What are the responsibilities and job description for the Banking Fraud Analyst position at First Business Bank?
Join us today as a Banking Fraud Analyst!
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At the heart of First Business Bank, we believe success comes down to putting people first. Our people are our priority — they embody ambition, experience, and client focus. The result is extremely engaged employees who provide unmatched client satisfaction. With comprehensive total rewards to support our team members, a commitment to valuing each other’s differences, and a focus on improving our communities, we are confident you’ll find the experience is your advantage. We’re delighted you’re considering joining us!
Location: Based out of Madison, WI or Brookfield, WI with the requirement of 1 day per week in office.
OVERVIEW:
The Anti-Money Laundering & Fraud Analyst plays a critical role in ensuring First Business Bank adheres to regulatory requirements related to anti-money laundering (AML) and fraud prevention. This role involves performing basic analysis of financial transactions to identify suspicious activities, conducting enhanced due diligence on high-risk clients, and managing the Currency Transaction Reporting process. By leveraging your expertise in AML and fraud detection, the AML & Fraud Analyst will contribute to maintaining the integrity of our bank and protecting our clients from financial threats.
Essential responsibilities for this role include:
- Alert Triage – alert triage is crucial for effectively identifying and prioritizing suspicious financial activity and fraud.
- Monitor, research and clear alerts
- Conduct preliminary reviews to determine if an alert should be escalated to senior team members for further investigation.
- Currency Transaction Reporting (CTR) – the CTR process is vital for detecting and preventing financial crimes, ensuring compliance with legal and regulatory standards, and safeguarding the financial system's integrity.
- Oversee the CTR process, including exemptions
- Review and validate accuracy of cash transactions and collaborate with frontline personnel to ensure the accurate and timely completion of reports.
- Due Diligence – client due diligence is essential for verifying client identities, assessing and mitigating risks, ensuring regulatory compliance, and safeguarding the financial system against illicit activities.
- Perform monitoring reviews of Customer Identification Program (CIP) and Customer Due Diligence (CDD), including Beneficial Ownership Information (BOI), of records for new and existing clients.
- Quality Assurance Reviews – data integrity is vital for ensuring accurate financial reporting, maintaining regulatory compliance, and enhancing decision-making processes.
- Perform regular quality assurance reviews of internal processes related to AML/CFT, sanctions and fraud detection.
- Conduct data validation reviews of the FRAML system.
- Compliance and Risk Management – these duties are critical for ensuring regulatory adherence, mitigating financial and reputational risks, fostering stakeholder trust, and maintaining the overall stability of First Business Bank.
- Track and distribute all legal notices received at the bank.
- Assist in maintaining the bank’s AML/CFT and Sanctions program.
QUALIFICATIONS
- Bachelor’s (or Associate) degree AND 2 years of fraud, and/or analytics experience OR 4 years of experience in banking or related field required
- Basic understanding of financial systems, AML/CFT and sanctions regulations and compliance as well as fraud types and scams.
- Intermediate Excel knowledge
- Ability to work independently and use independent judgment with minimal supervision
- Ability to handle pressure of meeting deadlines
