Financial Crimes Specialist

Merchants Bank is seeking a Financial Crimes Specialist. This on-site position can be worked out of the Winona or Rochester, MN locations. Hours for this position will be Monday through Friday between 8am – 5pm.

This position supports the bank’s Bank Security Act / Anti-Money Laundering (BSA/AML) and fraud mitigation programs that maintain compliance with regulatory requirements and the bank’s policies and procedures. Duties include reviewing alerts from multiple sources and transaction information to identify financial crimes and unusual behavior. Also responsible for working with Currency Transaction Reports, monitoring the customer due diligence program, and assisting with gathering information.

Will handle sensitive matters and collaborate with others.

Must have excellent interpersonal and communication skills, ability to prioritize work and meet deadlines, be organized and detail orientated, and have sound judgment. A working knowledge of Fraud and Bank Secrecy Act/Anti-Money Laundering rules required.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

• competitive wages
• health, dental, life, disability and vision insurance;
• flexible spending accounts, 401(k) and ESOP retirement plans;
• bonus plan;
• paid time off;
• tuition reimbursement;
• and a variety of voluntary supplemental insurance options.

This position supports the bank’s BSA/AML and fraud mitigation programs that maintain compliance with regulatory requirements and the bank’s policies and procedures. A Financial Crimes Specialist may specialize in the support of our fraud program or BSA program or some combination of the two. Must be knowledgeable of our AML/fraud software, Verafin, to monitor for money laundering, fraud, and other suspicious activity within customer’s accounts.

This position is responsible for timely triage of alerts and reports of suspicious activity and escalating cases as needed. Perform any duties necessary, within scope of authority and expertise, to provide the highest level of services and responsiveness to bank staff and customers.

• Reviews alerts from multiple sources and transaction information to identify financial crimes and unusual transaction behavior. Applies decision making skills to take appropriate action and elevate to a case as needed. Documents support for conclusions reached.
• Manage Financial Crimes incoming communication to determine if escalation is appropriate and documenting needed information for Analysts/Investigators
• Assists Financial Crimes Analysts and Investigators with ongoing investigations
• Assists with preparation and maintenance of Currency Transaction Reports and the Monetary Instrument Log
• Examines current CTR exemptions and recommendations for new exemptions
• Investigates customer screening reports for OFAC and 314(a) and input data when needed
• Monitors the bank’s customer due diligence program for accuracy and completeness
• Assist with annual OCC MLR data scrubs
• Must be able to take meeting minutes for various department meetings
• Handles sensitive and escalated matters with discretion
• Collaborate and consult with peers, managers, and internal and external customers to analyze necessary information, resolve incoming inquiries, and achieve goals
• Complies and maintains knowledge of all applicable bank policies, procedures, and government regulations including the…