Description
Summary:
The BSA Specialist performs key operational functions of the Credit Union's BSA/AML Compliance Program by reviewing account activity, investigating potentially suspicious transactions, and ensuring timely completion of regulatory reporting and require due diligence. This role supports regulatory compliance while safeguarding the Credit Union and its' membership against financial crime.
Duties and Responsibilities:
Maintain knowledge of the Credit Union's BSA Compliance Program to include, but not limited to, the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and the USA Patriot Act.
Review reports associated with BSA; investigate cases produced by BSA software, decide on further action if appropriate; identify suspicious activity in the review process; review documentation for certain high risk accounts.
Act as a liaison to the CTR Team in the preparation and completion of Currency Transaction Reports (CTRs).
Investigate all unusual or suspicious activity identified by the monitoring software of the Compliance & Risk Department or referred by other departments and builds cases to assist the SAR Committee in making a determination of whether the filing of a Suspicious Activity Report (SAR) is warranted.
Maintain accurate records and documentation supporting investigations and regulatory reporting.
Analyze complex situations and provide guidance, and escalate issues to appropriate levels of management.
Perform other job related duties as required.
Requirements
Minimum Requirements: Strong analytical, investigative, and problem solving skills.
Adherence to high ethical standards and the ability to maintain confidentiality.
Ability to work independently while effectively managing priorities and deadlines.
Effective written and verbal communication skills.
Ability to interpret and apply policies, procedures, and regulatory requirements.
Proficiency with Microsoft Office applications and the ability to learn specialized compliance software.
Preferred Qualifications:
Bachelor’s degree in Accounting, Finance, or related discipline (or at least one year of BSA/AML, fraud, or compliance experience)
Professional certification such as Certified Bank Secrecy Act Professional (CBSAP), Certified Anti-Money Laundering Specialist (CAMS), or equivalent certification.
Experience working within BSA/AML software with an emphasis on NICE Actimize.
