Bank compliance officers work within financial institutions to ensure they are adhering to governmental regulations and laws. These officers work closely with upper management and banking staff to guarantee the institute's policies and procedures follow these rules. Typically, these professionals have studied finance, business, or law in either undergraduate or graduate degree programs.
Job Description for a Bank Compliance Officer
A bank compliance officer is knowledgeable about governmental and financial regulations and laws. These can include regulations such as Anti-Money Laundering rules, as well as the Bank Secrecy and Fair Credit Acts. These professionals ensure a bank's policies and procedures comply with the rules associated with mortgage lending, deposits, and consumer lending.
Typically, bank compliance officers have a bachelor's degree in accounting, finance, or economics, and some may even hold a law degree. Some positions require compliance officers to be certified; several options of certification exist, including Certified Bank Compliance Officer (CBCO), Certified Regulatory Compliance Manager (CRCM), or Certified Regulatory and Compliance Professional (CRCP).
The requirements for taking exams or going through training vary; for example, taking the CRCM exam requires three years of professional experience as a compliance officers and eighty hours of approved training courses, as designated by the Institute of Certified Bankers. Additionally, some professional designations might require continuing education courses to maintain certification.
A bank compliance officer researches, implements, and manages the areas of banking regulations and laws, banking policies and procedures, consumer protection, and public interest laws. They may work closely with the Chief Operating Officer (COO) in overseeing compliance procedures and might also advise on risk management.
It's common for bank compliance officers to advise, oversee, and train the banking staff on these compliance procedures. Additionally, a banking compliance officer can issue investigations related to possible non-compliance or to ensure compliance is taking place. They can also be the main source of contact with outside audit companies.
In January 2016, PayScale.com reported that most senior compliance officers had salaries that ranged from $53,496 to $123,434 a year. The top five industries employing bank compliance officers are investment banking and brokerage companies, financial services, banking, insurance, and investment services, which all paid similar yearly salary ranges.