About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak And Its People
The Assistant BSA Officer, working alongside the board-appointed AML/BSA Officer and a small but highly effective team in second line compliance, is responsible for managing all facets of suspicious activity detection, investigation, and reporting as it applies to AML, BSA, OFAC, CTF prevention. This position helps develop procedures and policies to ensure compliance with the BSA, USA Patriot Act, and all other implementing regulations.
What You’ll Do At Live Oak
- Assist with the development and maintenance of the enterprise BSA/AML/CTF program to ensure ongoing compliance with BSA/AML and OFAC Regulations.
- Assist in managing the BSA program to ensure that all department monitoring, investigation, data validation, reporting and recordkeeping functions are performed.
- Supervises assigned department staff, coordinates staff for coverage in assigned areas of the department and is fully knowledgeable and skilled in all areas of the department.
- Provide advice and guidance to other teams and key stakeholders – regionally and globally, on BSA, AML/CTF and OFAC sanctions regulations.
- Assist in preparing quarterly compliance reports to the Compliance Committee, Corporate Risk Committee and the Audit and Risk Committee of the Bank’s Board of Directors.
- Challenge first line teams on the development of controls and provide approvals on any control changes, new products, or features.
- Represent BSA/AML and Sanctions compliance oversight both internally and externally to regulators, auditors, and partners.
- Representing the AML/BSA Officer as required ensuring that there is strong oversight of all compliance operations including AML, Fraud, Sanctions, KYC/CDD and EDD.
- Assist with the development and updating the BSA/AML and Sanctions Risk Assessment.
- Proactively identifying key areas of risk and work with first line teams in the development of mitigation plans.
- Serve as the Bank’s subject matter expert on BSA/AML/OFAC related systems, controls, and third-party vendors.
How You’ll Do It
- Work with vendors, project management, and other industry resources to identify, implement, maintain, and tune models used in the BSA/AML department.
- Remain current on national and global BSA/AML trends to incorporate into daily activities as appropriate.
- Monitor existing BSA models/strategies and ensure they meet false-positive and detection rate criteria.
- Explain variances and recommend remedial actions.
- Assist in the implementation of new BSA/AML/CFT/OFAC strategies to mitigate BSA risks associated with online banking activity.
- Serve as a department Subject Matter Expert (SME) and point of escalation for team members.
- Mentor team members
Required And Preferred Experience
- A bachelor’s degree - Required
- 10 or more years of BSA/AML/CTF/OFAC analysis experience – Required
- Must have strong working knowledge of money laundering methods, money laundering typologies, and suspicious activity monitoring systems. – Required
- Professional Certifications (CAMS, CFE, etc.…) - Required
Our Values
- Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
- Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
- Respect: Treat everyone wi.th courtesy, politeness, and kindness.
- Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
- Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more
For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $110,000.00 - $150,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
