SmartSuite for the Financial Crime Compliance Officer
The Financial Crime Compliance Officer, often the BSA/AML Officer, owns the programme that prevents money laundering, sanctions breaches and terrorist financing: the risk assessment, customer due diligence standards, transaction monitoring, suspicious activity reporting and regulator engagement.
What you own
- Maintain the enterprise financial crime risk assessment
- Set customer due diligence and enhanced due diligence standards
- Oversee transaction monitoring, alert handling and case investigation
- File suspicious activity reports and manage regulator engagement
- Operate sanctions screening and escalation
- Deliver AML training and independent testing coordination
- Report programme effectiveness to the board
Where the role sits
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Reports to
Direct reports
Works closely with
GRC processes
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Owns
accountable for the process
Touches
contributes or approves
Depends on
consumes its output
How SmartSuite helps, suite by suite
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Suites that serve this role
How SmartSuite supports this role
Risk management. Holds the financial crime risk assessment as a scored register by product, customer type, geography and channel.
Compliance management. Maps AML and sanctions obligations to controls and tracks testing and evidence for examinations.
Issues and actions. Manages alerts, investigations and SAR decisions as cases with audit trails and restricted access.
Reporting. Reports programme metrics, open cases and examination findings to the board and regulators.
Industry reference
The Bank Secrecy Act and FinCEN's rules (31 CFR Chapter X), as amended by the AML Act of 2020, define the programme: a risk assessment, customer due diligence, transaction monitoring, suspicious activity reporting and independent testing. The FFIEC BSA/AML Examination Manual is the examiner's checklist; OFAC rules govern sanctions screening. The FATF Recommendations set the international baseline, implemented in the EU's AML package and the UK's Money Laundering Regulations.
The role is concentrated in banking, broker-dealers (FINRA Rule 3310), money services businesses, insurers and crypto-asset firms, with lighter duties for designated non-financial businesses such as real estate and legal services.
In their words
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