What are the responsibilities and job description for the Bank Secrecy Act Assistant position at Credit Union of America?
Role: Research and evaluate new or amended state or federal laws and regulations as they pertain to Bank Secrecy Act (BSA)/Anti-Money Laundering (AML), USA Patriot Act, and Office of Foreign Assets Control (OFAC) compliance. Perform daily processes and tasks to ensure compliance with FinCEN and BSA guidelines; this includes filing CTRs, investigation and analysis for completion of Suspicious Activity Reports (SARs), processing FinCEN watchlist 314(a) lists, processing alerts and cases, and providing assistance in maintaining the BSA program.
Essential Functions & Responsibilities:
- Assist the BSA Specialist and administer the CUs BSA compliance program, including: a) review and disposition alerts derived from various prevention filters within the Abrigo platform, b) maintain accurate documentation and tracking of investigations / decisions, c) assist the BSA Specialist with preparing SARs, d) assist the BSA specialist with preparing CTRs, and e) assist the BSA Specialist in preparing written reports summarizing the CUs BSA / AML Compliance Program.
- Perform continuous monitoring activity(ies), review, update, and verify member profiles over the course of the relationship, in Abrigo, for accuracy and completion to maintain an appropriate risk-based program and reliable risk score, as assigned by the BSA Specialist.
- Perform complex investigations to identify Bank Secrecy Act issues such as money laundering, terror financing, internal / external fraud schemes, structuring, and illegal money service business activity. Review and investigate OFAC alerts for a determination of an actual OFAC match or false positive and respond to OFAC related questions from branches / various departments.
- Assist the BSA Specialist in managing the CUs OFAC compliance program, including a) process periodic watchlist and 314(a) lists via Abrigo, b) work Specially Designated Individual list and clear exceptions, and c) assist with general OFAC compliance.
- Perform other duties as assigned by the BSA Specialist. Employees shall be trained annually, demonstrate an understanding of, and follow the requirements of the BSA/AML Compliance Program as it specifically relates to their job.
Knowledge and Skills:
Experience: One year to three years of similar or related experience.
Education: (1) A two-year college degree, or (2) completion of a specialized certification or licensing, or (3) completion of specialized training courses conducted by vendors, or (4) job-specific skills acquired through an apprenticeship program.
Other Skills:
1. Ability to research and comprehend state and federal regulations applicable to financial institutions.
2. Willingness to learn risk management concepts, with emphasis on operational and regulatory activities.
3. Strong organizational skills, highly motivated, and detailed oriented.
4. Working knowledge of spreadsheets and word processing software and comfort with the use of new technologies and software applications.
5. Good written and verbal communications skills.