BSA / AML Specialist

Millennium Bank Il - Des Plaines, IL

Full-time

Des Plaines, IL

About the position

The Bank Secrecy Act (BSA) Specialist will play a crucial role in preventing money laundering and ensuring compliance with regulatory requirements. This position involves assisting the BSA Officer with compliance monitoring reviews, conducting investigations into suspicious activities, and ensuring timely filing of necessary reports. The BSA Specialist will be responsible for maintaining accurate documentation and providing investigative support related to Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).

Responsibilities

• Assist with the alert workload and monitor for suspicious patterns/activity and fraud.
• Conduct suspicious activity report investigations and high-risk customer/account reviews.
• Recommend when to file and not file Suspicious Activity Reports (SARs).
• Conduct enhanced due diligence reviews, including research and document gathering.
• Perform 90-day SAR follow-up reviews and recommend whether continuing activity SAR should be completed.
• Assist in the preparation and submission of all Currency Transaction Reports (CTRs) within the regulatory deadline of 15 days.
• Ensure proper identification and adherence to the Bank's BSA Program.
• Ensure BSA files remain current, accurate, and well-documented.
• Participate in ongoing training to maintain current knowledge of BSA/AML and OFAC regulatory requirements.
• Assist in the compliance of 314(a) and 314(b) responsibilities.
• Monitor potential OFAC matches and escalate them when necessary.
• Comply with federal and state regulations and all established bank policies and procedures.

Requirements

• At least 1-2+ years BSA/AML/OFAC compliance experience.
• Knowledge of BSA/OFAC/Fraud functions.
• Ability to research, collect, and analyze complex or diverse information.
• Strong analytical, communication (oral and written), and personal computer skills.
• Excellent decision-making, analytical, and investigative abilities with attention to detail and accuracy.
• Familiarity with Microsoft Office products.

Nice-to-haves

• Basic knowledge of the organization's various operating systems (Verafin & Fiserv Premier) a plus, or willingness to learn.
• Positive interpersonal relationship skills.
• Critical thinking skills.
• Ability to work independently with a high level of initiative.