BSA Specialist

About the role

The BSA Specialist supports the Risk Management team by ensuring the credit union’s compliance with regulations to mitigate risks.

Responsibilities

• Complete daily Bank Secrecy Act (BSA) reporting, including:
  • Review and analyze alerts and reports from Verafin and internal Request for Investigations (RFIs) to detect potential money laundering or terrorist activity.
  • Investigate and gather documentation to recommend Suspicious Activity Report (SAR) filings to the Compliance Officer and SAR Committee.
  • Investigate business member behaviors from Verafin alerts and SAR filings, contacting members as needed.
• Maintain a strict schedule for Enhanced Due Diligence (EDD) on high-risk business relationships (e.g., ATM Owners, Money Services Businesses, Non-Profits), using Verafin to monitor risk ratings and document reviews.
• Conduct on-site visits if necessary and document Customer Due Diligence (CDD) for business members and beneficial owners, including detailed descriptions of business models.
• Contact new and existing business members to clarify declared business behaviors.
• Assist in reviewing newly opened business accounts to ensure proper Customer Identification Program (CIP) documentation.
• Report exact OFAC matches to the Compliance Officer immediately.
• Prepare annual reviews and analysis of exemptions for Currency Transaction Report (CTR) filings of business members.
• Regularly update the Compliance Officer on the status of duties, projects, and assignments.
• Stay current on BSA compliance issues and regulations through resources like newsletters, webinars, or seminars.
• Assist team members with compliance questions or issues.
• Evaluate the credit union’s policies, procedures, products, and programs for compliance with laws and regulations, assessing risk potential and recommending changes as needed.
• Assist in revising or designing forms, products, websites, programs, or materials to ensure compliance with state and federal regulations.
• Complete Bank Secrecy Act Compliance Specialist (BSACS) certification within the second year in the position.
• Perform additional assigned duties.

Requirements

• Associate’s degree (A.A.) or equivalent from a 2-year college or technical school; related work experience may substitute for education.
• Three or more years of experience in the financial industry.

Skills

• Use effective judgment to make sound decisions while minimizing the credit union’s exposure to risk.
• Team-oriented with the ability to work within organizational standards and guidelines.
• Superior communication skills, including listening, disseminating information, and maintaining a professional demeanor.
• Ability to work independently, handle multiple priorities, exercise good judgment, and take initiative.
• Excellent understanding of regulations applicable to credit unions.
• Ability to address and resolve problems involving several variables in standardized situations.
• Strong written and verbal communication skills, including the ability to write routine reports and correspondence.
• Ability to read and interpret instructions in written, oral, diagram, or schedule form, such as regulations and procedure manuals.
• Solid knowledge of compliance functions, responsibilities, and procedures.
• Proficiency in English, including grammar, spelling, and composition.
• Ability to operate standard office equipment (e.g., computer, keyboard, mouse, printer, fax, telephone, photocopier, scanner, security system).

Physical Demands and Work Environment

• Work environment: Business office with quiet to moderate noise levels.
• Physical requirements: Ability to sit or stand at a desk for most of the day; talk or hear; stand or walk occasionally.
• Frequent use of a computer, keyboard, and phone; occasional reaching, stooping, kneeling, or crouching.