BSA/Fraud Specialist
- 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.
- 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.
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