OFAC Compliance Analyst III

Randolph-Brooks Federal Credit Union•San Antonio, TX

About The Position

The BSA/AML/OFAC Compliance Analyst III is responsible for assisting in enforcing and maintaining the Credit Union BSA Compliance Program. The Analyst performs a wide variety of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC) duties and pro-actively monitor, research, analyze, and escalate all suspicious activity to ensure continuous compliance with the regulatory guidelines and applicable laws. Additionally, is responsible for timely filing required reports, as well as compliance with BSA recordkeeping requirements.

Requirements

High School Diploma or G.E.D.
Minimum of five years job-related experience
Knowledgeable of BSA/AML and OFAC regulatory requirements
Ability to pay close attention to detail and desire to strive for accuracy
Effective and efficient time management skills
Ability to manage responsibilities effectively and independently in an organized manner within in a fast-paced environment
Ability to effectively communicate, both verbally and in writing
Must be able to articulate investigation findings in well written/documented narratives
Ability to effectively use Microsoft Office products and other software
Bank Secrecy Act Certified Specialist (BSACS) or equivalent certification required within one year

Responsibilities

Lead investigations, evaluations and analysis of complex information to make appropriate recommendations that may require additional monitoring and/or Suspicious Activity Report (SAR) filing.
Uses cognitive and analytical abilities to identify money laundering patterns and trends, suspicious activities, and irregular activity through understanding of financial patterns of activity.
Uses strong written communication ability to create detailed documentation of reviews of suspicious activity, resolution and/or escalation of alerts, as well as any immediate action needed.
Lead key initiatives throughout the credit union to support, educate, guide, and answer questions relating to BSA/AML, OFAC and Customer Identification Program (CIP).
Stays abreast of BSA/AML, OFAC, and CIP regulatory updates and change.
Complies with regulatory requirements and internal policies and procedures.
Review complex transactional activity and provides quality control support for the submission of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTR).
Complies with all submission deadlines, as required.
Reviews and analyzes complex OFAC alerts to determine potential match and take appropriate action, including prompt escalation to management.
Proactively monitors and thoroughly conducts identification and review of High Risk members by monitoring of transactional activity.
Creates detailed documentation of the Enhanced Due Diligence (EDD) reviews.
Lead and collaborates with BSA team members of all levels, including management, to create a comprehensive and accountable compliance environment consistent with regulatory expectations and requirements.
Support BSA Management and the BSA team in special projects that may involve using investigative and analytical skills and decision-making for pro-active issue resolution.
Develop and establish departmental processes and procedures for documentation of enhancements to current processes.
Utilizes these procedures to train other team members within the department.
All other duties as assigned (note: essential functions and responsibilities may change, or new ones may be assigned at any time with or without notice).