BSA & Fraud Officer at First Fed

Bellingham, Washington, United States -

Full Time

Start Date

Immediate

Expiry Date

31 Mar, 26

Salary

177789.57

Posted On

31 Dec, 25

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Anti-Money Laundering, Fraud Compliance, Risk Management, Customer Due Diligence, Regulatory Reporting, Suspicious Activity Reports, Compliance Management, Investigative Skills, Auditing, Training, Software Management, Data Analysis, Communication, Problem Solving, Team Leadership, Vendor Management

Industry

Banking

Description

Position Purpose: The BSA and Fraud Officer is responsible for administering, coordinating, developing, implementing, and maintaining all aspects of First Fed’s Bank Secrecy Act Combating the Financing of Terrorism (CFT)/ Anti-Money Laundering, OFAC, US Patriot Act, Bank Protection Act, and the bank’s fraud compliance programs, ensuring a high level of compliance with related laws, regulations, internal policies and procedures and Federal regulatory expectations. This position must be able to independently recognize, develop, and implement cost effective compliance related solutions for the CFT/AML and Fraud programs that align with the Bank’s strategic objectives. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Essential Functions: Analyzes complex anti-money laundering matters and provide advice and direction to business line areas and to the BSA and Fraud staff. Works closely with auditors and regulatory examiners on requests related to CFT/AML and Fraud. Manages the corrective action responses to completion related to audit or exam findings and reports remediation efforts to the Board. Responds to requests by law enforcement including subpoena requests as appropriate. Keeps senior management informed regarding compliance issues and elevated risks by providing regular reporting to the Director of Risk and Compliance, the Board of Directors, , and Enterprise Risk Management Committee, and others as appropriate. Ensures the bank’s programs and systems designed for compliance with BSA are proactive to changes in regulation and with changing methodologies and typologies of money laundering, terror financing, and compliance management. Manages the SAR Committee and provides sound recommendations and detailed documentation on decisions made during committee meetings. Establishes and maintains an effective Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) program with appropriate risk rating of high-risk customers to include initial and ongoing assessments and reviews providing documentation of the reviews. Maintains an effective fraud program with ongoing monitoring using a combination of software systems and analysis to protect the bank and its customers from financial loss. Conducts time sensitive investigations of external and internal fraud against the bank, and against bank customers. Provides management and the Board with fraud trend reporting that includes the different types of fraud and fraud losses Provides recommendations to management on best practices to protect the bank from internal and external fraud losses based upon emerging fraud trends CFT Monitoring and Filings: Ensures all required regulatory reporting is conducted in a timely, accurate, and compliant manner. Maintains records related to the BSA program providing management with the level of detail required to appropriately demonstrate oversight and governance of the program. Composes, reviews and files Suspicious Activity Reports (SARs) and conducts follow-up reviews to determine if subsequent SAR filings are required. Investigates staff reporting of possible suspicious behavior and files SARs as necessary. Reviews 314(a) and 314(b) procedures and reporting. Serves as Board appointed Bank Secrecy Act (BSA) Officer, including managing compliance with Combating the Financing of Terrorism (CFT), Anti-Money Laundering rules (AML), and Bank Protection Act regulations. Collaborates with Human Resources and others as appropriate related to significant or recurring compliance violations including the identification of suspected insider abuse. Provides guidance and training as appropriate to bank staff and the Board related to BSA requirements as well as underlying laws and regulations. Conducts CFT/AML/OFAC and Red Flag and ID Theft risk assessments at least annually with consideration to products, services, customers, and geographies that may present CFT/AML/OFAC and fraud related risks. Manages the Anti Money Laundering software program to ensure that the parameters that are set are appropriate and accurate and manages model quality control assessments and model validations. Works with other departments on product and system development as the subject matter expert on CFT related requirements. Maintains and keeps current all policies and procedures related to; CFT, AML, Customer Identification Program (CIP) and Fraud. Supervises the BSA and Fraud Department staff in the administration and maintenance of the internal control environment and compliance with associated laws, rules, and regulations. Administers CFT/AML technology resources. Ensures resolution of alerts, investigation of suspected criminal activity, and completes regulatory reporting. Creates and delivers Board level reporting on the bank’s CFT and fraud related programs and their effectiveness. Identifies any emerging risks that may have a negative impact on the bank’s BSA program. Evaluates and recommends software systems, vendors, and related work. Maintains related vendor relationships and service contracts. Performs other related duties as required or assigned. Qualifications & Requirements Education: · Four-year degree or equivalent work experience. Preferred Certifications: · Certified Anti-Money laundering Specialist (ACAMS) · Certified BSA / AML Professional (CBAP) · Certified Fraud Examiner (CFE) Experience: Minimum of 5+ years directly related experience Experience with AML models and a basic understanding of model risk governance Experience using Verafin AML software preferred Number and Titles of All Positions Supervised: Financial Crimes Compliance Manager (1) BSA Specialist (3) Fraud Specialist (1) Physical Requirements: The work requires the ability to operate office machines and equipment, such as personal computers, printers, copying machines and telephones. The work requires the ability to communicate clearly with customers, coworkers, and others in person, in writing and on telephones. Work activities involve combinations of sitting/standing for extended periods. Pay Range The pay range for this position is $104,582.10- $177,789.57 The typical hiring range for this position is $104,582.10 – $120,007.96 The incentive plan for this position is the Officer Incentive plan. It is paid out annually. Employees will be eligible for our benefits package including medical, dental, and vision insurance, paid time off, retirement plans (401k with company match and Employee Stock Ownership Plan), gym membership reimbursement, discounts on our banking products, and more! Additional information on our benefits package can be viewed at https://www.ourfirstfed.com/careers As a community Bank, we know the power in bringing people together from all walks of life. Our communities are beautiful and strong because of their diversity, and it’s important to us that all of our locations reflect the unique diversity of the places we live and work. We are passionate about hiring the very best talent and welcome applicants from all backgrounds.Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran First Fed invites all qualified interested applicants to apply for our career opportunities. If you are a person with a disability and need a reasonable accommodation to use our online job search or application tools, please email Human Resources via sierra.stack@ourfirstfed.com or call 360-417-3182. Note: This contact information is reserved solely for job seekers requesting accessibility assistance or accommodation in the application process. Messages left for other purposes may not receive a response. We are required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.

Responsibilities

The BSA and Fraud Officer is responsible for managing compliance with various regulations related to anti-money laundering and fraud prevention. This includes overseeing investigations, regulatory reporting, and maintaining effective compliance programs.