Bank Secrecy Act Specialist

POSITION SUMMARY:

The Bank Secrecy Act Specialist plays a critical role in supporting the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Controls (OFAC) compliance programs alongside the institution’s broader fraud prevention and compliance strategy. This position is responsible for conducting customer due diligence (CDD) and enhanced due diligence (EDD) on high-risk accounts, and identifying suspicious activity that may indicate fraud, money laundering, or other financial crimes. By leveraging internal systems, regulatory tools, and investigative techniques, the BSA Analyst ensures timely and accurate reporting, supports regulatory compliance, and contributes to the ongoing development of a robust fraud risk management framework.

ESSENTIAL FUNCTIONS AND SUPPORTING DUTIES:

• Fraud Detection and Investigation:
  • Conduct in-depth investigations of high-risk members and suspicious transactions.
  • Monitor and analyze Alerts (BSA/CDD/EDD) and assist in threshold testing to ensure fraud/BSA detection systems remain effective and aligned with evolving risks.
  • Collaborate with the fraud mitigation team to identify fraud trends and support the implementation of proactive countermeasures.
  • Utilize internal and external data sources to detect and investigate potential fraud schemes, contributing to the institution’s fraud intelligence.
• Regulatory Compliance and Reporting:
  • Prepare, perform quality reviews and queue Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), ensuring accuracy and regulatory compliance.
  • Support the Fraud Manager/BSA Officer in maintaining the BSA/AML and OFAC compliance programs by performing quality control reviews and monitoring activities.
  • Assist in the development and maintenance of the BSA/AML and OFAC risk assessments by providing data and insights from ongoing monitoring and investigations.
  • Participate in regulatory audits and examinations by gathering documentation and presenting findings in coordination with the Fraud Manager/BSA Officer.
  • Conduct daily OFAC and 314(a) checks, investigate potential matches, and document findings to support enterprise-wide compliance.
  • Collaborate with internal departments and financial institutions via 314(b) to ensure a unified approach to fraud prevention and regulatory compliance.
• Training, Policy, and Program Development:
  • Contributes to the creation and delivery of institution-wide compliance training programs, reinforcing fraud awareness and regulatory responsibilities.
  • Assist in updating BSA/AML and OFAC policies and procedures to reflect current regulatory expectations and fraud prevention strategies.
  • Provide feedback to the fraud management team on procedural gaps or training needs identified during investigations or quality control reviews.
  • Participate in BSA/AML and OFAC and/or Fraud-related training that may include webinars, periodicals and self-study to stay abreast of any related changing laws and regulations.

QUALIFICATIONS AND REQUIREMENTS:

Required Education: Bachelor’s degree in criminal justice or a related field, or equivalent work experience within a financial institution.

Required Certification: Certified Anti-Money Laundering Specialist (CAMS) designation or must obtain within 24 months of employment. 

Required Experience: 1 - 3 years’ experience of similar or related experience

Preferred Experience: Prior experience working within a fraud, BSA/AML/OFAC function.

Preferred Knowledge: Knowledge of financial institutions and products and services offered.

Skills and Abilities:

• Ability to adhere to BayPort Credit Union’s Core Values:  Integrity, Be Bold, Compassion, Diversity, Innovation, It’s On Me, and One Team.

• General knowledge of fraud investigation, risk management, and risk assessment is required.  Strong understanding of BSA/AML and OFAC regulations and their application in fraud prevention.
• Experience with fraud detection systems and investigative tools.
• Analytical mindset with the ability to detect patterns, assess risk, and communicate findings effectively.
• Commitment to confidentiality, integrity, and regulatory excellence.

• Computer proficient, especially with Microsoft Word and Excel.
• Strong member service, writing, and organizational skills.
• Attention to detail and the ability to work independently.
• Strong investigative, analytical, and critical thinking skills.
• Strong work prioritization and time management skills.
• Ability to maintain current knowledge of the credit union’s changes, processes, and procedures.

This job description is not an all-inclusive list of the responsibilities, skills, working conditions or essential functions of this job. Management reserves the right to modify, add or remove essential functions as business needs warrant.

We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and reserve the right to perform pre-employment substance abuse testing.