BSA & Risk Specialist Job Parma area,Ohio USA,Finance & Banking

Position: BSA & Risk Specialist I
Job Description

Job Description

The BSA & Risk Specialist I is responsible for the daily servicing of the comprehensive corporate-wide Bank Secrecy Act (BSA) Program that includes internal policies, procedures and controls to comply with the USA Patriot Act, BSA, Currency and Foreign Transactions Reporting Act, Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC), and FACT Act Red Flags compliance, deposit account and shared branching compliance.

Consults with and provides daily assistance to management and staff.

Essential Duties and Responsibilities: Must effectively carry out the essential duties and responsibilities of this position in a manner that consistently demonstrates Sun Federal’s mission and core values in a positive manner. Other duties may be assigned.

Bank Secrecy Act Program Servicing Responsibilities

Responsible for required regulatory reporting that is timely, accurate, and compliant including:
Files Currency Transaction Report (CTR) within reporting deadlines. This includes reviewing all alerts, collecting data, compiling, and submitting reports.
Researches suspicious activity, writes narrative and files Suspicious Activity Report (SAR) within deadlines. Prepares monthly SAR tracking reports. Takes appropriate actions and limits access when suspicious or illegal activity is discovered.
Follows FinCEN 314(a) and 314(b) compliance guidelines in screening accounts, sharing information with other financial institutions and law enforcement.

Monitors fraud trends and communicates these trends to members and staff.

Conducts monthly compliance review and prepares exception report for management.

Provides input to management on quality control weaknesses, policy enhancements and training needs.

Monitors resources such as the America’s Credit Unions, NCUA, FinCEN and CU League websites (OH & PA).

Reads all vendor communication related to BSA Program and BSA Vendor Management, given through all access points on updates, changes, release dates, maintenance times, etc. to ensure best practices are in place and shares this information with Director of Risk as required.

Monitors systems and makes recommendations to the Director of Risk Management to ensure appropriate parameters are in place to identify suspicious and/or fraudulent activity.

Account Monitoring and Case Management

Services alerts, creates cases and conducts research. Gathers evidence and responds to law enforcement. Classifies and monitors the High-Risk Member transaction logs and procedures.
Responsible for OFAC watch list compliance and review of daily alerts, creates, and investigates cases. Tracks, reports, and freezes accounts as necessary for all OFAC matches. Reviews and responds to list of false/positive matches and reason codes. Audits non-members transactions for OFAC compliance.
Tracks and reviews the transaction(s) that caused a negative account (except mortgage escrow) for setting and managing account alerts. Follows procedures for next steps (follow-up with member, Management, Attorney, Law enforcement, state agency or bond carrier).
Adheres to Policy #2232 Member Withdrawal of Services. Follows established procedures to present the account for review and complete the expulsion processes.

Deposit Account Compliance

Provides procedure information or disclosures to ensure compliance with applicable federal and state laws and regulations including, but not limited to:
Reg CC, Truth-in-Savings, Account Titling, NCUSIF, Excess Share Insurance (ESI) and IRS Reporting.
Responsible for maintaining knowledge of governing consumer and business account regulations, compliance and information security issues and provides management with updates regarding exposure to new or pending developments as they relate to…