BSA Fraud Specialist

Who We Are First Fed is a local community bank on an exciting growth trajectory with 18 locations including 12 full-service branches in Western Washington. First Fed was recognized by the Puget Sound Business Journal as a Best Workplace for the last 3 years and a Top Corporate Philanthropist in 2023. By popular vote, First Fed received 2023 awards for Best Bank in The Best of the Northwest, Best Banker in Readers' Choice by Cascadia Daily News, and Peninsula Daily News named us Best Bank on the Olympic Peninsula. We also received a Best-In-State bank award from Forbes in 2021. For over 100 years First Fed has served our customers and communities throughout the PNW. We've donated over $9 million to non-profit organizations in the past 8 years through our foundations, sponsorships, direct donations, and matched employee donations. Our amazing team has volunteered over 25,000 hours in the past 5 years - many by using our benefit of 3 paid volunteer days per year We welcome applicants from all backgrounds - our diversity makes us stronger. Join our award-winning team Our Values Optimism: We are positive and decisive. We believe the future will be better than the past. Our attitude demonstrates persistence which leads to success. Initiative: We are self-starters and find innovative solutions. We are courageous, entrepreneurial, and passionate. We take action for good. Respect: We include individuals from diverse backgrounds and with different perspectives. We are committed to honoring and serving others. Growth: We learn and adapt so we can continually improve. We believe in personal growth through grit and determination. Ownership: We are invested in our endeavors. We are accountable and take responsibility for our actions and decisions. Position Purpose: This position is responsible for monitoring, analyzing, and reporting suspicious activities that may indicate money laundering or other financial crimes. The specialist ensures compliance with all BSA regulations, thereby protecting our institution from legal and reputational risks and contributing to the fight against financial crime. Their expertise supports the bank's commitment to maintaining a secure and trustworthy banking environment for our community. Essential Functions: Monitor transactions and alerts for suspicious activities and investigate potential money laundering risks. Preparation and(or) filing of Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR) in accordance with regulatory requirements. Conduct reviews of customer files to ensure compliance with the Customer Identification Program (CIP). Perform enhanced due diligence on high-risk accounts and make recommendations based on findings. Ensure adherence to all relevant laws and regulations, including the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) laws, the USA PATRIOT Act, and Office of Foreign Assets Control (OFAC) sanctions. Provide training and support to Bank staff on BSA/AML compliance matters and best practices. Collaborate with the BSA Officer on compliance monitoring reviews and projects as needed. Utilize multiple systems and software to track and report suspicious activities and maintain accurate records. Communicate effectively with customers, co-workers, management, auditors, and regulators. Stay informed of new regulatory developments and participate in the implementation of changes in policies and procedures. Perform all duties in a professional, unbiased, and honest manner. Exercise strict confidentiality with all work-related matters in accordance with US law and First Fed policies. Maintain regular and predictable attendance. Perform related duties and responsibilities as required. BSA Specialist I Complete initial intake and review of AML, EDD, and internal unusual activity reports. Provide first level support to all business lines to answer questions and provide resources. Assist with BSA program testing and auditing. Provide administrative support for the BSA team including activity analysis, record keeping, and project assistance. BSA Specialist II Investigate Money Laundering (ML) and Terrorist Financing (TF) alerts to identify suspicious activity. Conduct investigations using software tools, multiple data sources, and customer communication to resolve complex cases and make determinations on case handling. Monitor Customer Due Diligence (CDD) and Know-Your-Customer (KYC) activities to identify and investigate high-risk customers. Provide support for BSA program areas including sanctions screening (OFAC), Customer Identification Program (CIP), information sharing (314a/314b), and beneficial ownership collection. File regulatory reports for qualifying transactions or activities. BSA Specialist III Perform testing of sanctions screening (OFAC). Perform testing of Customer Identification Program (CIP) to include Beneficial Ownership information collection. Perform testing of BSA record keeping requirements. Provide oversight and quality control for BSA program. Support BSA team members and assist with escalated matters. Implement and conduct periodic quality control reviews for BSA regulatory filing including SAR filing and CTR filing. Act as point person for BSA team for internal process and procedure questions as well as external regulation knowledge. Qualifications/Requirements: Experience with BSA-related programs or case building applications. Proficiency with standard computer applications including Microsoft Office Suite. Strong reasoning and problem-solving skills. Strong organizational skills and high attention to detail. Strong verbal and written communication skills. Ability to work independently and with a team. Ability to manage time well and prioritize tasks. BSA Specialist I High School Diploma or certified equivalency. Typically requires one (1) year of experience in accounting, banking, auditing, or similar field. Basic understanding of BSA requirements and objectives. BSA Specialist II Associate degree or experience equivalency. Typically requires at least three to five (3 - 5) years of BSA or related experience. Intermediate understanding and experience with BSA required regulatory filings. Intermediate understanding of Money Laundering (ML) and Terrorism Financing (TF) monitoring and investigations. Intermediate understanding of CIP, CDD, KYC, OFAC, beneficial ownership, and record keeping requirements. Ability to act independently and provide subject matter expertise when required. Strong decision making, discretion, and judgement when handling complex BSA-related matters. BSA Specialist III Bachelor's degree or experience equivalency. Typically requires at least five (5) years of BSA or related experience. Typically requires BSA related certifications or advanced trainings. Experience developing policies and procedures for a BSA program. Experience with BSA program quality control or auditing processes. Advanced understanding of BSA regulatory requirements. Advanced understanding of Money Laundering investigations and mitigation. Advanced understanding of High-Risk Customer (HRC) and CDD/KYC programs. Ability to provide subject matter expertise to internal and external customers. Ability to act independently and provide guidance and direction to team members. Excellent decision making when assessing risk to the Bank and determining best course of action. Pay Range The pay range for BSA Specialist I is $24.94 - $42.40 The typical hiring range BSA Specialist I is $24.94 - $28.62 The pay range for BSA Specialist II is $26.94 - $45.79 The typical hiring range BSA Specialist II is $26.94 - $30.91 The pay range for BSA Specialist III is $29.09 - $49.46 The typical hiring range BSA Specialist III is $29.09 - $33.38 The incentive plan for this position is the Support Staff Incentive plan. It is paid out quarterly with a 5% target payout. 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 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 and on telephones. Work activities involve combinations of sitting/standing for extended periods. Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)