BSA/OFAC Quality Control Specialist

Banc of California • Santa Ana, CA

2d • $74,000 - $90,000 • Onsite

About The Position

The BSA/OFAC QC Specialist performs quality control reviews of the Bank’s Financial Crimes Enforcement Network reporting, including Suspicious Activity Reports, Currency Transaction Reports, and Designation of Exempt Person Reports, as well as work products from AML and OFAC Operations, Know Your Customer reviews, and first-level OFAC dispositions completed by other business units. This role ensures regulatory reports are accurate, complete, timely, supported by case files and workpapers, and reconciled with Bank data; documents technical errors and provides timely feedback to management; and reviews additional regulatory filings using knowledge of applicable FinCEN filing requirements. Performs all duties in accordance with the Company’s policies and procedures, all U.S. state and federal laws and regulations, wherein the Company operates.

Requirements

• A minimum of four to five years of quality control, testing, audit, or examination experience within a BSA/AML/OFAC department.
• Work experience in a financial institution, public accounting firm, or forensic accounting firm, with job-specific technical experience in AML.
• Strong knowledge of FinCEN reporting requirements.
• Established business knowledge and understanding of financial products.
• Ability to understand and review conclusions from underlying research.
• Intermediate proficiency in personal computer operations and Microsoft Office applications, including Word, Excel, PowerPoint, and Outlook.
• Intermediate mathematical skills, including calculating interest and percentages; balancing accounts; adding, subtracting, multiplying, and dividing using whole numbers, common fractions, and decimals; locating routine mathematical errors; computing rates, ratios, and percentages; and drafting and interpreting bar graphs.
• Effective organizational and time-management skills.
• Exceptional oral, written, and interpersonal communication skills.
• Ability to make decisions that have a moderate impact on the immediate work unit and cross-functional departments.
• Ability to organize and prioritize short-term and long-term work schedules.
• Ability to provide consultation and expert advice to management.
• Ability to deliver informal and formal presentations inside and outside the organization, including presentations to assigned teams or other groups as needed.
• Ability to address complex and difficult problems involving multiple facets and variables in non-standardized situations.
• Ability to perform duties with little to no supervision.
• High school diploma or equivalent required.

Responsibilities

• Perform timely quality control reviews of Bank reporting to FinCEN and other regulatory agencies, as appropriate, and document the reviews in accordance with internal procedures.
• Remain current on changes to FinCEN reporting requirements. When requirements change, review existing Technical Quality Control Procedures and Technical Quality Control Checklists and recommend appropriate changes to management.
• Perform detailed technical reviews of underlying customer transactions warranting FinCEN reports and ensure data reconciles with the Bank’s core system, AML transaction monitoring system, and other applicable Bank systems.
• Ensure each reportable event is appropriately identified on the FinCEN report and that the underlying case file or workpapers support the reported activity.
• Ensure all reportable activity is appropriately captured on the FinCEN report. Immediately escalate to management when additional follow-up or further investigation is needed.
• Conduct quality control reviews of Know Your Customer reviews, transaction monitoring alerts and cases, OFAC alerts, and AML screening alerts, including negative news, politically exposed persons, and Section 314(a) alerts, to ensure dispositions are fully supported and investigations and reviews are completed in accordance with applicable procedures.
• Demonstrate a detailed understanding of the computer systems used to perform and document technical quality control reviews.
• Communicate FinCEN reporting issues and trends to management.
• Provide management with regular, constructive feedback concerning analyst work performance for quality purposes.
• Assist with reporting quality control results for management and Board-level reporting.
• Assist with the further development of the quality control program and make recommendations regarding effective procedures, as requested.
• Stay abreast of developments concerning BSA/AML, fraud schemes, and sanctions issues.
• Follow all established policies and procedures.
• Perform other duties and projects as assigned.

Benefits

• 401k plan which includes a company match and immediate vesting
• medical, dental, vision, AD&D, supplemental life, long-term disability, pre-tax Health Savings Account with employer contributions, and pre-tax Flexible Spending Account (FSA)
• adoption, surrogacy, and fertility assistance
• paid parental leave and family support solutions including care options for your family
• paid vacation days, holidays, and volunteer time off
• tuition reimbursement
• an annual mentorship program
• leadership development resources
• access to LinkedIn Learning

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED