BSA & Fraud Officer

First Fed • Bellingham, WA

6h • $104,582 - $177,790

About The Position

The BSA and Fraud Officer is responsible for administering, coordinating, developing, implementing, and maintaining all aspects of First Fed’s Bank Secrecy Act Combating the Financing of Terrorism (CFT)/ Anti-Money Laundering, OFAC, US Patriot Act, Bank Protection Act, and the bank’s fraud compliance programs, ensuring a high level of compliance with related laws, regulations, internal policies and procedures and Federal regulatory expectations. This position must be able to independently recognize, develop, and implement cost effective compliance related solutions for the CFT/AML and Fraud programs that align with the Bank’s strategic objectives. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.

Requirements

• Four-year degree or equivalent work experience.
• Minimum of 5+ years directly related experience
• Experience with AML models and a basic understanding of model risk governance

Nice To Haves

• Certified Anti-Money laundering Specialist (ACAMS)
• Certified BSA / AML Professional (CBAP)
• Certified Fraud Examiner (CFE)
• Experience using Verafin AML software preferred

Responsibilities

• Analyzes complex anti-money laundering matters and provide advice and direction to business line areas and to the BSA and Fraud staff.
• Works closely with auditors and regulatory examiners on requests related to CFT/AML and Fraud.
• Manages the corrective action responses to completion related to audit or exam findings and reports remediation efforts to the Board.
• Responds to requests by law enforcement including subpoena requests as appropriate.
• Keeps senior management informed regarding compliance issues and elevated risks by providing regular reporting to the Director of Risk and Compliance, the Board of Directors, , and Enterprise Risk Management Committee, and others as appropriate.
• Ensures the bank’s programs and systems designed for compliance with BSA are proactive to changes in regulation and with changing methodologies and typologies of money laundering, terror financing, and compliance management.
• Manages the SAR Committee and provides sound recommendations and detailed documentation on decisions made during committee meetings.
• Establishes and maintains an effective Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) program with appropriate risk rating of high-risk customers to include initial and ongoing assessments and reviews providing documentation of the reviews.
• Maintains an effective fraud program with ongoing monitoring using a combination of software systems and analysis to protect the bank and its customers from financial loss.
• Conducts time sensitive investigations of external and internal fraud against the bank, and against bank customers.
• Provides management and the Board with fraud trend reporting that includes the different types of fraud and fraud losses
• Provides recommendations to management on best practices to protect the bank from internal and external fraud losses based upon emerging fraud trends
• Ensures all required regulatory reporting is conducted in a timely, accurate, and compliant manner.
• Maintains records related to the BSA program providing management with the level of detail required to appropriately demonstrate oversight and governance of the program.
• Composes, reviews and files Suspicious Activity Reports (SARs) and conducts follow-up reviews to determine if subsequent SAR filings are required.
• Investigates staff reporting of possible suspicious behavior and files SARs as necessary.
• Reviews 314(a) and 314(b) procedures and reporting.
• Serves as Board appointed Bank Secrecy Act (BSA) Officer, including managing compliance with Combating the Financing of Terrorism (CFT), Anti-Money Laundering rules (AML), and Bank Protection Act regulations.
• Collaborates with Human Resources and others as appropriate related to significant or recurring compliance violations including the identification of suspected insider abuse.
• Provides guidance and training as appropriate to bank staff and the Board related to BSA requirements as well as underlying laws and regulations.
• Conducts CFT/AML/OFAC and Red Flag and ID Theft risk assessments at least annually with consideration to products, services, customers, and geographies that may present CFT/AML/OFAC and fraud related risks.
• Manages the Anti Money Laundering software program to ensure that the parameters that are set are appropriate and accurate and manages model quality control assessments and model validations.
• Works with other departments on product and system development as the subject matter expert on CFT related requirements.
• Maintains and keeps current all policies and procedures related to; CFT, AML, Customer Identification Program (CIP) and Fraud.
• Supervises the BSA and Fraud Department staff in the administration and maintenance of the internal control environment and compliance with associated laws, rules, and regulations.
• Administers CFT/AML technology resources. Ensures resolution of alerts, investigation of suspected criminal activity, and completes regulatory reporting.
• Creates and delivers Board level reporting on the bank’s CFT and fraud related programs and their effectiveness.
• Identifies any emerging risks that may have a negative impact on the bank’s BSA program.
• Evaluates and recommends software systems, vendors, and related work. Maintains related vendor relationships and service contracts.
• Performs other related duties as required or assigned.

Benefits

• Employees will be eligible for our benefits package including medical, dental, and vision insurance, paid time off, retirement plans (401k with company match and Employee Stock Ownership Plan), gym membership reimbursement, discounts on our banking products, and more!
• Additional information on our benefits package can be viewed at https://www.ourfirstfed.com/careers

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 251-500 employees