BSA/AML Compliance Specialist
Frontwave Credit Union is Now Hiring!!!
We are seeking a BSA/AML Compliance Specialist to join our growing team!If you have experience in a financial institution, handling investigations in security, fraud, or anti-money laundering, as well as compliance, this job may be for you!
About Frontwave Credit Union:
Frontwave Credit Union is a member-owned not-for-profit financial institution serving San Diego, Riverside, and San Bernardino counties. Founded in 1952, we have grown to 14 branches with 87,000 members and manage over $820 million in assets. At Frontwave Credit Union our Mission is to make financial dreams come true. We are focused on creating consumer solutions, through innovative products and services that enhance the quality of life for our members through exceptional service and the progressive application of technology.
The BSA/AML Compliance Specialist will assists in overseeing the administration of the BSA/AML Program and related processes and procedures in accordance with the credit unions policies, and applicable federal regulations. Perform the compliance review for all new accounts, monitoring and investigative assignments and duties. Responsible to uphold and abide by Frontwave Credit Unions Core Values and service expectations.
Essential Duties and Responsibilities:
Includes the following non-inclusive list. Other duties may be assigned. All duties are to be performed in compliance with applicable laws, regulations, and Credit Union policies and procedures.
- Demonstrated knowledge and compliance with all aspects of the Bank Secrecy Act.
- Experience working with automated systems (Verafin preferred), used to detect and report suspicious activities.
- Managing case files and periodic reviews of outstanding activity.
- Reviews laws and regulations to ensure that all of the credit unions departments are in compliance, and follows up on corrective actions to avoid future BSA compliance problems.
- Provides support for annual contracted BSA Audit.
- Receives, reviews and files Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) reports with appropriate agency.
- Researches suspicious activity and analyzes account activity for compliance with BSA/AML/OFAC.
- Assist with monitoring CTR, CIP, Beneficial Ownership and New Business Account exceptions and New Account Memberships.
- Perform FinCen 314a search requests, review potential alerts and document evidence of completion
- Analyze and report member financial transactions and other member activity with primary focus on detection of potential money laundering, terrorist financing, fraud, structuring, and other illegal activities in compliance with the Bank Secrecy Act and USA Patriot Act.
- Research and resolve OFAC potential hits credit union wide. Run periodic reports in the AML system to ensure OFAC list updates are completed.
- Analyze data and results of transaction monitoring reports and determine whether to apply enhanced due diligence and/or if investigation is warranted.
- Answers questions from staff members regarding policies, procedures and business practices as they relate to Branch and Department Operations.
- Develops and recommends procedures aimed at deterring and detecting fraudulent or noncompliance activity.
- Analyzes internal processes and procedures and prepares recommendations to improve efficiency and ensure compliance with policies and regulations.
- Performs special engagements and analysis.
- Serves as support to department audit needs and other special projects and duties as assigned.
Education and/or Experience:
Minimum High school diploma or equivalent.
At least one year of investigations experience, preferably in security, fraud, or anti-money laundering with a thorough knowledge of the Bank Secrecy Act, Anti-Money Laundering Laws, USA Patriot Act, and OFAC or minimum one year related experience and/or training; or equivalent combination of experience and education that can include knowledge of Branch Operations, Federal, state and local agency rules, regulations and laws with a financial institution or other industry.
Proficiency on the Verafin Software system is preferred.
- BSA/AML Certification or similar certification desirable, but not required at time of job offering.It is required, that the employee has six months from date of employment to study for and obtain a BSA/AML Certification.
- At the discretion of the Direction, may also be required to obtain CUCE Certification and Operational/Branch Office auditing knowledge and skills.
Whats In It For You:
Competitive pay, organization-wide incentive program, 401k matching, mortgage and auto discounts
9-27 days of PTO per year (based on tenure) and 10 paid holidays
Affordable medical, dental, vision plans, and Flexible Spending Account
Employee Assistance Program with a variety of services
Career development, training, and coaching, mentoring; tuition reimbursement up to $4,000/year
Culture of excellence and continuous improvement
We strive to be the best place youve ever worked!