BSA Specialist; Onsite

BSA Specialist

The BSA Specialist assists in the day-to-day BSA/AML responsibilities within the BSA department. Responsibilities will include but not limited to reviewing and investigating alerts; currency transaction reports; high risk accounts; monitoring activity; identifying suspicious activity, performing enhanced due diligence on customers and accounts, interpreting company's policy and procedures pertaining to compliance and BSA/AML/OFAC, keeping up to date of timely reporting of all activity to the AML/BSA Officer.

Essential Duties and Responsibilities Includes the following non-inclusive list. Other duties may be assigned. All duties are to be performed in compliance with applicable laws, regulations, and Credit Union policies and procedures.

Demonstrated knowledge and compliance with all aspects of the Bank Secrecy Act.

• Investigate alerts from AML/BSA software and either clear alerts with proper supporting documentation or escalate for Suspicious Activity Reports (SARs) filing.

• Prepare and execute all CTRs for filing.

• Review potential OFAC alerts, from all platforms, and determine appropriate disposition.

• Review, and analyze all accounts to identify possible suspicious activity and escalate cases as necessary.

• Monitors accounts and prepare detailed investigations and narratives for Suspicious Activity Reports (SARs) filing.

• Assist with the updating and maintenance of AML/BSA Compliance Procedures ensuring compliance with all federal and state regulations.

• Supporting the AML/BSA Officer with the development, implementation, and administration of all aspects of the BSA Program.

• Reviews high-risk and/or complex business structures for new account approvals, and openings, to assess BSA/AML risk.

• Assist AML/BSA Officer with internal and external audits, SAR filing, and risk reviews.

• Ensure effective transaction monitoring and account oversight is implemented to identify suspicious transactions for reporting.

• Assist the AML/BSA Officer with timely and accurate completion of Law Enforcement requests.

• Conducting and managing incoming and outgoing 314(b) information sharing requests

• Reviewing and investigating OFAC and 314(a) Watch List alerts and properly documenting alert disposition.

• Creating and managing all cases within Verafin to ensure accurate record keeping and proper retention is maintained.

• Reviewing system generated alerts and/or business unit referrals for potential suspicious activity, including performing transactional research and analysis; and thoroughly documenting associated research and disposition

• Reviews and analyzes transaction data through daily reports and system alerts for unusual activity; investigates and researches as necessary.

• Draft written summaries of investigative findings and make recommendations to the AML/BSA Officer.

• Participates in training related to Bank Secrecy Act/Anti-Money Laundering requirements of the institution as it relates to the specific position held.

• Effectively detect patterns and conditions through observing processes

• Conduct reviews for enhanced due diligence on high-risk accounts, including MSB related relationships. Review all related relationships and detail all areas in a comprehensive narrative.

Bachelor's degree; or 3 plus years of related experience and/or training; or the equivalent combination of education and experience within the financial industry sector.

One to two years' experience in a banking position either in a BSA position, or another position where BSA responsibilities are heavily trained – including advanced tellers, operations, etc.

CAMS or another relevant certification, or the ability to obtain certification within six months of hire.

Knowledge, Skills, and Abilities:

• Working knowledge of suspicious activity typologies, trends and patterns
• Working knowledge of compliance regulations governing Bank Secrecy Act & Anti-Money Laundering (BSA/AML), Patriot Act (CIP), Treasury Office of Foreign Assets Control (OFAC), FFIEC advisory guidelines regarding Know Your Customer (KYC), Enhanced Due Diligence (EDD) Reg CC, Reg G and other areas to include retail banking, credit card, and third-party risk…