What are the responsibilities and job description for the BSA/AML Officer position at Essential Credit Union?
BSA/AML Officer
Position Purpose:
To provide support and assistance to the Compliance/BSA Officer in the research, monitoring, and implementation of regulatory requirements by ensuring regulatory compliance with Essential’s Bank Secrecy Act/Anti-Money Laundering/OFAC rules and regulations. To assist in developing systems and procedures to ensure the operating success and efficiency of the Credit Union BSA Program while helping with interpretation and dissemination of information on regulatory matters to team members.
Duties and Responsibilities:
- Maintain a proficient working knowledge of specific regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and FinCEN regulations.
- Review daily Reportable Cash Transaction Reports to detect and file Currency Transaction Reports (CTR) in a timely manner.
- Review and analyze CTRs for accuracy and timely regulatory filings. Determine eligibility for Exempt Status for large cash transactions and file required documentation.
- Investigate and document suspicious activity including, after consultation with the BSA Officer and ensure the timely filing and reporting of a SAR on the activity.
- Review daily Suspicious Cash Transaction Reports to detect and file Suspicious Activity Reports (SAR) in a timely manner.
- Perform SAR continuing activity reviews and ensure timely filing of continuing activity SARs.
- Ensure that all members and transactions, both incoming and outgoing, are compared against the OFAC list with no matches.
- Assist with 314(a) record search and maintaining a log of findings.
- Assist with identifying Money Service Businesses (MSB) and ensure proper registration requirements have been met.
- Monitor accounts for compliance with CIP Program.
Weekly/Monthly Reporting:
- Review Teller generated Currency Transaction Logs and Monetary Instrument Logs to identify any suspicious activity.
- Download, review, and upload 314(a) Information Sharing list.
- Review all CIP's and Certifications of Beneficial Ownership
- Attend SAR Determination Meetings
Annual reports/records:
- Attend various training seminars to maintain a proficient working knowledge of the BSA/AML rules.
- Responsible for monthly due diligence of monetary instruments and maintaining a log of findings.
- Assist with annual onsite reviews of existing MSB's
NOTE: THE LIST OF ESSENTIAL FUNCTIONS IS NOT EXHAUSTIVE. IT MAY BE SUPPLEMENTED AS NECESSARY FROM TIME TO TIME.
Major Accountabilities:
- Collect and provide requested documentation for various examiners, auditors, law enforcement and governmental agencies regarding SARs, CTRs, and AML monitoring records.
- Serve as a resource for branches, departments, and management.
- Must represent the Credit Union with a high level of integrity while supporting management decisions and goals in a professional manner.
Job Specification
College degree and/or three (3) or more years of working in bank operations.
Training Requirements:
- Maintain knowledge of Microsoft Office Products (word processing, spreadsheets, internet sources and presentation software).
- Use of desktop and laptop computers.
- Knowledge of fraud detection software.
Work Experience:
- Three (3) years of credit union/banking experience and preferably 1-year of BSA experience.
- Working knowledge of Credit Union Operations, its products, services, and understand its organizational structure.
- Knowledge of teller functions, transactions and processes is required.
- Familiarity with BSA/AML requirements and regulatory compliance issues.
- Familiarity with credit union practices including accounting standards and industry terminology.
Skills, Abilities, and Knowledge:
- Strong organizational and planning skills with the ability to recover from and adjust to change.
- Excellent research skills with the ability to design and conduct a systematic, objective, and critical investigation.
- Basic accounting skills with mathematical aptitude.
- Must have the ability to multitask issues and projects while maintaining composure when working under pressure or stress with minimal supervision.
- Must be self-motivated with a proven ability to reach goals or performance tasks within prescribed time frames without constant supervision.
- Possess strong verbal/written communication skills able to communicate tactfully with all levels of Credit Union personnel showing consideration to avoid strife in dealing with team members.
Physical Requirements
Perform primarily sedentary work on computer or laptop for an average of 8 hours per day. Must be capable of climbing/descending stairs in emergency situations. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to work extended hours whenever required or requested by management. Must by capable of regular, reliable, and timely attendance.
Other Requirements
Must be able to perform job functions with supervision and work effectively either on own or as part of a team. Must be able to read and carry out various instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be able to perform basic mathematical calculations with extreme accuracy. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines/requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on confidential matters.
