Bank Secrecy Act Specialist

EFCU Financial•Baton Rouge, LA

2d•Onsite

About The Position

EFCU Financial is a credit union recognized as one of the Best Places to Work, driven by core values of integrity, innovation, inclusion, and service. The organization focuses on helping members achieve financial freedom and build brighter futures. The Bank Secrecy Act Specialist plays a crucial role in ensuring compliance with the Bank Secrecy Act (BSA) and related laws and regulations by monitoring, compiling, and reporting on member and account information. This position involves analyzing transactional data for suspicious activity according to EFCU Financial Compliance Procedures.

Requirements

Three to five years’ experience involving fraud, risk management and/or compliance in a financial institution.
Two-year college degree in Business, Finance, or related field. Additional experience may be considered in lieu of education.
Must have prior knowledge of the Bank Secrecy Act.
Knowledge of credit union/banking procedures as they relate to money management and money movement.
Ability to collect, analyze and interpret financial data.
Strong problem-solving skills; must be detail-oriented and be able to multi-task.
Knowledge of the fundamentals of banking and financial services delivery.
Knowledge of cash management, expenditures, and disbursement processes.
Excellent oral, written, and telephone communication skills
Ability to function independently in a multi-task environment, as well as part of a team.
Ability to give and follow oral and written instructions.
Ability to apply basic statistical techniques.
Knowledge of Microsoft Office products, including Word, Excel and PowerPoint.
Must pass all credit and bond requirements.

Nice To Haves

Prior credit union experience is preferred.

Responsibilities

Monitor Credit Union account database for money laundering or illegal activity as described in Title 31 Code of Federal Regulations (CFR) Chapter X (Bank Secrecy Act).
Analyze reports for suspicious activity as it relates to check kiting, account fraud, wire transfers, anti-money laundering, Automated Clearing House (ACH) transactions, loan fraud and plastics fraud.
Work involves much personal contact with others inside and/or outside the organization for the purpose of first-level conflict resolution, building relationships, and soliciting cooperation. Discussions involve a higher degree of confidentiality and discretion, requiring diplomacy and tact in communication.
Performs investigations regarding actual and suspected fraud, providing oversight and appropriate resolutions.
Research and investigate possible activity on accounts to include reporting activity to appropriate law enforcement officials.
Responsible for identifying transactions and potential suspects of suspicious activity by analyzing and presenting documentary evidence in a timely manner.
Responsible for reviewing daily reports with transactions requiring action as described in the Bank Secrecy Act.
Maintain a thorough knowledge of government regulations with particular emphasis on the Bank Secrecy Act and related regulations, policies, procedures, industry best practices and developing trends; including BSA, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA) PATRIOT Act, and Office of Foreign Assets & Controls (OFAC).
Maintain Credit Union’s OFAC monitoring software.
Update Credit Union’s OFAC database regularly.
Complete regular OFAC searches of Credit Union’s database.
Process daily the Currency Transaction Reporting (CTR) by identifying, researching, and preparing reports of large currency transactions as required by the Bank Secrecy Act.
Participates as a member of the Suspicious Activity Report (SAR) Committee, providing analysis, input, and recommendations on cases under review and supporting decision-making processes.
Process of Suspicious Activity Report (SAR) by monitoring and/or investigating alerts of potential suspicious activity produced by the Credit Union’s transaction monitoring software and manual reports.
Assist with independent reviews of file maintenance reports, internal transactions, and other related internal controls, as necessary.
Maintains and monitors watch list of members and investigates for continued suspicious activity.
Completes searches required for USA PATRIOT Act Section 314 (a).
Review and submit files to the credit reporting agencies via eOSCAR.
Assist in other assigned duties.