BSA Specialist II - CTR Specialist
About The Position
This position is part of the BSA/AML Department, which is integral to TowneBank’s efforts in combating money laundering and terrorist financing. The department assists the Bank’s businesses in developing effective processes through consistent 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 specifically ensures regulatory requirements are met for Currency Transaction Reports (CTRs), CTR exemptions, and recordkeeping for monetary instruments. The primary objective of the BSA/AML Specialist II CTR Specialist is to identify reportable cash transactions using internal bank systems to process and file CTRs with FinCEN electronically within 15 calendar days of 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
- Review the daily Currency Transaction Reports (CTRs) entered on the core banking system and reconcile total cash transactions to the CTR records. CTR cases are reconciled daily and reviewed 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.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
Associate degree
