SummaryPenFed is hiring a BSA/AML Analyst in our headquarters office located in McLean, VA. The primary purpose of this job is to implement PenFed’s BSA/AML program and proactively detect, identify, analyze, escalate, and monitor all suspicious activity as defined by the Bank Secrecy Act, USA Patriot Act, and other related laws and regulations. The BSA/AML Analyst is also responsible for independently evaluating cases referred by PenFed employees and the Financial Intelligence Unit (FIU) personnel, and recommending an appropriate course of action to senior management.
Essential Functions Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
- Develop and maintain a strong, general working knowledge of all BSA/AML program components.
- Primary duties and responsibilities of SAR and CTR specialists to include receiving referrals from employees who have identified a suspicious activity, as well as from the FIU personnel conducting investigations.
- Conduct independent research as appropriate, using discretion to determine whether or not a regulatory SAR filing is appropriate.
- Complete all SARs in a timely manner, meet all regulatory deadlines for electronic SAR filing, and maintain records of all SARs filed according to regulatory filing requirements.
- Review CTRs submitted by branches for completeness and accuracy. Collaborate with operations personnel to correct any issues. Make any corrections as required by Fin CEN.
- Monitor the BSA system for transactions over $10K and reconcile with CTR filings. If a CTR has not been filed, instruct appropriate personnel to complete one, providing guidance as needed.
- Investigate cases where structuring appears to have occurred. Use judgment to determine if structuring has taken place and file SARs when appropriate.
- Perform enhanced due diligence for high risk members and prioritize exceptions or unusual transactions for review. Periodically evaluate the database to identify changes which may be required to risk classification or due diligence requirements. Review daily OFAC reports to identify accounts which may be subject to OFAC sanctions or blocking and escalate possible OFAC matches.
- Maintain the OFAC sanctioned country list, ensure it is up to date, and evaluate affected PenFed accounts when the list is modified. Take immediate action to block any accounts that involve an OFAC match, and file the required report within 10 days.
- Maintain current knowledge of all laws, regulations, ordinances, and policies and procedures applicable to the BSA/AML Unit, and ensure business and operational activities are consistent and compliant with all requirements.
- Keep up-to-date with current fraud and money laundering trends in the financial services industry, and obtain or maintain relevant professional certification(s).
- Complete special projects as assigned by BSA/AML management.
Education and Experience
- Bachelor’s Degree or equivalent work experience is required.
- Minimum of three (3) years’ of banking experience, at least one which should be in BSA/AML, fraud, and/or sufficient compliance, audit, or risk experience is required.
- Experience in banking or a credit union operation that provides in-depth knowledge of products, services, systems, policies and procedures, and regulatory issues is strongly preferred.
- Experience working with large datasets and knowledge of various data analysis software packages and tools (e.g., MS-Excel, MS-Access, SAS, or ACL) is preferred.
CFE, CAMS, or an equivalent certification is required to perform the functions of this position. Certification must be obtained within 12 months of the start date for this position