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First Fed · 9 hours ago

BSA & Fraud Officer

Bellingham, WA

Full-time

Onsite

Senior Level

$105K/yr - $178K/yr

5+ years exp

First Fed is a local community bank recognized for its commitment to community service and excellence. The BSA and Fraud Officer is responsible for managing compliance with anti-money laundering regulations and fraud programs, ensuring adherence to legal standards and internal policies.

BankingFinanceFinancial ServicesMortgage

Growth Opportunities

Responsibilities

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

Qualification

Anti-Money LaunderingBank Secrecy ActFraud ComplianceCertified Anti-Money Laundering SpecialistVerafin AML softwareAnalytical SkillsLeadershipCommunication