BSA Specialist

SchoolsFirst Federal Credit Union•Riverside, CA

1d•Onsite

About The Position

Responsible for reviewing and researching Member transactions to identify and report suspicious activity to ensure the Credit Union's compliance with the aspects of the Bank Secrecy Act, USA Patriot Act and Office of Foreign Assets Control (OFAC). Performs daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large day to day account activity and determine if transactions are suspicious in nature. Participates in efforts to collect and analyze metrics utilizing existing internal reporting tools to continually improve processes and reports owned by the business unit. Review and file timely Currency Transaction Reports based on aggregated cash transactions including ATM and multiple branch deposits and/or withdrawals. Utilize BSA/AML automated system and various reports to identify suspicious activity and perform moderately complex investigations to identify Bank Secrecy Act issues such as money laundering, terrorist financing, internal / external fraud schemes, structuring, and illegal money service business activity. Demonstrate proficiency in investigative practices associated with an experienced investigator (conduct interviews, collect data, compile documentation and evidence, maintain accurate notes, develop initial and ongoing reports of investigations, prepare comprehensive, accurate and timely Suspicious Activity Reports). Review and investigate OFAC alerts for a determination of actual OFAC match or false match, and respond to OFAC related questions from branches and various 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 current laws and regulations through government and other journals, publications and manuals. Read, research, interpret and generally stay abreast of the requirements of the Bank Secrecy Act. Assist in preparing documentation for and coordination of audits and examinations by regulatory agencies. Assist team members with specific BSA and OFAC related questions. Performs other duties as assigned Complies with regulatory compliance and assigned training requirements including but not limited to BSA regulations corresponding to their specific job duties. Failure to do so may result in disciplinary and other employment related actions.

Requirements

High School Diploma or GED required
1-3 years of related experience with BSA programs within the financial services industry and conducting investigations required
Entry level knowledge in BSA, AML, CIP and OFAC laws and regulations, and related best practices required.
Knowledge of concepts, practices and compliance techniques for 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 concepts such as fractions, percentages, ratios, and proportions to practical situations

Nice To Haves

Bachelor's Degree in Finance, Accounting, International Studies, Criminal Justice, or related field or equivalent years of experience preferred
CAMS – Certified Anti Money Laundering Specialist preferred
Familiarity with Symitar system and reports a plus.
Familiarity with anti-money laundering applications preferred.

Responsibilities

Reviewing and researching Member transactions to identify and report suspicious activity to ensure compliance with the Bank Secrecy Act, USA Patriot Act and Office of Foreign Assets Control (OFAC).
Performing daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large day-to-day account activity.
Participating in efforts to collect and analyze metrics using internal reporting tools to improve processes and reports.
Reviewing and filing timely Currency Transaction Reports based on aggregated cash transactions.
Utilizing BSA/AML automated systems and reports to identify suspicious activity and conduct investigations into money laundering, terrorist financing, fraud schemes, structuring, and illegal money service business activity.
Demonstrating proficiency in investigative practices, including conducting interviews, collecting data, compiling documentation and evidence, maintaining accurate notes, developing reports, and preparing Suspicious Activity Reports.
Reviewing and investigating OFAC alerts to determine actual matches or false matches and responding to OFAC-related questions.
Conducting enhanced due diligence searches on high-risk accounts and entities.
Maintaining the credit union’s centralized list of customers exempt from large currency transaction reporting requirements.
Researching current laws and regulations through government and other publications.
Assisting in preparing documentation for and coordinating audits and examinations by regulatory agencies.
Assisting team members with specific BSA and OFAC related questions.
Performing other duties as assigned.
Complying with regulatory compliance and assigned training requirements, including BSA regulations.