BSA Specialist - Temporary
About The Position
The BSA Specialist reviews and researches Member transactions to identify and report suspicious activity and support the Credit Union’s compliance with the Bank Secrecy Act, USA Patriot Act, and Office of Foreign Assets Control (OFAC) requirements. The role reviews, monitors, and analyzes reports, logs, and transaction data; investigates potentially suspicious activity; and supports improvements to internal reporting and processes. The specialist reviews and files Currency Transaction Reports, investigates BSA/AML and OFAC alerts, conducts enhanced due diligence on high-risk accounts and entities, and maintains the centralized list of customers exempt from large currency transaction reporting requirements. The role also researches applicable laws and regulations, assists with regulatory audits and examinations, and answers BSA- and OFAC-related questions from team members.
Requirements
- High school diploma or GED required.
- Bachelor’s degree in a related field or equivalent years of experience required.
- 1–3 years of prior relevant experience required.
- Entry-level knowledge of BSA, AML, CIP, and OFAC laws and regulations and related best practices.
- Knowledge of concepts, practices, and compliance techniques in the financial services industry.
- Ability to understand complex legal and regulatory issues and laws.
- Understanding of methodologies for researching and analyzing compliance issues.
- Understanding of reporting requirements of various regulatory agencies.
- Ability to apply fractions, percentages, ratios, and proportions to practical situations.
Nice To Haves
- CAMS – Certified Anti Money Laundering Specialist.
- Familiarity with the Symitar system and reports.
- Familiarity with anti-money laundering applications.
Responsibilities
- Review and research Member transactions to identify and report suspicious activity and support compliance with BSA, USA Patriot Act, and OFAC requirements.
- Review, monitor, and analyze reports, logs, and transaction data to identify trends and unusual activity and monitor large day-to-day account activity.
- Collect and analyze metrics using internal reporting tools to improve business-unit processes and reports.
- Review and file timely Currency Transaction Reports based on aggregated cash transactions, including ATM and multiple-branch deposits or withdrawals.
- Use BSA/AML systems and reports to investigate potentially suspicious activity, including money laundering, terrorist financing, fraud schemes, structuring, and illegal money service business activity.
- Conduct investigations by interviewing relevant parties, collecting data, compiling documentation and evidence, maintaining notes, developing investigation reports, and preparing Suspicious Activity Reports.
- Review and investigate OFAC alerts, determine actual or false matches, and respond to OFAC-related questions from branches and departments.
- Conduct enhanced due diligence searches on high-risk accounts and entities.
- Maintain the Credit Union’s centralized list of customers exempt from large currency transaction reporting requirements.
- Research, interpret, and stay current on applicable laws and regulations, including Bank Secrecy Act requirements.
- Assist with documentation and coordination for regulatory audits and examinations.
- Assist team members with BSA- and OFAC-related questions.
- Perform other duties as assigned.
- Comply with regulatory requirements and assigned training, including BSA regulations applicable to the position.
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What This Job Offers
Career Level
Entry Level
