BSA/Fraud Specialist

Job Details

Description

POSITION SUMMARY:

The BSA/Fraud Specialist plays a pivotal role in safeguarding the institution against financial crime while ensuring adherence to regulatory requirements under the BankSecrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), and broader fraud prevention frameworks. This hybrid role combines investigative rigor with regulatory expertise, supporting both proactive fraud detection and robust compliance oversight. The Specialist conducts detailed investigations, prepares regulatory filings, and collaborates across departments and with external agencies to protect the institution and its members.

Essential Functions And Supporting Duties

• Fraud Detection and Investigation:
• Conduct in-depth investigations into suspected fraudulent activity across accounts, loans, digital platforms, and payment systems.
• Monitor and analyze alerts from fraud detection and BSA systems, ensuring timely and accurate responses.
• Utilize internal systems, third-party tools, and data analytics to identify emerging fraud schemes and assess risk exposure.
• Recommend resolution strategies including account holds, restitution, and prosecution.
• Regulatory Compliance and Reporting:
• Prepare and submit Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) in compliance with FinCEN guidelines.
• Conduct daily OFAC and 314(a) checks; investigate potential matches and document findings.
• Collaborate with internal departments and financial institutions via 314(b) to ensure a unified approach to fraud prevention and regulatory compliance.
  
  

• Support the development and maintenance of BSA/AML and OFAC risk assessments.
• Participate in regulatory audits and examinations, providing documentation and investigative insights.
• Risk Monitoring and Intelligence:
• Analyze transactional data and digital footprints to detect patterns indicative of financial crime.
• Evaluate and fine-tune fraud detection rules and thresholds to improve system effectiveness.
• Conduct root cause analyses to identify internal control vulnerabilities and recommend corrective actions.
• Track fraud typologies and regulatory trends to inform strategic risk mitigation.
• Training, Policy, and Program Development
• Contribute to the creation and delivery of institution-wide training programs on fraud awareness and regulatory responsibilities.
• Assist in updating policies and procedures to reflect evolving threats and compliance expectations.
• Provide feedback on procedural gaps and training needs identified during investigations.
• Stay current on industry best practices, regulatory updates, and fraud trends through webinars, periodicals, and self-study.
  

Qualifications And Requirements

Required Education: Bachelor’s degree in criminal justice or a related field, or equivalent work experience within a financial institution.

Required Certification: Certified Anti-Money Laundering Specialist (CAMS) designation or must obtain within 24 months of employment.

Required Experience: 1 - 3 years’ experience of similar or related experience

Preferred Experience: 3 or more years of experience in fraud investigation, BSA/AML compliance, or financial crimes analysis.

Preferred Knowledge: Knowledge of financial institutions and products and services offered.

Skills And Abilities

• Ability to adhere to BayPort Credit Union’s Core Values: Integrity, Be Bold, Compassion, Diversity, Innovation, It’s On Me, and One Team.
• General knowledge of fraud investigation, risk management, and risk assessment is required. Strong understanding of BSA/AML and OFAC regulations and their application in fraud prevention.
• Experience with fraud detection systems and investigative tools.
• Analytical mindset with the ability to detect patterns, assess risk, and communicate findings effectively.
• Commitment to confidentiality, integrity, and regulatory excellence.
• Computer proficient, especially with Microsoft Word and Excel.
• Strong member service, writing, and organizational skills.
• Attention to detail and the ability to work independently.
• Strong investigative, analytical, and critical thinking skills.
  
  

This job description is not an all-inclusive list of the responsibilities, skills, working conditions or essential functions of this job. Management reserves the right to modify, add or remove essential functions as business needs warrant.

We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and reserve the right to perform pre-employment substance abuse testing.