Director of BSA/AML/Fraud

Position Summary

The Director of BSA and Fraud (Director) is responsible for developing, implementing, and administering all aspects of the Credit Union’s BSA, Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and Fraud Detection and Prevention programs and strategy. The Director ensures the Credit Union maintains safety and soundness and meets regulatory, business, and loss mitigation objectives by overseeing processes and procedures governing BSA and Fraud operations, investigations, and reporting.

Essential Functions

• BSA/AML and OFAC
  • Oversee the credit union’s BSA/AML, CIP, OFAC, and ID Theft programs, to identify and prevent potential regulatory or internal violations.
    • Design and implement improvements in communication, monitoring, and enforcement of applicable standards.
      • Understand the credit union’s regulatory and internal requirements and needs.
        • Stay abreast of relevant laws, regulations, and industry best practices pertaining to BSA, AML, and Fraud detection and prevention.
          • Interpret and communicate regulatory requirements to ensure the organization's BSA, AML, and Fraud policies and procedures remain compliant.
            • Review regulatory documentation and establish applicability of requirements to business units.
              • Develop, review, and update BSA/AML policies and procedures in response to changing regulations and emerging risks.
                • Conduct risk assessments related to BSA, AML, and Fraud, identifying potential vulnerabilities and recommending mitigation strategies.
                  • Recommend and, in cooperation with subject matter experts, develop appropriate controls that would address related regulatory and internal requirements.
                    • Oversee and conduct investigations into suspicious activities, coordinating with law enforcement agencies as necessary.
                      • Ensure timely and accurate reports are submitted to regulatory authorities.
                        • Enforce related regulatory and internal policy compliance; provide controls assurance by evaluating controls.
                          • Ensure control effectiveness and efficiency.
                            • Collaborate with internal stakeholders, including legal, risk management, and business units, to ensure a holistic approach to compliance.
                              • Direct leadership of the BSA Compliance team members for all avenues of the BSA/AML, CIP, OFAC, and ID Theft.
                                • Oversight of activities to ensure adherence to policy, procedures, and regulatory requirements.
                                  • Builds and executes a plan for individual and team education, growth, and performance.
                                    • Oversee and manage the administration of software tools or entities utilized for regulatory compliance related to BSA/AML and OFAC, FinCEN 314(a), 314(b), etc.
                                      • Stay abreast of technological advancements in BSA/AML/Fraud prevention tools and solutions.
                                        • Develop and deliver training programs to ensure employees are well-informed about BSA/AML/Fraud prevention policies and procedures.
                                          • Foster a culture of compliance and vigilance throughout the organization.