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#1068238 - 10/22/08 02:42 AM Pay scale for BSA Officer
Anonymous
Unregistered

Basically, I am wondering how much I "should" be making vs what I am making. I haven't been able to find any kind of real pay scale for a BSA position and have the feeling lately that I'm really being, well, screwed over.

When I accepted the position, we were a fairly small bank ($400M) but have since grown and acquired other banks and are now at roughly $850M with twice as many branch locations. I've been in this position almost two years and was the BSA assistant for awhile before that.

I make $35000 for the position of BSA Officer. I am in the midwest in a metropolitan area. It just seems like due to the added responsibilities that come with doubling in size in a short period of time...$35k ain't cutting it as far as compensating for stress level. Oh yeah...I'm also responsible for the operations half of compliance!

Just wondering if I have a leg to stand on if I were to ask for a raise (or demand one)? It's not like anyone else wants this job (we all know it takes a special breed to love BSA!), so I have a feeling if I threated to leave I could make something happen but I would really hate to do that only to find out later that my salary wasn't really that bad and I gave up a not-so-bad job for nothing.

Thanks for any help/advice...keep in mind that I am 25 so I haven't had a world of experience but a few years is better than nothing (right?!?).

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#1068286 - 10/22/08 12:49 PM Re: Pay scale for BSA Officer Anonymous
MagicCity Offline

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MagicCity
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Fort Lauderdale, Florida
I think you should be at $60,000.00 - at a minimum.

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#1068321 - 10/22/08 01:20 PM Re: Pay scale for BSA Officer MagicCity
hrlady Offline
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Joined: Feb 2007
Posts: 127
You need to be looking at the prevailing wages for BSA officers in your own area. Rates can fluctuate widely depending on the area you live in. Check with your state banking association. Most do annual wage and benefits surveys.

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#1068322 - 10/22/08 01:21 PM Re: Pay scale for BSA Officer MagicCity
Rocky P Offline
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Joined: Jun 2003
Posts: 7,239
Florida
You may want to check out a salary website, or statistics by your CPA company, local chamber, etc.

Two sites from the past -
http://www.salary.com
http://www.salaryexpert.com
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#1068360 - 10/22/08 02:00 PM Re: Pay scale for BSA Officer Rocky P
Anonymous
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I am in your same location (midWest), at a multi billion dollar bank, and I am in charge of BSA, Security and all of Compliance with a staff of two. I make in the low 6 figures. Dude (or dudette), you are woefully underpaid. I agree that 60,000 is probably adequate compensation in your situation.

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#1068467 - 10/22/08 03:40 PM Re: Pay scale for BSA Officer Anonymous
Anonymous
Unregistered

I am in the northeast...
Small bank, 350 million in assets- but growing. 10 branches.
I am the BSA Officer and Compliance Officer.
I make around 45,000.

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#1068532 - 10/22/08 04:42 PM Re: Pay scale for BSA Officer Anonymous
Anonymous
Unregistered

I agree that you are extremely underpaid. Do you subscribe to the Regulatory Risk Monitor? They do an annual salary survey that has a TON of information in it. It breaks out avg salary in many different ways including: title, location, asset size, gender, experience, etc. I highly recommend checking this out - this would be a great thing to show to your boss to support your request for a raise.

I did a quick calculation based on the 2006 data (the newest one I have) and the info you provided (age, experience, time in job, location/asset size, title) and came up with an approximate average salary of $54,795

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#1068892 - 10/22/08 09:45 PM Re: Pay scale for BSA Officer Anonymous
Anonymous
Unregistered

Originally Posted By: Anonymous
I agree that you are extremely underpaid. Do you subscribe to the Regulatory Risk Monitor? They do an annual salary survey that has a TON of information in it. It breaks out avg salary in many different ways including: title, location, asset size, gender, experience, etc. I highly recommend checking this out - this would be a great thing to show to your boss to support your request for a raise.

I did a quick calculation based on the 2006 data (the newest one I have) and the info you provided (age, experience, time in job, location/asset size, title) and came up with an approximate average salary of $54,795


Thanks! No, I do not subscribe to that and generally my bank will not pay for subscriptions unless you are an executive officer...so that's a no go for me.

I've tried a few salary sites (inc. those listed above) and can't find any bsa listings. Does anyone know of a free (or at least cheap) site that I could get average bank salaries?

Thanks to everyone for the input. I think it's time that I take a stand on this!

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#1068957 - 10/22/08 11:36 PM Re: Pay scale for BSA Officer Anonymous
bOaty Offline
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bOaty
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Anon, if I'm not mistaken, BOL has a place in the 'Career Connect' tab that helps with salary information. I haven't gone there in quite some time but I'm pretty sure there is a link to the information that you're looking for.
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#1068958 - 10/22/08 11:39 PM Re: Pay scale for BSA Officer bOaty
bOaty Offline
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bOaty
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Chillin an grillin
Yes, if you go to the Career Connet' tab at the top, click there and then look at the right hand side of the screen & there is something that says 'Find out what you're worth'.

Good luck.

By the way, I think that you are grossly underpaid as well.
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#1069091 - 10/23/08 01:12 PM Re: Pay scale for BSA Officer bOaty
renniks Offline
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renniks
Joined: Sep 2003
Posts: 2,162
New England
Most of the salary sites like salary.com have compliance jobs listed under the "legal" jobs category. Check that area and you should find some info.

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#1069104 - 10/23/08 01:19 PM Re: Pay scale for BSA Officer renniks
Anonymous
Unregistered

UR 25. B patient. I went from 18 to 29 to 30 to 35 to 50 K in about 6 yrs. Maybe they want to leave some room for future increases - you'll have nowhere to go (upwards) if they immediately give you max pay at age 25 (with presumably less than 7 years time with them).

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#1069125 - 10/23/08 01:30 PM Re: Pay scale for BSA Officer Anonymous
Dazed Auditor Offline
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Acceptance, USA America
Regardless of age you should be paid for the job you do.
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#1069152 - 10/23/08 01:50 PM Re: Pay scale for BSA Officer Dazed Auditor
J2C Offline
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Big Brother knows and that's a...
I agree with Dazed. It doesn't matter what age you are. It matters what experience you have. I am 31 and have been the BSA Officer and Compliance Officer for almost 3 years. Prior to that I was an auditor. I have 10+ years banking experience.

I think for my area and my position I could be getting paid slightly more, but it was a battle to get the salary I am at right now.

Also, most salaried positions are "graded" and have a salary range. You should find out what your grade is (if you have one). I am in the mid range of my grade currently, which seems about right....I think!
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#1069161 - 10/23/08 01:54 PM Re: Pay scale for BSA Officer J2C
#Just Jay Offline
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Cheeseheadland
Keep in mind as well that the title Officer varies greatly from bank to bank. I worked for one large regional bank where anyone a branch manager or commercial lender and abogve was an officer and generally only meant you got an extra week of vacation.

Sometimes as well a BSA Officer, a OFAC Officer, does not carry the same "Officer" status as does being a true Officer of the bank (i.e. CEO, CFO, Comptroller, etc).
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#1069261 - 10/23/08 03:04 PM Re: Pay scale for BSA Officer #Just Jay
Rocky P Offline
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Posts: 7,239
Florida
Also look at the area.

In a high laundering/narcotics area such as South Florida, expect the pay and risk to be a lot higher. The low 6 figure range is not uncommon.
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#2155829 - 12/03/17 09:54 AM Re: Pay scale for BSA Officer Anonymous
Anonymous
Unregistered

I'm at 54K and haven't felt that the pay is fair considering the stress that comes with the BSA / Compliance Officer title, and it promises to get worse. The sad thing is that your boss, or the bank President in my case, doesn't have a clue. Good luck getting more, you deserve it.

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#2155844 - 12/04/17 01:17 PM Re: Pay scale for BSA Officer Anonymous
Monster Offline
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Joined: Sep 2015
Posts: 449
Check this out. It doesn't list BSA exactly but I would think you can get some better ideas. (Last page lists figures, the rest explains how they got them)

https://www.crowehorwath.com/folio-pdf/2...-18107-002C.PDF

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#2155847 - 12/04/17 01:31 PM Re: Pay scale for BSA Officer Anonymous
edAudit Offline
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edAudit
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Posts: 4,714
You are here
You do realize that this is a 9 year old post and after 9 years I can say that many people in the industry are underpaid based upon stress level and increased regulatory risk.

As mentioned in this post and several others titles in one bank do not come with the same baggage in other banks, so it is difficult to compare.
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#2155854 - 12/04/17 02:17 PM Re: Pay scale for BSA Officer Anonymous
Elwood P. Dowd Offline
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Elwood P. Dowd
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Posts: 21,939
Next to Harvey
Quote:
the bank President in my case, doesn't have a clue.


Several years ago I saw this on an OCC pre-exam questionnaire: "Expressed as a percentage, what is the Compliance Officer's salary relative to the CEO's salary?" Apparently, it was intended to give the CEO a clue. It was in one OCC region and was gone the next time the bank got examined. Regardless, someone was trying to give the CEO a clue.

Personally, I do not think "compliance" is automatically a stressful job. In fact, I think it's far more interesting and stimulating than most jobs in banking. What can make any job stressful is the environment in which you are trying to do it.
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#2155857 - 12/04/17 02:25 PM Re: Pay scale for BSA Officer Anonymous
ACBbank Offline
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ACBbank
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Posts: 3,961
New York City
There are certain "hotspots" which pay more for all BSA personnel. NYC, South Florida, Texas and certain parts of California all pay good money. Also, banks that have AML issues (Consent Orders, C&Ds or private written agreements) also pay more.
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#2155970 - 12/04/17 09:32 PM Re: Pay scale for BSA Officer Anonymous
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Quote:
Personally, I do not think "compliance" is automatically a stressful job. In fact, I think it's far more interesting and stimulating than most jobs in banking. What can make any job stressful is the environment in which you are trying to do it.

Well stated Ken. I agree. A compliance officer can choose to get stressed out and/or can choose to take stress home with them (or not).
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http://www.bankerscompliance.com

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#2156267 - 12/06/17 06:24 PM Re: Pay scale for BSA Officer Anonymous
Anonymous
Unregistered

OP, I'd ask them for a 100% increase, immediately. Let us know how it goes!

(Assistant BSA Officer, $45,000 in the south, $850 M bank with 11 branches. And that was in 2006. Male.)

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#2156559 - 12/08/17 01:24 PM Re: Pay scale for BSA Officer Anonymous
Monster Offline
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Joined: Sep 2015
Posts: 449
I find it intriguing that you felt the necessity to include "male" laugh

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#2156583 - 12/08/17 04:05 PM Re: Pay scale for BSA Officer Anonymous
Norman Paperman Offline
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Norman Paperman
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48.934476, -114.343735
I thought the same thing.
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