BSA/AML Specialist

Credit Union West•Glendale, AZ

1d•Onsite

About The Position

The BSA/AML Specialist is responsible for ensuring compliance with the Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) policies and procedures and the applicable federal regulations to protect the Credit Union from being used as a conduit for illegal activity and fraudulent schemes. The BSA/AML program includes supporting the Director of Enterprise Risk Management, ensuring adherence to Bank Secrecy Act requirements and knowledge of the credit unions BSA/AML software. This includes the accurate completion of all regulatory forms such as Currency Transaction Reports (CTR), Suspicious Activity Reports (SAR), FinCEN and OFAC notifications. Implements and maintains comprehensive BSA/AML policies, procedures, and controls to mitigate money laundering and terrorist financing risks. Conducts ongoing reviews and updates of the BSA/AML program to address emerging risks and regulatory changes, and issues internal audit reports detailing conclusions and recommendations for improvement regarding the organizations BSA/AML program and its functions. In collaboration with the Sr. BSA/AML Specialist assists with external examiner and auditor requests for information and system access as required.

Requirements

A high school diploma or G.E.D.
3-5 years of experience in financial institution with CTR and AML processes experience.
Must demonstrate a practical knowledge of the Bank Secrecy Act in addition to other Federal laws, including but not limited to: U.S. Patriot Act, Office of Foreign Assets & Control, Anti-Money Laundering, Right to Financial Privacy Act, and the Bank Bribery Act.
Attentive to detail and observant.
Open to feedback and adapts quickly to direction.
Able to communicate effectively and tactfully with employees and members both orally and in writing.
Demonstrate critical thinking and being self-reliant to better analyze and solve problems.
Effective time management and organizational skills.
Ability to multi-task and be agile to serve members and employees.
Maintain working knowledge of Microsoft Office, SharePoint, and collaborative tools (Teams and Zoom).
Thorough knowledge and understanding of organization’s Employee Handbook and policies.

Responsibilities

Assists the Director of Enterprise Risk Management in providing guidance and oversight to staff regarding the timely and accurate completion of Currency Transaction Reports (CTRs) and Suspicious Activity Notification Forms (SANFs).
Upon validation completion, is responsible for the electronic filing of such reports to FinCEN.
Researches and monitors member transactions and account activity for suspicious or unusual patterns indicative of money laundering, fraud, or other illicit activities.
Investigates and escalates alerts generated by the automated transaction monitoring systems and/or suspicious activity reports (SARs) filed by credit union team members.
Performs member due diligence reviews to verify member identities, assess risk levels, and ensure compliance with CDD/EDD requirements.
Identifies and verifies beneficial ownership information for high-risk members and entities.
Ensures compliance with the Office of Foreign Asset Control (OFAC) by monitoring and reporting as applicable.
In collaboration with the Director of Enterprise Risk Management and Compliance & Fraud Manager, works to support internal quality control processes, examinations, and independent audits.
Reviews examining books, records, procedures, and controls for errors, deficiencies, or irregularities.
Prepares audit reports outlining the scope of each audit and any discrepancies, errors, and other detected compliance concerns to the Director of Enterprise Risk Management, Compliance & Fraud Manager, and other leadership as appropriate.
Provides recommendations that will improve and assist in ensuring compliance that will safeguard member information and protect the Credit Union’s assets.
Reviews and reports on periodic risk assessments to identify and evaluate the BSA/AML/OFAC risks inherent in the credit union’s products, services, members, and geographic locations.
Performs other duties as assigned.