FRAUD ANALYST

Job Details

Description

The Fraud Analyst plays a crucial role in supporting the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Office of Foreign Asset Control (OFAC) and fraud prevention efforts of the bank. This position will focus on identifying, analyzing, reporting, and preventing suspicious and fraudulent activities, as well as optimizing processes within the BSA/AML/CFT/Fraud department to improve efficiency and regulatory compliance. The ideal candidate will have a strong understanding of fraud detection methods, AML/CFT/OFAC compliance, and a commitment to continual process improvement.

• Fraud Detection & Analysis:
• Investigate suspicious account activity, transactions, and patterns that may indicate fraudulent behavior, including account takeover, identity theft, and other forms of financial fraud.
• Use internal monitoring tools, external databases, and other resources to detect and assess fraudulent and suspicious activity.
• Prepare Suspicious Activity Reports (SARs) when necessary, ensuring thorough documentation of findings.
• Collaborate with law enforcement, auditors, and other departments as required for fraud investigations.
• BSA/AML Compliance:
• Support the BSA Officer in ensuring that all regulatory requirements related to fraud detection, anti-money laundering, and other financial crimes are adhered to.
• Review and monitor transactions for compliance with the bank’s BSA/AML/CFT/OFAC policies and procedures.
• Assist in ongoing monitoring of high-risk customers and accounts.
• Participate in regular compliance audits and internal reviews to ensure adherence to regulatory standards.
• Process Optimization:
• Identify inefficiencies and areas for improvement within the BSA/AML/CFT/OFAC and Fraud department’s existing processes.
• Work with the BSA Officer and other stakeholders to develop and implement risk- based process improvements to enhance the department's operational efficiency.
• Leverage technology and automation to streamline workflows through implementation of robust risk-based approaches.
• Regularly assess the effectiveness of process changes and adjust as needed to achieve optimal outcomes.
• Reporting and Documentation:
• Maintain accurate, detailed, and organized records of BSA/AML/CFT/Fraud investigations, process optimization projects, and compliance audits.
• Prepare reports for senior management and regulatory bodies as necessary, providing insights on fraud trends, process improvements, and compliance status.
• Ensure that all documentation is compliant with legal and regulatory requirements.
• Training and Support:
• Assist in the development of training materials and resources to ensure that staff are equipped to recognize and respond to BSA/AML/CFT/Fraud risks.
• Conduct training sessions for internal teams on fraud detection, AML/CFT compliance, and process improvements.
• Serve as a resource for other departments regarding BSA/AML/CFT/Fraud related inquiries and best practices.