BSA Investigator

About Us

First Fed is a local community bank on an exciting growth trajectory with 15 locations including 11 full-service branches in Western Washington. Recognized by the Puget Sound Business Journal as a Best Workplace and a Top Corporate Philanthropist, First Fed has received awards for Best Bank in The Best of the Northwest, Best Banker in Readers’ Choice by Cascadia Daily News, and Best Bank on the Olympic Peninsula. Forbes also named us a Best-In-State bank. For over 100 years, First Fed has served customers and communities throughout the PNW, donating over $9 million to non-profit organizations in the past 8 years through foundations, sponsorships, direct donations, and matched employee donations. Our team has volunteered over 25,000 hours in the past 5 years—many using our benefit of 3 paid volunteer days per year.

Our Values

• Optimism: We are positive and decisive, believing the future will be better than the past. Our attitude demonstrates persistence, leading to success.
• Initiative: We are self-starters who find innovative solutions, taking courageous and passionate action for good.
• Respect: We include individuals from diverse backgrounds and perspectives, committed to honoring and serving others.
• Growth: We learn and adapt to continually improve, believing in personal growth through grit and determination.
• Ownership: We are invested in our endeavors, taking accountability for our actions and decisions.

About the Role

The BSA Investigator is responsible for conducting investigations involving potential money laundering, terrorist financing, fraud, elder financial exploitation, human trafficking, sanctions evasion, and other suspicious or criminal activity. This position serves as the primary investigator for Bank Secrecy Act (BSA) cases requiring formal investigation, including Suspicious Activity Report (SAR) filings and continuing activity SAR reviews. The BSA Investigator performs detailed analysis of customer activity, account relationships, and transaction patterns to identify financial crime risk, determine regulatory reporting requirements, and document investigative findings. The role also conducts Enhanced Due Diligence (EDD) reviews, supports the Bank's high-risk customer program, and serves as a subject matter resource to BSA Specialists and other business units.

Responsibilities

• Serve as the primary investigator for BSA cases escalated from monitoring systems, staff referrals, customer due diligence reviews, law enforcement inquiries, and other internal or external sources.
• Analyze customer relationships, transaction activity, account behavior, and supporting documentation to identify suspicious activity and assess financial crime risk.
• Determine whether suspicious activity warrants regulatory reporting and prepare Suspicious Activity Reports (SARs) in accordance with regulatory requirements.
• Conduct continuing activity reviews and prepare SAR refiles within required regulatory timeframes.
• Prepare detailed investigative summaries, case findings, and recommendations that are clear, accurate, and well-supported.
• Present cases and investigative findings to management, SAR Committee, auditors, examiners, or other stakeholders as required.
• Conduct Enhanced Due Diligence (EDD) reviews for high-risk customers and other complex customer relationships requiring additional analysis.
• Identify suspicious activity trends, emerging financial crime typologies, monitoring gaps, and opportunities to improve detection and investigative processes.
• Assist management with regulatory examinations, independent audits, law enforcement requests, and internal reviews.
• Maintain complete, accurate, and well-documented case files in accordance with regulatory requirements, internal procedures, and record retention standards.

Secondary Responsibilities

• Assist with fraud investigations, fraud alerts, fraud operational activities, account reviews, account restrictions, and other fraud prevention activities as assigned.
• Conduct fraud investigations and prepare fraud-related SAR filings as assigned.
• Provide guidance and support to BSA Specialists regarding alert reviews, referrals, case escalation decisions, investigative documentation, and customer risk assessment.
• Assist with development and maintenance of policies, procedures, workflows, and investigation standards.
• Participate in monitoring rule reviews, alert effectiveness assessments, and recommendations for program enhancements.
• Assist with department training initiatives and cross-training efforts.
• Serve as backup support for BSA and fraud functions as needed.

Requirements

• Minimum 4 years of financial institution experience in BSA/AML, investigations, fraud, compliance, auditing, law enforcement, or a related field, preferably in a financial institution or similarly regulated environment.
• Experience conducting investigations involving suspicious activity.
• Experience working in BSA, AML, OFAC, and completing Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), suspicious activity monitoring, and related regulatory requirements.
• Strong analytical, investigative, and problem-solving skills with the ability to evaluate complex customer relationships and financial activity.
• Experience reviewing complex customer account relationships and transaction activity.
• Strong writing skills with the ability to prepare detailed investigative summaries and SAR narratives.

Preferred Qualifications

• CAMS certification.
• Verafin experience.
• SAR preparation experience.
• Experience performing EDD reviews.
• Experience supporting regulatory examinations or independent audits.
• Knowledge of fraud investigations including account takeover, elder exploitation, check fraud, synthetic identity fraud, and other financial crimes.

Physical Requirements

The work requires the ability to operate office machines and equipment, such as personal computers, printers, copying machines, and telephones. The role involves clear communication with customers, coworkers, and others in person and on telephones. Work activities include combinations of sitting and standing for extended periods.

Pay

The pay range for this position is $26.45 - $44.96 per hour, with a typical hiring range of $26.45 - $30.35 per hour. The incentive plan for this position is the Partnership Incentive plan, paid out quarterly with a 5% target payout.

Benefits

• Medical, dental, and vision insurance.
• Paid time off.
• Retirement plans (401k with company match and Employee Stock Ownership Plan).
• Gym membership reimbursement.
• Discounts on banking products.

Additional information on our benefits package can be viewed at https://www.ourfirstfed.com/careers.