understanding of data analysis tools and techniques
- Ability to conduct risk assessments and develop risk mitigation strategies
- Understanding of the risk landscape related to money laundering and financial crimes
- 5-7 years of experience in a compliance role, preferably within the financial services industry
- Prior experience specifically in BSA/AML compliance or financial crime prevention is highly desirable
- A bachelor’s degree in finance, business administration, law, or a related field
- Advanced degrees or certifications, such as Certified Anti-Money Laundering Specialist (CAMS) or Certified Regulatory Compliance Manager (CRCM)
- Experience working with regulatory agencies or within regulated industries
- Experience managing compliance teams or projects, including training and mentoring junior staff
- Experience conducting audits, investigations, or assessments related to financial compliance
What the job involves
- The Compliance Officer will design and execute Forma’s compliance function to meet bank and regulatory requirements, and to support Forma’s future growth and product innovation
- You will design, implement, and manage core elements of a robust regulatory compliance program
- This will involve developing a roadmap for implementation of initiatives, ensuring all key stakeholders are brought into the delivery plan, and managing delivery in an agile and risk-based manner
- You will manage Forma’s policies and procedures , and serve as the BSA officer for external responsibilities
- This is a player-coach role with a future opportunity to expand and lead the compliance team
- Design and implement policies and procedures to ensure compliance with the BSA, Anti-Money Laundering (AML) laws, and other regulatory requirements
- Establishing a comprehensive compliance program that includes risk assessments, training, and monitoring
- Monitor transactions for suspicious activities that could indicate money laundering, terrorist financing, or other illegal activities
- Provide UAR (Unusual Activity Reporting) to banking partners for possible SAR filings
- Provide training on BSA/AML regulations and the institution's policies and procedures
- Conduct regular audits and independent testing of the BSA/AML compliance program to ensure its effectiveness
- Act as the primary point of contact with regulatory bodies and banking partners regarding BSA/AML issues
- Maintain comprehensive records of compliance activities, including training, audits, reports, and any actions taken in response to suspicious activities
- Conduct periodic risk assessments to identify and assess the institution's vulnerabilities to money laundering and financial crimes
- Report to senior management and the board of directors on the status of the BSA/AML compliance program
Our take
Forma is looking to reimagine the employee benefits model. The company helps HR departments select the right benefits, and by leveraging its vendor network, also offer these at a more affordable cost. Forma then also helps employees make smarter, more transparent decisions regarding their health and wellness work benefits.
With generations X and Z dominating the workforce, benefits expectations are rapidly changing. Add to that the upheaval of employee expectations precipitated by the switch to hybrid workforces, and many HR departments have struggled to keep pace with the rate of change. Unused benefits, and enquiries from under-informed employees, eat up both time and resources that undermine the efficiency and credibility of a businesses’ benefits program. Therefore, Forma's solution to this should be appealing for employers and employees alike.
Testament to the efficacy of its model, Forma was only founded in 2017 as Twic, and already boasts the likes of Zoom, Stripe, and DataDog among its customers. With the nature of modern workforces still in flux, Forma look well-placed to be catering to an adaptive, demanding new benefits landscape.
Steph
Company Specialist
Insights
Company
Funding (1 round)
Mar 2022
$40m
SERIES B
Total funding: $40m
Company benefits
- Remote Friendly
- Health Care
- Flexible PTO
- Parental Leave
- Lifestyle Stipend
- Team Building Stipend
- Productivity Stipend
- Career Opportunities
Company values
- We never Settle
- We raise each other's bars
- We've got you
- We own our work
Company HQ
Civic Center, San Francisco, CA
Articles
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