What are the responsibilities and job description for the BSA Specialist position at LGE Community Credit Union?
What You'll Do:
This position is responsible for performing a variety of duties to support the Credit Union's Bank Secrecy Act(BSA)/Anti-Money Laundering(AML) Program and assures that the Credit Union conducts its operations in compliance with BSA/AML, USA PATRIOT Act, OFAC and Member Identification regulations. A natural curiosity and quick thinking skills are at the core of the BSA Specialist to support the Credit Union's strategic goals while mitigating risk as it relates to all aspects of the Bank Secrecy Act.
Essential Functions:
- Ensure that all Suspicious Activity Reports (SAR), and Currency Transaction Reports (CTR) are completed accurately and filed using the appropriate timelines
- Maintain a high level of confidentiality to prevent individual and Credit Union penalties related to improper disclosure of information
- Responsible for maintaining the Bank Secrecy Act program including but not limited to:
- Monitor and investigate member accounts for suspicious activity
- Conduct OFAC verifications on individuals against the OFAC SDN list, providing overrides to staff as needed
- Ability to detect "red flags" on member accounts to monitor change in member behavior
- Conduct investigative interviews with staff and members related to the filings of required BSA reports
- Respond to suspicious activity transactions reported by Credit Union staff
- Ensure recordkeeping, processing, and reporting of all suspicious activity follows federal and state regulatory guidelines
- Ability to work under pressure while multitasking, and respond positively, as deadlines develop
- Responsible for maintaining the BSA/AML software including but not limited to:
- Review and mitigate any BSA/AML automated alerts, conduct appropriate investigations, and make a determination on the disposition of the alert
- Maintain the internal "watch list" within the BSA/AML software
- Maintain employee user list for the BSA/AML software
- Review and react to FRAMLX alerts within the BSA/AML software
- Review and react to 314(b) requests received via the BSA/AML software
- Upload the 314(a) listing to the BSA/AML software following regulatory timelines
- Compile BSA statistical information reports for leadership presentation at monthly board meetings - - Relay information to the Enterprise Risk Management & Fraud team concerning alerts or requests associated with fraud
- Review and approve/deny Power of Attorneys (POA) presented by members for future transactions - Ensure proper coding is used within the LGE core system for employee accounts, as well as deceased members to remove Power of Attorneys as applicable
- Assist staff and members with questions, concerns, training, corrections, and problem resolutions
- Provide assistance to back up the BSA associate as needed
- Attend applicable regulatory training, seminars, webinars, conferences, and read periodicals to maintain a current and thorough understanding of money laundering, terrorist financing issues to stay abreast of developing trends
- Be familiar with and follow all policies, procedures and processes which have been established in order to meet compliance requirements of all applicable federal regulations. The regulations include but are not limited to the Privacy Act, Office of Foreign Assets Control (OFAC), Bank Secrecy Act (BSA), Reg. CC and Patriot Act
Who you are:
- Required: 2 years BSA experience
- Required: Bachelor’s degree in business related field
- Required: Ability to obtain/maintain a Bank Secrecy Act Certification
- Required: Effective written and oral communication skills to convey research and BSA requirements
- Preferred: Experience within a financial institution
- Must possess the ability to work independently with minimal supervision
- Experience in researching, compiling, and documenting data
- Organized, detail oriented, ability to multi-task and meet various deadlines
