What are the responsibilities and job description for the BSA Specialist position at Verve, a Credit Union?
Position Summary
The BSA Specialist serves the Risk Management team by assisting with the overall compliance of the credit union to ensure the credit union’s risks are mitigated and all regulations are followed.
Position Responsibilities
EDUCATION AND EXPERIENCE
The BSA Specialist serves the Risk Management team by assisting with the overall compliance of the credit union to ensure the credit union’s risks are mitigated and all regulations are followed.
Position Responsibilities
- Complete all daily Bank Secrecy Act (BSA) reporting for the credit union, such as:
- Review and analyze alerts and reports produced by Verafin and internal Request for Investigations (RFIs) to determine if member is money laundering or involved in terrorist activity.
- Investigate and gather supporting documentation to provide recommendations to the Compliance Officer and SAR Committee regarding the filing of a Suspicious Activity Report (SAR).
- Investigate business member behaviors detected from Verafin alerts and SAR filings. Contact members when necessary.
- Maintain a strict schedule for performing Enhanced Due Diligence on current high-risk business member relationships. I.e., ATM Owners, Money Services Business, Non-Profits. Use Verafin to monitor risk ratings and appropriate EDD reviews. Complete on-site visits if necessary.
- In Verafin document Customer Due Diligence (CDD) on current business members and beneficial owners. Provide detailed description of the members business model. Contact new and existing business membership when necessary to better understand their declared business behaviors.
- Assist with review of newly opened business accounts to determine the appropriate CIP information was documented.
- Report any exact OFAC matches to the Compliance Officer immediately.
- Annually, prepare review and analysis of Exemptions for CTR filing of business members.
- Regularly report to the Compliance Officer the status of duties, projects and assignments.
- Keep current and knowledgeable about BSA compliance issues and regulations through resources which may include newsletters, webinars or seminars.
- Assist team members with compliance questions or issues.
- Assist with the evaluation the Credit Union’s policies, procedures, products, and programs to ensure compliance with applicable laws and regulations and to assess risk potential of the same. Make recommendations for change where appropriate to ensure compliance and minimize loss exposure.
- Assist in the revision and/or design of forms, products, web site, programs, or materials to ensure compliance with all State and Federal rules and regulations.
- Complete Bank Secrecy Act Compliance Specialist (BSACS) certification within 2nd year in position.
- Additional duties are assigned.
EDUCATION AND EXPERIENCE
- Associate’s degree (A.A.) or equivalent from a 2-year college or technical school.
- Three or more years of previous experience in the financial industry.
- Related work experience may substitute for education.
- Use effective judgment to make sound decisions while minimizing the Credit Union’s exposure to risk.
- Team-oriented.
- Works within organizational standards and guidelines to achieve the overall mission of the organization,
- Superior communication skills to effectively listen and disseminate information; an outgoing professional demeanor/appearance required.
- Demonstrated or potential ability to work independently, handle multiple priorities, exercise good judgment and employ initiative.
- Excellent understanding of regulations applicable to credit unions.
- Must have capability to address and resolve problems involving several variables in standardized situations.
- Ability to write routine reports and correspondence.
- Ability to read and interpret a variety of instructions furnished in written, oral, diagram, or schedule form such as regulations and procedure manuals.
- Solid knowledge of Compliance functions, responsibilities and procedures.
- Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Ability to operate standard office equipment and tools, such as a personal computer terminal, keyboard and mouse with visual monitor, calculator, computer printer, fax machine, telephone, photocopier, scanner, and security system.
- Work Environment: Business office, the noise level in the work environment is usually quiet to moderate.
- Physical Requirements: Ability to sit or stand at a desk the majority of the day; talk or hear; stand or walk occasionally. While performing the duties of this job, the team member is typically utilizing a computer, keyboard, and phone. May occasionally reach with hands and arms; stoop, kneel, and crouch.