Due Diligence Analyst, BSA Compliance

The Due Diligence Analyst provides daily support to the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) due diligence program by assisting with synthesizing data and information on credit union members regarding BSA/AML regulations, including Know Your Member (KYM) requirements, member due diligence (MDD) requirements, Member Identification Program (MIP) requirements, information sharing (314a and 314b), and Office of Foreign Assets Control (OFAC) requirements. Under management oversight, the Due Diligence Analyst conducts day to day BSA/AML due diligence program responsibilities including effective transaction monitoring and member account oversight to identify risk. This includes complex analysis of transaction activity, entity structures, beneficial ownership, and associated research. Upon identification, takes appropriate steps and actions to protect the credit union and ensure compliance with federal and state laws and regulations.

1)      Supports WPCU’s BSA/AML due diligence program by conducting in-depth enhanced due diligence (EDD) investigations for higher risk members including, but not limited to PEPs, NRAs, CIBs, NBFIs, PSPs, NPOs and charities, CBD and hemp business, and documents the investigation results to meet record retention requirements. Conducts periodic enhanced due diligence reviews and annual exempt member reviews to identify activity that may not align with the business nature/industry and/or member due diligence profile. Partner with applicable business units or communicate with members to capture/ update CIP or member due diligence information. Identify and escalate anomalous trends for potentially connected activity, i.e., fraud rings, drug trafficking or human trafficking schemes, or large group money laundering schemes. Reviews potential OFAC matches in compliance with the OFAC program. Ensures proper adherence to policies, procedures, risk mitigation activities, and operating controls.  Reports gaps in processes and operating controls to management to ensure risk mitigation. (25%)

2)      Analyzes and investigates MDD/EDD triggered alerts including but not limited to exceeding declared behaviors, newly identified high risk member, potential PEPs, etc. (15%)

3)      Any unusual or potentially suspicious account activity gets escalated to management for further review. (10%)

4)      Maintain quality standards for completed due diligence processes. (10%)

5)      Research compliance inquiries related to BSA due diligence regulations and provides guidance to the business. (10%)

6)      Assists with developing and revising practices and procedures as they relate to the AML program. (10%)

7)      Supports the oversight of regulatory compliance audits and/or examinations. (10%)

8)      Provides and/or monitors BSA training, as necessary. Participates in site visits or member center visits on a regularly scheduled, periodic basis or due to abnormal or suspicious activity that would require further analysis based on risk categories or to conduct member center specific training.

Other duties as assigned. (10%)

 The Due Diligence Analyst, BSA Compliance maintains working knowledge of BSA/AML laws and regulations, federal and state credit union regulations, as well as operating areas, functions, and products and of WPCU. The following are also preferred:

1)      A Bachelor’s degree in a business discipline.

2)      Applicable certification such as Certified Anti-Money Laundering Specialist (CAMS), Bank Secrecy Act Credit Union Specialist (BSACS) or Certified Anti-Money Laundering Fraud Professional (CAFP). At least 6 years’ experience in a depository financial institution with at least 5 years’ experience in a BSA/AML compliance role or comparable experience is required.

3)      Extraordinary attention to detail and problem-solving abilities.

4)      Ability to work under pressure and adaptable to changing priorities, including adjusting focus at any given time.

5)      Ability to work independently in a fast-paced environment with tight deadlines.

6)      Takes initiative to learn, develop oneself and see tasks through from start to finish.

7)      Excellent written and verbal communication skills.

8)      Exceptional organizational skills that enable the tracking of multiple assignments with varying due dates and completion statuses concurrently.

9)      Strong analytical and research skills with ability to analyze large amounts of data. Ability to multi-task and meet deadlines against a high-volume work schedule.

10)  Completion of annual education/training in BSA compliance.

11)  Proficient knowledge of the Microsoft Office Suite and internet-based research.