America's Credit Union
The BSA/AML Specialist will support all aspects of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC) and the USA Patriot Act to ensure the Credit Union is compliant with all appropriate regulations. This position will perform a wide variety of BSA-related functions including preparing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), conducting account research, evaluate AML alerts to mitigate risk, reviewing potential OFAC matches, performing customer due diligence (CDD) and enhanced due diligence (EDD). This person is responsible for information sharing such as 314a, 314b and updates to the SDN and Sanction Countries. This person will report directly to the BSA & Fraud Manager.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.
- Evaluate BSA/AML alerts to mitigate risk and perform investigations
- Report occurrences of suspicious activity investigated to FinCEN in accordance with regulatory requirements and industry standard best practices
- Provide a thorough analysis of investigation results in the SAR, indicating the 5 Whys of the activity and method of operation. Track and monitor for follow up and continued filings
- Review and investigate potential occurrences of suspicious activity via several avenues including automated monitoring alerts in Verafin, suspicious activity referrals received internally or from regulatory inquiries or subpoenas received, or as a result of a 314a or b inquiry
- Determine appropriate course of action for adjudication, including but not limited to, closing the alert, creating a case for further investigation, flagging the customer for EDD Review, and/or, filing a Suspicious Activity Report with FinCEN
- Document, log and effectively communicate results of alerts, cases and ad-hoc investigations to management
- Maintain all records, research and findings for proper retention and retrieval.
- Monitor daily Anti-Money Laundering transaction reports for cash and suspicious activity per BSA regulations
- Prepare CTRs, maintaining a thorough knowledge of regulatory requirements to include the proper completion of related electronic form and submission with required deadlines
- Compare Symitar’s cash reports to Verafin to ensure accurate information is being imported correctly each day
- Assist in monthly board reporting
- Review and process the 314A and SDN/CSL files from FinCEN
- Review and process the 314b requests according to BSA guidelines
- Participate in ongoing training to maintain current knowledge of BSA and related AML and OFAC regulatory requirements
- Download Wire Files to Verafin for possible fraud or BSA monitoring
- Review daily OFAC hits reports and report any findings
- Identify process improvements and work within the Credit Union’s BSA/AML software