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SUMMARY OF THE JOB:
The incumbent is responsible for ensuring compliance with the Bank’s BSA and OFAC programs. This position monitors compliance with Bank policy, the Bank Secrecy Act, and other related laws and regulations (OFAC/Anti-Money Laundering/US Patriot Act). The incumbent will perform due diligence, account/transaction reviews for unusual and suspicious activity, as well as completes Currency Transaction Report and Suspicious Activity Report filings, in order to meet all regulatory deadlines.
ESSENTIAL FUNCTIONS:
Reporting to the BSA Operations Officer with an overall report to the BSA & OFAC Compliance Officer, the incumbent is responsible for:
- The review of alerts that are produced at various time frames including weekly, monthly, quarterly, semi-annually and annually. These alerts will be triggered in Verafin through the running of agents within these time frames for a variety of activities, including cash, wire, ACH, monetary instruments, etc. Review will include a detailed 3-month look-back to determine the legitimacy of the transactions and if the transactions are suspicious in nature. This will be accomplished by branch/department contact and by documenting all findings through a well-documented narrative review in Verafin by following established case management procedures.
- Analyze information received from other sources including branch, loan and operations staff, etc.
- Perform independent analysis for cases involving suspicious activity including structuring, unusual activity, suspicious wire activity, etc. Fully document alerted activity, research conducted, findings, decision to file or not to file a SAR, recommendations for closure, as well as other due diligence and record retention of supporting documentation from the course of the investigation within the customer’s profile within Verafin.
- Identifying and analyzing complex potential risk issues, patterns, trends and suspicious/or fraudulent activity. Must be able to recognize transactions of high importance for timely escalation to the BSA Operations Officer and the BSA & OFAC Compliance Officer.
- Completion of Suspicious Activity Reports that are referred in a sufficient time frame to the BSA Operations Officer or the BSA & OFAC Compliance Officer for approval and submission.
- Completion of Currency Transaction Reports for review and accuracy, before submission to the BSA Operations Officer and/or the Sr. BSA Data Analyst for final review and filing.
- Completion of daily business customer onboarding questionnaire reviews with Verafin, which includes verifying information provided by branch personnel at the time of account opening, as well as building out the questionnaire and profile to properly risk rate the customers.
- Completion of monthly 90-Day EDD reviews through agents run in Verafin to ensure that all activity is properly documented and is in line with the stated business type. If any deviations are noted, proper investigative steps should be taken to ensure that the review is sent to case for further review and investigative research.
- Completion of all ad-hoc reports, which can include, but not be limited to the monthly Gambling, PEP and other reports, as assigned by the BSA Operations Officer.
- Interaction with branch and support personnel as it pertains to BSA/OFAC issues including follow-up to resolve such issues. Must be able to effectively escalate any concerns or issues to Retail Banking for immediate corrective action or follow-up.
- Maintaining a high degree of professional competence in the area of BSA activities and investigations through self-study, seminars and professional organizations including high involvement with Verafin.
- Required to stay current with all applicable regulations through continuing education as defined by the BSA/OFAC Compliance Officer.
- Adheres to applicable federal and state regulations and Bank policies and procedures, including BSA, OFAC, PATRIOT Act, Privacy, and consumer protection regulations pertaining to incumbent’s business line.
- Completes required training (internal, on-line and in-person) by set due dates.
- The incumbent is expected to consistently exhibit the Bank’s core values which include having a passion for customer service, building collaborative relationships with trust and integrity; treating everyone with dignity and respect, and taking pride in own work
SECONDARY FUNCTIONS:
- Actively participates in weekly and/or monthly BSA team meetings.
- Assumes other BSA related duties and projects as assigned by the BSA Operations Officer or the BSA & OFAC Compliance Officer.
- Able to assist the Fraud Intelligence Unit with the analysis of transactions that appear fraudulent from multiple channels and provide detailed documentary evidence to support such findings. Have the ability to research transactions to obtain information on deposits, checks, etc.
- Able to clear all alerts in queue in Verafin within established timelines. Quick independent decision making is essential to ensure losses are mitigated.
- Able to contact necessary bank personnel and/or customers, when necessary, in resolving potential suspicious and/or fraudulent activity.
- Able to keep detailed documentation to support each alert/investigation/acknowledgement in Verafin.
MINIMUM KNOWLEDGE/SKILLS:
- Bachelor’s degree or five-plus years of related bank operations experience with a majority of the experience being in the field of AML and BSA.
- CAMS (Certified Anti-Money Laundering Specialists) designation or similar industry certification is highly preferred.
- Strong knowledge of branch operations.
- Two to three years’ experience in the development, implementation and documentation of processes, as well as investigative research.
- Strong working knowledge of the requirements of the BSA, US Patriot Act and OFAC.
- Proven analytical and problem solving skills, project management skills and the ability to make sound decisions regarding complex cases.
- Strong oral and communication skills, as well as strong written and presentation skills.
- Ability to work independently and meet established regulatory deadlines.
- Ability to travel as needed.
- Proficient with all Microsoft Office products and Core Bank software programs.
PHYSICAL REQUIREMENTS:
- General Office Equipment
- Keyboard Dexterity
- Prolonged Sitting
COMPLIANCE:
Acts affirmatively in all activities under his/her control in conformance with the Bank’s Affirmative Action, Equal Employment Opportunity, and Fair Lending Programs to achieve the Bank’s goals and objectives. The Bank shall provide equal employment opportunity to all qualified persons, and continue to recruit, hire, train and evaluate persons in all jobs without regard to race, color, religion, sex, national origin, or veteran status.
Liberty Bank is an Equal Opportunity employer. It is the policy of Liberty Bank to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.
