BSA Coordinator

Ascend Federal Credit Union•Tullahoma, TN

About The Position

BSA Coordinators are responsible for overseeing the credit union's compliance with the Bank Secrecy Act and related regulations as well as ensuring operations adhere to anti-money laundering (AML) standards and effectively identify and report suspicious activities. Responsible for maintaining compliance with Bank Secrecy Act (BSA), Anti-Money Laundering Act (AMLA), USA Patriot Act, the Fair and Accurate Credit Transactions Act (FACTA) Identity Theft Red Flags Program, and Office of Foreign Asset Control (OFAC) compliance.

Requirements

Two years college with emphasis in business administration or equivalent experienced
3-5 years of financial institution experience is required
Ability to use critical thinking skills in order to break down problems, gather information and stay focused on objectives in an effective and efficient manner.
Ability to organize and prioritize work with minimum supervision.
Must possess a high degree of poise and tact to represent the credit union positively in outside contacts and employees.
Possess excellent verbal and written communications skills.
Must possess a valid, unrestricted driver's license.
Working knowledge of computer programs including Word Perfect, Microsoft Word, Microsoft Outlook, and Excel. Must be able to be trained on surveillance and access control systems. Must be proficient in internet navigation.
Must be able to operate or have the ability to be trained to operate related office equipment, including calculator, computer terminal (PC), multifunction copier, telephone, fraud fighter, and typewriter.
Regular and reliable attendance is required.

Nice To Haves

3-5 years of CTR reporting and BSA experience is preferred

Responsibilities

Stay current on industry trends, emerging money laundering techniques, and regulatory changes that impact BSA practices.
Contribute to the ongoing improvement of the organization's AML detection practices.
Provide independent decision-making based on suspicious activity alerts generated by BSA/AML detection software.
Conduct comprehensive investigations of suspected money laundering or terrorist financing activities based on alerts generated by the credit union’s BSA/AML software and/or leads submitted by internal or external sources.
Investigate reports of money laundering or terrorist financing activity, gathering evidence and documentation to support findings.
Identify risk related to money laundering and terrorist financing based on factors that could expose the credit union to illicit activities.
Identify accounts which meet discretionary criteria to be investigated. Examine and use authority to initiate Suspicious Activity Reports (SARs) and file reports within the required timeframe to ensure BSA compliance.
Complete and submit electronic Currency Transaction Reports (CTRs) to FinCEN within the required 15 days to ensure BSA compliance.
Develop and maintain the OFAC Sanctions Program.
Verify and update internal watch list; confer with the AVP of Fraud & Security regarding suspect accounts and take appropriate action.
Provide assistance with the Customer Identification Program (CIP), Red Flag, and Identity Theft program, in addition to managing the Ongoing Customer Due Diligence (CDD) and Know Your Customer (KYC) initiatives.
Ensure the Monetary Instrument Log (cashier’s check over $3,000) is accurate for review by internal/external auditors.
Identify opportunities to enhance and streamline BSA reporting and workflow processes.
Use discretionary authority to determine the disposition of members identified on the OFAC SDN and FinCEN 314(a) list. Take the necessary action to report any positive matches to the appropriate authorities.
Provide specialized support to employees relevant to BSA, OFAC, FACTA, and the USA Patriot Act.
Maintain the STAMP Medallion Signature Guarantee Program and offer support to certified Medallion users.
Prepare written communication in a thorough, clear, organized and timely manner.
Adhere to the credit union’s retention policies and applicable regulations concerning the retention of BSA/AML documentation and data.
Utilize proper resources to document, track, and manage ongoing regulatory reporting, ensuring all information is up-to-date and accessible.
Break down problems and issues in order to assess costs, benefits and risks of various options prior to selecting a particular approach.
Gather sufficient information to allow a trustworthy assessment of risks and benefits of alternative approaches in any decision. Stays focused on objectives and consider both the short-term and long-term impact of decisions and keep objective in mind throughout the process.
Read all internal publications including HUB and Possibilities.
Perform other duties as required or assigned.