BSA/AML Analyst

$1000 Signing Bonus effective 1/20/2024

Note:  All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels

Hours: Monday - Friday 8:00am-4:30pm (40 hour work week)

Hiring Range - $31.66/hr - $39.57/hr

SUMMARY OF POSITION:

 This position is responsible for researching, investigating and reporting individual and enterprise-wide issues related to possible money laundering and other illicit activity as required under the Bank Secrecy Act (BSA) and USA PATRIOT Act, including

• day to day monitoring of transaction activity and alerts and
• analyzing reports, documents, and various account activities in order to take appropriate action(s).

The position is also responsible for securing materials related to such investigations, as well as writing and updating procedural changes. This position reports to the Vice President BSA Compliance/Collections. 

PRINCIPAL ACCOUNTABILITIES and FUNCTIONS:

1. Investigates and helps to resolve enterprise-wide issues to ensure compliance with BSA regulations, and other applicable federal state, and local government laws. Contributes to the development and implementation of department procedures, as well as the development of relevant training materials in junction with the Manager, Training/Organization and Development to all staff levels.
2. Administers the day to day operations of the Anti-Money Laundering software to ensure program continuity, including working with Tower and vendor staff members to promptly resolve problems. Monitors day to day account activity based on compliance-required risk criteria and industry best practices, including evaluating alerts and uploading data files needed for watchlist scanning. Makes recommendations and provides information necessary to the Vice President for effective management review of the BSA/AML program in the form of written reports and proper software program set up.
3. Prepares Suspicious Activity Reports (SARs) for filing, including investigating activity, monitoring cases, reviewing signature cards and loan records, use of current forms, accurate completion of all data fields, meeting timing deadlines, retention of records and compliance with regulatory requirements. Performs timely review of SAR filings to determine whether supplemental SARs are needed and to prepare supplemental SARs.
4. Prepares Currency Transaction Reports (CTRs) for filing, including use of current forms, accurate completion of all data fields, meeting timing deadlines, retention of records and compliance with regulatory requirements.
5. Evaluates possible matches to the OFAC list and 314a lists presented by Verafin, WireXchange, ChexSystems and other applications in compliance with regulatory requirements, including meeting timing deadlines and record retention.
6. Evaluates accounts to determine whether they are used to conduct business activity, including interviewing account holders and reviewing transaction activity. Takes appropriate action to prevent business activity, such as closing checking accounts and limiting services.
7. Reviews powers of attorneys to determine whether they are legally effective and meet Tower requirements. Provides guidance to front line staff about how each power of attorney can be used and how it should be noted in the system. Develop and maintain expertise with regard to powers of attorney and applicable state laws.
8. Researches members’ financial relationships, including account activity, upon the receipt of criminal and civil subpoenas, to mitigate risk to Tower and potential risk for money laundering or other suspicious activity.
9. Uses professional care in retrieving, storing, maintaining confidentiality and safe-guarding documents and other information used to investigate and report suspicious activity, as well as, to support regulatory examinations.
10. Stays current with regard to laws, regulations and industry best practices pertaining to BSA, AML, OFAC, USA PATRIOT Act, fraud and terrorist financing.

REQUIRED QUALIFICATIONS:

•  Associate degree plus 1-2 years of banking/credit union related experience or in lieu of preferred AA degree, HS diploma plus a minimum 5 years of current, successful banking/credit union related experience.
• Must have general knowledge of BSA, OFAC, AML, fraud and financial institution core and records systems. In addition the position will need to become certified in BSA, OFAC and/or regulatory compliance within six months from date of hire.
• Knowledge of third party processors (especially BSA related software), database integration, excel and other job-related system applications is preferred.

COMPETENCIES:

• Ability to apply basic accounting rules and procedures.
• Proficiency in the use of Standard Microsoft Office applications including Word, Excel at time of hire.
• Ability to accurately apply mathematical concepts.
• Ability demonstrated on the job to administer specific software and/or retrieve, interpret information from internal reporting systems.
• Ability to write report narratives, correspondence and procedures.
• Ability to read, analyze and interpret government regulations and compliance standards.
• Ability to define problems, collect data, establish facts and draw valid conclusions.
• Successful experience and ability to provide explanation in one-on-one situations either in person or over the phone with tact, sensitivity, respect and confidence.
• Ability to effectively solve problems with many concrete variables in a variety of situations.
• Ability to define problems, collect data, establish facts and draw conclusions.
• Ability to focus on details, verify accuracy of information and evidence gathered in the investigative process.
• Ability to take and follow written and oral instructions, and complete the work required, without repeated close supervision.
• Ability to solve regular, recurring problems; promptly refer unusual occurrences for resolution.
• Ability to prioritize diverse job assignments and organize workload to meet established deadlines.
• Ability to work productively and effectively under high stress within the work group
• Ability to arrive at work routinely and promptly.
• Must have attention to detal
• Ability to interact effectively and professionally with colleagues and supervisors as a key team member
• Ability to give and receive feedback effectively and provide constructive suggestions for enhanced communications
• Ability to maintain sensitive and confidential information & safeguards records
• Ability to represent oneself and the organization positively and professionally
• Has knowledge of and adheres to credit union policies and procedures and all regulations related to the Bank Secrecy Act, the USA PATRIOT Act and OFAC. 

WORKING CONDITIONS:

• Must be able and willing to maintain sensitive and confidential information and equipment. Full-time: Core schedule may vary based on the business needs as defined by the Supervisor. Ability to sit, stand and walk for extended periods and demonstrate sufficient dexterity and vision to operate a variety of office equipment.
• Ability to lift coin bags up to 50 pounds with or without assistance.
• Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.
• Subject to periodic post hire credit checks.
• TFO security clearance

Salary : $32 - $40