What are the responsibilities and job description for the VP Transaction Monitoring Lead position at Commonwealth Business Bank?
POSITION TITLE: Transaction Monitoring Team Lead
CORPORATE TITLE: Vice President
DEPARTMENT: BSA
REPORTS TO: BSA Officer
COMPLIANCE STATEMENT
Adheres to Bank policies and procedures and complies with all State and Federal banking regulatory requirements, including but not limited to Sarbanes-Oxley Act, Bank Secrecy Act, Anti-Money Laundering, OFAC, Customers Right to Privacy Act, Regulation D, Regulation DD/Truth in savings, USA Patriot Act, CIP, Elder Care, Sexual Harassment, Information Security and Privacy requirements as they pertain to this position.
POSITION OVERVIEW
The Transaction Monitoring (TM) Team Lead is responsible for overseeing the daily operations of the Bank’s Transaction Monitoring program. This leadership role includes managing a team of analysts who review and disposition alerts generated by the Bank’s monitoring systems. The TM Team Lead ensures that all alert reviews are conducted in accordance with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations, and internal policies and procedures. The role requires strong analytical skills, leadership capabilities, and a deep understanding of regulatory expectations related to suspicious activity detection and reporting.
KEY RESPONSIBILITIES
- Lead and manage the Transaction Monitoring team, including hiring, training, performance management, and professional development.
- Oversee the timely and accurate review and disposition of transaction monitoring alerts. Conducting quality control and quality assurance checks to ensure accuracy, completeness, ensuring all alert reviews are documented clearly and meet regulatory and audit standards.
- Review and approve data validation and reconciliation. Ensuring that transactional data is accurate and complete.
- Monitor team productivity and quality, ensuring adherence to internal procedures and regulatory requirements.
- Escalate potentially suspicious activity to the appropriate internal stakeholders for further investigation.
- Collaborate with the BSA Officer and other compliance leaders to enhance monitoring rules and system effectiveness.
- Maintain and update TM procedures and workflows to reflect regulatory changes and best practices.
- Provide guidance and support to analysts on complex cases and regulatory interpretations.
- Prepare and deliver reports on TM team performance, alert trends, and risk indicators.
- Participate in internal and external audits and regulatory examinations related to transaction monitoring.
- Ensure completion of all assigned training for self and team members.
- Support cross-functional initiatives and projects related to AML compliance and risk mitigation.
SKILLS / QUALIFICATIONS
- Minimum of 6 years’ experience in BSA/AML compliance, with at least 2 years in a leadership or supervisory role.
- Strong knowledge of transaction monitoring systems and alert dispositioning standards.
- Bachelor’s degree in Business, Finance, Criminal Justice, or related field preferred.
- CAMS Certification or equivalent preferred
- Excellent analytical, organizational, and problem-solving skills.
- Strong verbal and written communication skills.
- Ability to lead and motivate a team in a fast-paced environment.
- Proficiency in Microsoft Office and AML systems (e.g., BAM/BAM , FIS IBS).
- High level of integrity, confidentiality, and professionalism.
NAME: __________________________________________________ DATE: ____________________
SIGNATURE: ___________________________________________
Salary : $90,000 - $110,000