AML/CFT Specialist I
About The Position
The AML/CFT Specialist will support the daily management of all aspects of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Office of Foreign Assets Control (OFAC) program management. This role involves making procedural recommendations, coordinating procedural changes, assisting bank employees with AML/CFT related questions and issues, and maintaining current knowledge of relevant regulations. The specialist will review system-generated alerts, conduct preliminary investigations for SAR filings, and support Enhanced Due Diligence (EDD) reviews. Regular training is required to broaden knowledge in AML/CFT and related regulations. Additional duties include managing Currency Transaction Reporting, Monetary Instrument Reporting, reviewing CTR exemptions, processing Subpoenas & Summons, reviewing new accounts for CIP compliance, and approving OFAC matches.
Requirements
- College degree preferred.
- Broad banking experience; minimum of 1 year.
- Working knowledge of banking laws and regulations pertaining to BSA/AML/CFT.
- Ability to attain a professional BSA/AML certification, if not already achieved.
- Ability to organize tasks and work with minimal supervision.
- Excellent oral and written communication skills.
- Microsoft Office proficiency.
- Comfort working in an electronic office environment.
- Ability to write cohesively and professionally.
- Strong computer skills.
- Ability to work across departments providing elevated customer service.
- Comfort with interactions with mid-level and upper management.
- Ability to work with highly confidential and sensitive information.
Responsibilities
- Make procedural recommendations for Retail Banking and Deposit Operations.
- Assist the AML/CFT Director in coordinating procedural changes with branch offices and other departments.
- Answer employee questions, resolve problems/issues, and assist with complex matters related to AML/CFT.
- Maintain current knowledge of AML/CFT regulations, the Bank Secrecy Act, the USA Patriot Act, OFAC, and other related regulations.
- Review system generated alerts for suspicious or unusual activity and escalate findings as needed.
- Conduct preliminary investigations related to potential SAR filings and make recommendations to the AML/CFT SAR Committee.
- Support Enhanced Due Diligence (EDD) reviews for higher-risk customers under guidance from AML/CFT Director.
- Attend training regularly to broaden knowledge about AML/CFT and related regulations.
- Manage Currency Transaction Reporting.
- Manage Monetary Instrument Reporting.
- Review CTR exemptions and maintain proper records to support exempt status.
- Process Subpoenas & Summons.
- Review new consumer and business accounts for CIP compliance and risk.
- Approve OFAC matches as needed.
- Review new accounts for CIP and account documentation – Commercial and Consumer.
- Assist front line branch personnel by providing CIP documentation guidance and assistance.
- Assist in preparing and filing Currency Transaction Reports (CTRs).
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
Associate degree
