Bsa And Fraud Analyst I

Description:

Responsible for supporting the administration of BFSFCU’s BSA Compliance Program which guards against money laundering, controls terrorist financing, and ensures compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws. Assists in the administration of the Fraud Program and supports the Fraud team and the BSA/AML/OFAC team.

Responsibilities:

BSA/AML

• Prepare written reports for presentation to the Suspicious Activity Report Committee (SARC). Participate as a team member of SARC. Prepare SARs on activities identified as suspicious or unusual and submit approved SARs within established timeframes, including those for continuing reviews.
• Periodically present continuing reviews to the Internal Risk Committee.
• Monitor account activity based on risk views established as a result of compliance requirements, industry best practices and internal risk assessment findings to include suspicious activity, high risk accounts, currency transaction reporting and watch lists.
• Review OFAC list matching alerts for incoming/outgoing wire transactions and International ACH transactions (IAT) and review new memberships for country sanctions or SDN List concerns, directing internal partners and analyzing documents to eliminate false positives.
• Review AML system Movement of Funds alerts and open cases as appropriate. Conduct in-depth reviews and analysis of account history and related source documents to detect transactions that involve potential structuring and money laundering and possible violations of BSA, AML, OFAC or other financial crimes.
• Investigate referrals of suspicious activity and perform account activity reviews to detect possible violations of BSA, AML, OFAC or other financial crimes.
• Monitor, review, and files Currency Transaction Reports through the AML system to ensure compliance with internal policy and with regulatory requirements.
• Coordinate with Law Enforcement to respond as appropriate to inquiries related to case investigations. Respond and meet with Law Enforcement when supporting documents have been requested. Provide responses in a timely manner and ensure compliance with internal and regulatory requirements for document production.
• Interface with other Credit Union staff to obtain member information for use in suspicious activity investigations and maintain accurate, detailed records of all inquiries and decisions.

Fraud

• Support fraud risk management initiatives by promoting fraud awareness throughout the organization.
• Perform member outreach when appropriate to mitigate potentially fraudulent transactions. Provide guidance and best practices for member inquiries related to fraud.
• Assist in drafting or revising procedures relating to the Fraud Program. Make recommendations for enhancing Fraud Program processes.
• Perform member outreach to obtain and update current information for members.
• Conduct fraud alert monitoring using the Verafin Fraud and Anti-Money Laundering (FRAML) and case management system. Research and analyze high-risk transactions to identify possible cases of non-plastic card fraud.
• Respond to non-plastic card fraud inquiries. Create and assign cases, prepare case material, research customer, account, and transaction information, obtain appropriate documents for submission of non-plastic fraud claims to the bonding company (CUMIS), and track the status of claims.

Program

• Ensure the Credit Union’s safe harbor protections as allowed by the BSA. Understand that if confronted with knowledge of existence of a Suspicious Activity Report (SAR), an obligation exists to preserve the confidentiality of that SAR, as well as any information that may reveal the existence of a SAR. Maintain awareness of, and immediately report to the Compliance Officer, any unauthorized disclosure of a SAR, or unauthorized disclosure of information related to a SAR. Understand that failure to do so is a violation of federal law and may lead to both civil and criminal penalties for SAR disclosure violations.
• Participate in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and understanding of the BSA and OFAC, including the immediate reporting of unusual or suspicious activity to the Risk Management Department. Undertake additional training specific to daily responsibilities and as required to ensure continued compliance with all applicable regulations.
• Assist Risk Management Systems Administrator to test AML software to ensure accurate detection and reporting of suspicious activity in accordance with company policy, industry best practices and regulatory requirements. Report discrepancies to the Risk Management Systems Administrator.
• Successfully participate in annual Information Security refresher training. Complies with the Information Security Policy, including the immediate reporting of unusual or suspicious activity to management and the Security Officer. Follow all procedures to protect company computers from viruses, and to maintain the security and confidentiality of Credit Union data.
• Keep informed of laws, regulations, and current practices pertaining to the Bank Secrecy Act, anti-money laundering, OFAC, and Fraud regulations.
• Maintain records to ensure compliance with all regulatory and administrative requirements.
• Perform other work-related duties and special projects as assigned.

Requirements:

Minimum Qualifications or Knowledge, Skills, and Abilities Required

• Thorough knowledge of the Credit Union industry, products and services
• Excellent verbal and written communications skills
• Bachelor’s degree in related field or an equivalent combination of education and experience
• At least 2 years of experience at a financial institution

Certifications Preferred

• Certified Anti-Money Laundering Specialist (CAMS)

For internal purposes, this position is graded as NE-8