Job Description
Job Summary
Under the direction of the VP, Operations, performs tasks in ensuring compliance with all requirements of the Bank Secrecy Act (BSA), USA Patriot Act, regulations issued by the Office of Foreign Assets Control (OFAC), and all other related anti-money laundering (AML) laws and regulations. All responsibilities are to be performed in compliance with TCU standard operating procedures, TCU policies, applicable state and Federal regulations and applicable state and federal law, as well as according to TCU's Core Values and Performance Standards.
Essential Responsibilities
- Conduct suspicious activity report (SAR) investigations and decide when to file a suspicious activity report. Advise Board of all filings. Write SARs when necessary and maintain a log of investigations which end in a decision not to file.
- Monitor compliance with all BSA reporting and record keeping requirements, key deposit regulations (Reg D, Reg CC), and with TCU's policies and procedures.
- Review branch and system generated CTRs for completeness, accuracy and compliance and file.
- Review daily cash and transaction reports , including for aggregate transactions, and prepare CTRs when needed.
- Maintain a log of Monetary Instruments purchased with cash.
- Monitor and respond to alerts generated by BSA/AML software.
- Respond to 314(a) requests as required by the USA PATRIOT Act.
- Initiate and respond to 314(b) requests as permitted by the USA PATRIOT Act.
- Maintain a current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations.
- Monitor legislative and regulatory developments regarding the Bank Secrecy Act and report important compliance developments to management and other credit union personnel.
- Assist with implementation or revision of compliance policies and procedures.
- Identify and monitor high-risk accounts as indicated in the BSA Policy.
- Research regulatory issues and respond to BSA related compliance questions fromcredit union personnel, using legal and regulatory reference materials, regulatory agencies, legal counsel, and professional associations and organizations.
- Assist in providing responses to be sent to regulatory agencies, and the credit union's outside auditors.
- Assist in the development, coordination and facilitation of training programs, sessions, and seminars to educate credit union personnel about Bank Secrecy Act related compliance requirements and procedures.
- Review credit union forms, notices, and procedures for compliance with the Bank Secrecy Act and related regulations.
- Assess risks and compliance issues with new credit union products and assist in creating policies and procedures to mitigate risks and ensure compliance.
- Review documentation for business accounts to ensure compliance with CIP regulations and policies and to assess potential money-laundering risks of business members.
- Provide guidance to credit union personnel regarding CIP and OFAC related issues.
- Assist in report preparation for the Board of Directors on a periodic basis and ensure that the Board is kept fully informed of the BSA program
- Assist in training for board members and other senior management on BSA compliance.
- Update the Bank Secrecy Act Policy and Risk Assessment to the Board annually.
- Monitor the use and output of the Verafin system, including alert scores, access level.
- Timely completion of own performance evaluation.
Additional Responsibilities
- Responsible for new deposit account QC (business and consumer)
- Assist in the execution of other regulatory and compliance testing
- Other duties related to TCU's operations or mission as assigned.
Required Experience & Skills
- At least five years of direct experience
- Courtesy, tact, and diplomacy are essential elements of the job. Work involves personal contact with others inside and/or outside the organization, generally regarding routine matters for purposes of giving or obtaining information which may require some discussion
- Perform quality work within deadlines with or without direct supervision
- Ability to read, analyze and interpret BSA regulations. Must be able to respond to common inquiries from regulatory agencies, courts and outside consultants
- Proficiency with Microsoft Office, or software, applications, and progress toward proficiency in SaaS currently used by TCU and assigned to this position
- Can perform responsibilities accurately and timely with moderate and reasonable supervision, with minimal reminders and corrections
- Evident habits of organized workspace and materials, and detail-orientation
- Clear and effective written and oral communication
- Critical thinking to evaluate sources of information and draw conclusions
Required Education, Training, Certifications or Licensing
- High School diploma, GED or foreign country equivalent
- Bachelors degree , or equivalent in experience
- Industry or third-party training in BSA and AML.
Physical Requirements
The requirements below represent those that must be met by an employee to perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the Essential Responsibilities and meet these Physical Requirements.
- Sit or stand for long periods of time, walk, talk and hear
- lift and/or move up to twenty pounds
- communicate orally, both over the phone and face-to-face, with members and vendors. view a computer monitor and use an alpha-numeric keyboard
- vision abilities required by this job include close vision, distance vision and color vision
Equal Employment Opportunity and Non-discrimination
Tremont Credit Union provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex (including pregnancy, gender identity, and sexual orientation), national origin, age (40 or older), disability or genetic information; in addition to (MGL C 151b) mental illness, retaliation and active military. Tremont Credit Union complies with applicable state and local laws governing nondiscrimination in employment in every location in which the company has facilities and to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training
Job Tags
Local area,