BSA/AML Financial Analyst II

Overview

Under the direction of the Audit and Compliance Manager, the BSA/AML Financial Investigator II is responsible for ensuring that the Credit Union is compliant with the Anti-Money Laundering (AML) through regulations set forth by the Bank Secrecy Act (BSA) and Office Foreign Asset Control (OFAC). This role requires a thorough understanding of legal and regulatory frameworks, as well as the ability to analyze and monitor financial transactions for suspicious activities.

Key Responsibilities

• Monitor and analyze financial transactions using AML software to detect suspicious activity and potential money laundering in order to mitigate or escalate the case for SAR evaluation.

• Prepare, verify, and submit Currency Transaction Reports (CTRs) andensure acceptance by FinCEN

• Prepare and submit Suspicious Activity Reports (SARs) and ensure acceptance by FINCEN.

• Document analysis and recommendations for CTR exemptions per Bank Secrecy Action (BSA) regulations.

• Submit and respond to 314(b) FI collaboration through the AML system.

• Outboard calls to internal and external members to support case investigations.

• Participate in reviewing the AML functionality to improve system alert configuration by identifying patterns and trends related to BSA/AML.

• Ensure compliance with BSA, Anti-Money Laundering (AML), and other relevant regulations.

• Initiate member account actions and cases to minimize member and/or Credit Union losses.

• Maintain and track Customer Due Diligence (CDD) questionnaires and Enhanced Due Diligence (EDD) reviews, ensuring timely collection and verification to meet regulatory requirements.

• Assist with BSA/AML risk assessments and policy/procedure review.

• Ensure compliance with Office of Foreign Asset Control (OFAC) regulation.

• Back-up to BSA/AML/CTF OFAC Officer

• Coordinate with internal departments and external agencies to include federal and/or local law enforcement and ensure compliance with and resolve issues.

• Maintain up-to-date knowledge of regulatory changes and industry best practices.

• Completes other projects as assigned.

Core Skill Competencies

• Communication Skills: Excellent written and verbal communication skills to prepare reports, interact with stakeholders, skilled in engaging members in complex or sensitive discussions to clarify unusual activity.

• Analytical Skills: Ability to analyze complex financial data and identify patterns of suspicious activity.

• Attention to Detail: Strong focus on accuracy and thoroughness in all tasks.

• Problem-Solving Skills: Ability to think critically and develop effective solutions to BSA/OFAC related functions and cases.

• Regulatory Knowledge: In-depth understanding of BSA, AML, OFAC and other relevant regulations.

• Customer service: Exceptional customer service skills with a focus on user satisfaction and experience.

• Time Management: Efficient in managing multiple tasks and meeting deadlines under pressure and able to work with minimal supervision.

• Team Collaboration: Ability to work effectively with various departments and external agencies.

• Technical Proficiency: Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint, Teams, Outlook).

Physical Demands

• Prolonged periods sitting at a desk and working on a computer.

• Occasional lifting of office supplies, up to 15 pounds.

Qualifications

• Six years of progressive experience in all aspect of BSA/AML compliance, advanced knowledge of AML monitoring processes and system (preferably Verafin).

• Experience with Symitar is a plus but not required.

• Ongoing commitment to regulatory and professional development.

• Certification in CAMS, CBSAP or similar. 

• Interest in pursuing professional certifications 

• Strong analytical and problem-solving abilities are essential, with a proven track record of conducting thorough investigations and preparing detailed reports.

• Excellent verbal and written communication skills are required to effectively interact with internal teams and external stakeholders.