BSA/Fraud Associate

Description

Function: The BSA/Fraud Associate supports the Bank’s BSA/AML/CFT/OFAC, and fraud prevention programs by monitoring suspicious and fraudulent activity, reviewing system alerts, assisting with investigations and regulatory reporting, and helping ensure compliance with applicable banking regulations. The position works closely with internal teams to identify risk, mitigate losses, and support fraud and compliance monitoring efforts.

Duties:

· Monitor fraud and BSA alerts within the Bank’s monitoring systems, including Verafin alerts related to ACH, deposit, wire, and customer activity. 

· Assist with the timely preparation and filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). 

· Review and monitor customer activity for suspicious transactions or potential fraudulent activity. 

· Support monitoring and maintenance of high-risk customer relationships, including enhanced due diligence when required. 

· Monitor Customer Due Diligence (CDD) and Account Due Diligence processes for compliance with Bank procedures. 

· Review OFAC screening results and assist in ensuring compliance with OFAC regulations and procedures. 

· Support compliance with Section 314 of the USA PATRIOT Act by assisting with required screenings and reviews. 

· Investigate suspected fraudulent or suspicious activity and maintain accurate case management documentation. 

· Respond to incident reports and communicate with branch and operational teams regarding fraud-related activity and loss prevention measures. 

· Debit Card and ACH fraud dispute handling in compliance with applicable regulation(s) 

· Assist with fraud loss tracking, restitution monitoring, and reporting related to fraudulent activity. 

· Stay informed on current fraud trends, BSA/AML/CFT/OFAC requirements, and regulatory changes affecting the financial industry. 

· Work with local law enforcement and external agencies as needed regarding fraud investigations or suspicious activity. 

· Assist with employee awareness efforts related to fraud prevention and BSA/AML/CFT/OFAC compliance. 

· Participate in training, webinars, seminars, and industry meetings to maintain current knowledge of fraud and BSA trends. 

· Provide back-up support for other BSA and fraud monitoring functions as needed. 

· Assume additional responsibilities as requested.

Requirements

EDUCATION, TRAINING, AND EXPERIENCE:

• High school diploma or equivalent required

· Previous banking, financial services, fraud, compliance, or customer service experience preferred 

· Basic understanding of banking operations and financial transactions preferred 

· Working knowledge of Microsoft Office products and general computer systems 

· Strong organizational, analytical, and communication skills 

· Ability to manage multiple tasks and work independently with limited supervision 

· Strong attention to detail and problem-solving ability

PHYSICAL DEMANDS:

Must have the ability to read documents and computer screens, communicate effectively in person and electronically, and perform work primarily in a sedentary office environment involving extended periods of sitting.