Bank Secrecy Act Analyst - Compliance Department

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Compliance Regular Full-Time Main, Doral, FL, US

3 days ago Requisition

Bank Secrecy Act Analyst
- Compliance (Main Branch)

Location:

1500 NW 107th Ave, Sweetwater, FL, 33172

Pay:

$25.50

Summary:

The Bank Secrecy Act Analyst is responsible for administering all aspects of the Bank Secrecy Act Compliance Program. This position performs various quality control reviews and monitoring in the area of Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering, OFAC, Fair Credit Reporting and Customer Identification Program compliance using industry standard and regulatory guidance sampling methods to ensure the Credit Union’s compliance efforts are maintained on a daily basis.

Advises the Credit Union’s Compliance Director, and Credit Union personnel of emerging compliance issues and consults and guides the Compliance Director and in the establishment of controls to mitigate risks. Assists the Director of Compliance in ensuring department activities run smoothly and efficiently by providing leadership within the department. The position of Bank Secrecy Act Analyst is required to be fully knowledgeable and skilled in all areas of the department.

Assures compliance with all Bank policies and procedures, as well as, all applicable state and federal banking regulations.

Essential Duties & Responsibilities:

• Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act, USA Patriot Act, OFAC, Fair Credit Reporting Act, and Uniform Commercial Code Articles 3 & 4.
• Administers all aspects of the Bank Secrecy Act Compliance Program; performs duties as a member of the Credit Union’s Compliance Committee; assists independent, state and federal regulator auditor inquiries; reviews BSA, AML, OFAC and CIP related policies and procedures; makes recommendations when and where appropriate; and is required to submit periodic reports to the AVP of Compliance detailing Bank Secrecy Act issues.
• Performs daily review, monitoring and analysis of various reports, logs and transaction data to identify trends, unusual activity, large currency activity, significant changes in balances, cash structuring, loan payments and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc. to determine if transactions are suspicious in nature, such as kiting, elder abuse, money laundering, and fraud.
• Drafts Suspicious Activity Reports (SARs) ensuring they are properly documented with a complete narrative and supporting documentation.
• Takes an active role in processing death notifications and coordinates with Branch, Contact Center, and back office personnel on the proper handling of assets belonging to deceased members. This includes obtaining the necessary documentation from various sources such as attorneys, probate records, surviving relatives, beneficiaries, and joint members and retaining those records as required by law and in a manner that makes them accessible when needed.
• Provides support and guidance to Credit Union personnel regarding the acceptance and handing of legal documents such as powers of attorney, probate orders, subpoenas, summons, and trust agreements. Forwards requests to legal counsel when appropriate.
• Provides maintenance, follow-up and timely response to the Credit Union’s OFAC system and FinCEN 314(a) and (b) lists and inquiries; appropriately responds to positive hits detected by the Credit Union’s AML or OFAC software system which is Verafin.
• Identifies and mitigates potential risk issues against the Credit Union;…