The role of the Bank Secrecy Act (BSA) Specialist is to identify suspicious and fraudulent activity and preform investigations of monetary fraud losses, prepare written analyses and reports in support of the Credit Union’s BSA Anti-Money Laundering (AML) and Fraud programs under the direction of the BSA Officer. The fraud prevention program is designed to protect the Credit Union and its members from losses from financial crime.
This position is also responsible for monitoring and analyzing reports for compliance with Bank Secrecy Act, Anti-Money Laundering activity, OFAC and USA Patriot Act. Updates and maintains the department procedures and originates and/or participates in special projects as assigned by the BSA Officer.
ESSENTIAL POSITION FUNCTIONS:
The BSA Specialist must:
Assist the designated project owner of the Credit Union’s AML, check fraud and kiting detection system in configuring and operating the system for optimal results including the processing of cases/alerts generated by the system.
Under the direction of the BSA Officer, deliver professional communication and outreach to foster awareness regarding financial crimes and suspicious activity trends.
Be a self-starter and master of time management, consistently sustaining high levels of productivity and quality in a fast paced high volume environment.
Investigate and research cases/alerts and potentially suspicious situations; efficiently arriving at sound risk based conclusions.
Clearly document and support judgments, decisions and rationale, which will necessitate strong writing skills and the ability to maintain files and records in accordance with business unit standards.
Demonstrate sound judgment and decision making in the context of regulatory requirements, Credit Union policies, and industry best practices.
Apply project management and organization skills to a variety of tasks; demonstrating flexibility and problem solving skills.
Meets with department managers and/or vendors and attends training classes as appropriate to become knowledgeable.
Assists with the implementation of the new procedures, equipment, etc. as assigned Performs other related duties as requested.
Responsibilities will include case/alert processing, transaction analysis, member due diligence reviews and special projects focused on specific risks. The BSA Specialist will work closely and collaboratively with the members of the financial crimes group and Security Officer. Assign cases/alert may include but are not limited to ATM/Debit card, credit card, new account, checks, identity theft, elder financial abuse and loan losses.
Prepares and files reports with federal and local law enforcement agencies. May also represent the credit union in criminal and civil proceedings.
Responsible for all aspects of investigation of assigned cases/alerts including documentation of interviews with witnesses, suspects, other financial institution investigators and law enforcement agencies. Assigned cases/alerts may be of moderate to high complexity and/or high profile including internal employee investigations and organized fraud rings.
Reviews and analyzes assigned cases/alerts to determine criminal intent and proper jurisdiction for proper filing. Identifies state or federal penal code violation.
Reviews and analyzes losses to determine if they are controllable tor uncontrollable and the Credit Union policies that were not adhered to. Prepares internal report for controllable losses with recommendation to prevent further losses.
At conclusion of investigation, prepare case report summary on fraud detection system. Prepares written reports to law enforcement and/or regulatory agencies as required.
Identifies, utilizes, and recommends appropriate data-related system resources to enhance investigative efforts and fraud detection and/or prevention.
Conducts fraud detection and/or prevention classes/meetings for all levels of Credit Union personnel and outside agencies as requested. Represents the Credit Union at external financial investigator/law enforcement functions.
Responsibilities also include preparing material for reporting by senior management to the Credit Union’s Board of Directors and/or Supervisory Committee.
The BSA Specialist must continuously evaluate AML and fraud risks and proactively identify methods to enhance risk mitigation. This may require participating in the risk assessment of new products, services, systems, or other material changes. The BSA Specialist also follows emerging threats and keeps current with risk factors to ensure appropriate controls (including implementation of new technology) are in place to manage the level of risk.
Other duties, and special projects, may be assigned at the discretion of the BSA Officer.
EDUCATION, EXPERIENCE, SKILLS AND ABILITIES:
Bachelor’s Degree or equivalent work experience in a financial institution investigation field.
Three to five years of experience in the banking industry investigating all aspects of financial fraud with moderate to high degree of complexity are preferred.
Knowledge of banking products, services, systems and workflows, transaction processing applicable regulations, especially the Bank Secrecy Act as amended by the USA PATRIOT Act; and financial crime typologies including terrorist financing.
OTHER SKILLS AND ABILITIES:
Excellent oral and written communication skills.
Ability to solve practical problems and carry out responsibilities with minimal supervision.
Must be logical, analytical and detail oriented.
Ability to plan and organize workload for effective implementation.
Ability to compose documentation.
Computer proficiency with expertise in word processing Ability to work independently.
Professional appearance and demeanor.
Proficient in Microsoft Applications (Word, Excel, PowerPoint, Outlook). Proficient at learning new computer programs as necessary.
Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals. Ability to compute rates, ratios and percentages.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is frequently required to stand; walk; sit; use hands to finger, handle or feel; reach with hands and arms, climb or balance, stoop kneel, crouch, crawl; talk or hear and taste or smell. The employee must occasionally lift and/or move up to 10 pounds. Vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception and ability to adjust focus.
The work environment characteristics described here are representative of those an employee encounters while performing functions of this job.
The noise level in the work environment is moderately quiet. It is a non-smoking environment.
The above job requirements are representative of minimum levels of knowledge, skills, and abilities. The marginal functions have not been included. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
This job description in no way implies that these are the only duties to be performed. An employee will be required to follow any other job-related instructions and duties as requested by the supervisor and/or management.
- Professional Development
- Gym Memberships
- Flexible Schedules
- Employee Events
- Paid Holidays
- Tuition Reimbursement
- Vacation/paid time off
- Medical, Dental and Vision