BSA and Fraud Specialist

Position Summary

The BSA & Fraud Specialist is responsible for overseeing the credit union's BSA/AML compliance, fraud management, and business continuity programs to ensure adherence to relevant laws, regulations, and internal policies. This role includes detecting, investigating, and preventing fraudulent activities while monitoring regulatory changes to maintain compliance. Additionally, the specialist will support business continuity planning and emergency preparedness efforts to ensure the credit union's operational resilience.

Essential Functions

Fraud Detection & Risk Management

• Monitor transactions and investigate suspicious activity to detect and prevent fraud, while ensuring robust fraud detection systems are in place.
• Stay up to date on industry trends, emerging fraud schemes, and regulatory changes, applying this knowledge to improve fraud prevention strategies and processes.
• Provide training and guidance to staff on identifying potential fraud risks, mitigating fraud exposure, and maintaining effective internal controls.
• Support audits and internal reviews, addressing identified risks, implementing corrective actions, and ensuring continuous improvement in fraud management practices.
• Enhance and maintain fraud detection systems, ensuring they effectively monitor for potential threats and improve fraud prevention efforts.
  
  

Reporting & Monitoring

• Conduct transaction monitoring for suspicious activity, reviewing high-risk accounts and fraud alerts.
• File required regulatory reports (e.g., CTRs, SARs) accurately and in a timely manner.
• Serve as the primary contact for fraud investigations, responding to subpoenas, law enforcement inquiries, and external fraud-related requests.
• Document and track fraud cases, investigations, and compliance-related incidents, ensuring proper record retention.
• Collaborate with internal teams to develop and refine fraud prevention strategies.
• Assist in implementing a cannabis banking pilot program by familiarizing yourself with cannabis banking regulations and reporting requirements and acting as a subject matter expert for compliance in this area.
  
  

Security Program Coordination

• Support business continuity planning by coordinating drills, audits, and risk assessments.
• Work with the Security Officer to maintain and implement security policies and procedures.
• Oversee identity theft prevention and record retention programs.
• Ensure timely updates and reviews of security and business continuity programs.
  
  

Other Duties As Assigned.

Performance Expectations

• Maintain current knowledge of all BSA, fraud management, business continuity and risk management rules and regulations ensuring employees are trained to comply with policies and procedures.
• Review all Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) in a timely manner.
• Ensure required regulatory forms are accurately completed and filed within the designated period, including maintaining adherence for BSA record keeping. Offer assistance towards implementing First Alliance’s pilot cannabis banking program.
• Address any identified deficiencies from internal and external audits related to BSA, Fraud Management, and Business Continuity practices.
• Prepare BSA, Fraud, and Business Continuity reports for senior management and Board of Directors.
• Provide professional relationships and accurate service and support to members and employees.
• Ensure department activities run smoothly and efficiently by providing leadership, training, and supervision within the department.
  
  

Pay And Benefits

Starting pay: $26.09 Hourly

There may be an increase of base pay based on skills and experience.

Benefits include: 401(k), 401(k) Matching, Dental Insurance, Employee Assistance Program, Employee Discount, Health Insurance, Health Savings Account, Life Insurance, Paid Time Off and Vision Insurance.

Requirements:

Competencies

The attributes listed below are representative of the knowledge, skills and/or abilities required.

Education:

• A Two-year college degree, or completion of a specialized certification or licensing, or completion of specialized training courses conducted by vendors.
• Bachelor’s degree in finance, business, or a related field preferred.
  
  

Experience:

• Minimum of 3-5 years’ experience in the financial services industry
• Minimum of 3-5 years’ experience in BSA compliance, fraud, or audit related areas.
• Knowledge of Credit Union policies and procedures related to BSA and Risk Management.
• Familiarity with branch operations in a financial institution preferred.
  
  

Skills:

• Effective communication skills, with the ability to clearly convey complex fraud-related concepts and report suspicious activities accurately.
• Ability to identify potential fraud schemes and ensure compliance with BSA and fraud prevention protocols.
• High degree of confidentiality and discretion when managing sensitive member information and fraud matters.
• Exceptional attention to detail, with the ability to spot inconsistencies and suspicious activities while managing multiple tasks.
• Proficiency in using computer systems and software to track transactions, monitor accounts, and identify patterns indicative of fraud.
  
  

Professionalism/Attitude

• Believes in own capabilities and knowledge to affect positive outcomes and even succeed where others may not and demonstrates that attitude in performing day-to-day activities.
• Self-motivated by the desire to accomplish goals and have exceptional performance; very open to receiving constructive feedback.
• Understands that change is necessary to evolve as a person and an organization, and reflects that in the context of daily work, handling change without becoming disengaged.
• Displays an on-going commitment to learning and self-improvement in areas that are job and/or organization relevant.
  
  

Leadership

• Embodies the credit union’s core values: Trust, Compassion, Inclusivity/Diversity, Innovation, Empowerment, Stewardship, and Flexibility.
• Takes initiative to be involved in networking opportunities in the community.
• a desire to make a positive impact through financial education and advocacy.
• Generates innovative ideas, and creative solutions to challenging problems.
• Models’ behavior that builds inter-personal trust and personal integrity within the team.
• Offers to take additional responsibilities contributing to the success of the team.
  
  

Performance Measurements

• Mission, Vision & Core Values: Ensure personal and departmental actions and service align with the credit unions Mission, Vision, and Core Values.
• Compliance Adherence: Consistently ensures compliance with BSA/AML regulations, internal policies, and federal requirements, with minimal discrepancies or audit findings.
• Fraud Detection and Prevention: Effectively detects, investigates, and prevents fraudulent activities, demonstrating a proactive approach to identifying red flags and mitigating risks.
• Communication: The ability to effectively converse and listen to both internal and external members. The use of proper written and grammatical skills, and the meaningful application of computer
• Regulatory Awareness and Response: Keeps up to date with changes in BSA/AML laws and regulations, promptly implementing necessary changes to maintain compliance and minimize risk exposure.
• Business Continuity and Risk Management: Successfully contributes to business continuity planning and emergency preparedness, ensuring the credit union can operate effectively in times of crisis or disruption.