Responsible for successfully managing (i.e., overseeing, implementing, administering, and ensuring compliance with) both the Credit Union's BSA/AML & OFAC Program (hereafter referred to as BSA) and Fraud Risk Program (as it relates to Account Fraud). Evaluates, tests, and monitors the Credit Union's compliance with applicable policies, procedures, and rules & regulations.
Responsibilities
Serves as the primary contact for regulatory agencies and auditors on BSA related issues for examinations and audits. Participates in, and responds to, exam and audit concerns and oversees corrective action of all related compliance deficiencies or violations. Responsible for operational regulatory compliance with the Bank Secrecy Act/Anti-Money Laundering, U.S. Patriot Act, and OFAC.
Manages all facets of the Credit Union's BSA program: ensures that all polices and procedures are relevant and complete; self-assesses program's success by conducting risk assessments; addresses compliance risk and concerns; maintains compliance with all applicable state and federal laws & regulations; prepares and files SARs and CTRs with appropriate government agencies, when applicable; ensures thorough OFAC monitoring for all applicable transactions and name records within the database; etc.
Establishes and oversees the Credit Union's Know-Your-Customer/Member Identification Program (KYC/MIP) and related Member due diligence and enhanced due diligence processes. Performs ongoing enhanced due diligence monitoring of Member relationships including transactional analysis for Members that pose a higher risk to the Credit Union.
Conducts suspicious activity reviews, reconciliation, and reporting for any assigned cases or referrals received from branch staff. These reviews require the use of various tools including Verafin, internet sites, and other applicable resources as they become available.
Ensures management and the Board of Directors are informed of changes to laws and regulations, as well as compliance activities including an evaluation of its relative risk exposure related to BSA compliance. Prepares various reports for Senior Management and/or the Board of Directors.
Develops and monitors fraud risk strategies and processes for deposit accounts for the purpose of fraud prevention, while ensuring an exceptional Member experience, every time.
Provides performance tracking of fraud strategies and fraud prevention tools and processes. Provides tracking of fraud losses through all channels.
Conducts ongoing analyses to identify the root cause of fraud trends and propose potential solutions.
Creates training materials and conducts staff training for identifying red flags to assist with fraud mitigation and prevention. Manages BSA compliance staff and Fraud Investigator(s); investigates potential fraudulent items and performs enhanced analyses to determine and identify fraud and criminal activity.
Qualifications
Required: Bachelor's Degree or a comparable combination of education/experience and/or training will be considered equivalent.
BSA compliance certification from the banking or credit union industry preferred.
5+ years' experience serving as BSA Officer within a financial institution with significant experience in BSA compliance and laws and regulations affecting consumers and financial institutions. BSA compliance-specific experience with exposure to transactional analysis as well as general program and reporting requirements.
3+ years of fraud risk related experience with exposure to transactional and account analysis.
Thorough knowledge of credit union operations, policies and procedures, and core systems.
Working knowledge of automated AML monitoring, wire transfer, investigative case management or related financial services industry monitoring tools and applications.
Excellent time management and prioritization skills in a multi-tasking environment.
Excellent problem solving, analytical and evaluative skills.
Effective oral and written communication skills and ability to present audit findings.
Establish and maintain effective business relationships with staff in other departments.
Other Duties as assigned.
At Credit Union of Southern California, we believe when your talents are aligned with your work and you're passionate about the difference you make, you don't work a day in your life. A Credit Union of Southern California career is a journey that starts with a positive, productive, and engaging workplace where team members are valued and respected.
The above statements are intended to describe the essential functions, nature and level or work to be performed as of the document preparation date; they are not intended to be an exhaustive list of all duties and responsibilities. CU SoCal reserves the right to modify this job description at any time, without notice. The Credit Union of Southern California is an equal opportunity employer. Applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability, or protected veteran status or any other basis prohibited by federal, state or local law. We foster an environment and culture where ideas and decisions from all people help us grow, innovate, and fulfill our mission of Building Better Lives.
