BSA Compliance Analyst

2 weeks ago

Lombard, Illinois, United States Credit Union 1 Full time
Job Overview

Credit Union 1 is recognized as a leading workplace in the financial sector.

We are proud to be acknowledged as a top employer, demonstrating our commitment to fostering a positive and productive work environment. Our organizational culture is built on more than just competitive benefits and time off; it reflects our dedication to our employees' well-being.

About the Role

The BSA Compliance Analyst will play a crucial role in supporting the daily operations of our Bank Secrecy Act compliance program. This position is responsible for advising the BSA Department on emerging compliance challenges and assisting Credit Union 1 in establishing effective controls to mitigate associated risks.

Key Responsibilities

  1. Maintain up-to-date knowledge of BSA-related laws and regulations, along with Credit Union 1's policies and procedures.
  2. Assist frontline staff in accurately completing Currency Transaction Reports (CTRs) and ensure proper execution within the BSA-related software.
  3. Conduct daily reviews and analyses of various reports, logs, and transaction data to identify trends and unusual activities, preparing correspondence for suspicious activity reports (SARs) as necessary.
  4. Monitor account activities for suspicious patterns and conduct thorough reviews of high-risk customer accounts, including Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
  5. Assist in processing FinCEN 314a list batches promptly and support FinCEN 314b investigations under the guidance of a BSA Analyst or higher.
  6. Help administer the automated BSA/AML/OFAC software, responding to generated reports and alerts.
  7. Maintain records for exempt accounts and conduct ongoing reviews to ensure compliance.
  8. Review new account information for adherence to the Customer Information Program (CIP) and assign appropriate risk profiles.
  9. Communicate with staff and management to follow up on questionable CIP items or audit exceptions, and prepare periodic compliance monitoring reports.
  10. Provide recommendations for enhancing the BSA Program, including policy improvements and training needs.
  11. Assist BSA Analysts or higher with various projects, procedures, policies, risk assessments, employee training, audits, and examinations as required.
  12. Promote the core values of Credit Union 1: Be Great, Be Engaged, Be Open, Be Nice.

Qualifications

  • Excellent interpersonal, communication (both written and verbal), and organizational skills, with the ability to work independently and collaboratively.
  • Ability to interact effectively with all levels of management, legal counsel, law enforcement, regulators, and examiners while maintaining confidentiality.
  • Strong decision-making, analytical, and investigative skills with a keen attention to detail.
  • General understanding of financial institutions' deposit operations, lending activities, and related compliance functions.
  • Preferred: Minimum of one year of experience in BSA compliance or a related field.
  • Preferred: Associate degree or equivalent in a related field or specialized compliance training.
  • Preferred: Knowledge or experience in consumer compliance.
  • Preferred: Certification as a Bank Secrecy Act Compliance Specialist (BSACS) or equivalent.
  • Preferred: Certification as a Certified Anti-Money Laundering Specialist (CAMS).

Location: To be determined

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