BSA Specialist II - CTR Specialist

Towne Family of Companies•Suffolk, VA

4d•Onsite

About The Position

This position is a part of the BSA/AML Department, a team that is integral to TowneBank’s efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank’s businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The BSA/AML CTR team works within the BSA/AML Department to ensure regulatory requirements are met for Currency Transaction Reports (CTRs), CTR exemptions, and recordkeeping for monetary instruments. The BSA/AML Specialist II CTR Specialist’s primary objective is to identify reportable cash transactions using internal bank systems in order to process and file CTRs with FinCEN electronically within 15 calendar days from the transaction date. Additional responsibilities include identifying business customers eligible for CTR exemption, conducting annual reviews on CTR exempt customers, and maintaining records for monetary instruments purchased with cash.

Requirements

2-3 years banking or similar experience with knowledge of branch, teller and/or loan operations
General knowledge of federal requirements under the Bank Secrecy Act and Office of Foreign Assets Control (OFAC) regulations
Excellent analytical and problem-solving skills
Ability to comply with regulatory deadlines and work in a fast-paced environment
Ability to handle confidential customer information
Knowledge of bank products and services
Ability to work independently and possess a team player attitude
Strong verbal communication skills
Detail oriented with good organization skills
Working knowledge of Excel, Microsoft Office Suite

Nice To Haves

Bachelor’s degree in related field such as business management, accounting, or economics
Working knowledge of federal requirements under the Bank Secrecy Act including Customer Identification Program, USA PATRIOT Act and Office of Foreign Assets Control (OFAC) regulations, and be familiar with FFIEC BSA/AML Manual guidelines
Experience in a financial institution with asset size $10B and over
Microsoft Office Suites, specifically, Excel, Word, and Powerpoint

Responsibilities

Identify reportable cash transactions using internal bank systems in order to process and file CTRs with FinCEN electronically within 15 calendar days from the transaction date.
Identify business customers eligible for CTR exemption.
Conduct annual reviews on CTR exempt customers.
Maintain records for monetary instruments purchased with cash.
Review the daily Currency Transaction Reports (CTRs) entered on the core banking system and reconcile total cash transactions to the CTR records.
Reconcile CTR cases daily and review on the AML transaction monitoring system.
Review customer and transaction data on CTR records that include single and aggregate cash transactions to verify information collected.
Adjust CTR records as necessary to ensure complete information has been documented.
Communicate with branch personnel as needed to confirm cash activity.
File CTRs electronically to FinCEN within regulatory deadline.
Confirm acknowledgements received from submitted CTR batch filings.
Process received CTR errors/warnings from BSA e-filing and maintain documentation.
Identify customers eligible for CTR exemption and prepare associated case for Management review.
Conduct annual reviews on Phase I and Phase II CTR exempt customers.
Review the information collected on sales of monetary instruments involving $3,000 to $10,000 (inclusive) in cash and retain records.
Review transactions to identify unusual activity using monetary instruments for same purchaser.
Conduct targeted CTR-related training for branches and other LOBs as needed.
Assist BSA Reporting Manager and the BSA/AML Department with projects as needed.