Compliance Specialist

Description

Role:

Using attention to detail and knowledge of relevant laws and regulations, the Compliance Specialist helps ensure the Credit Union remains compliant with all applicable rules, regulations and laws. The Compliance Specialist works as a key part of the team to create a proactive environment through monitoring trends related to laws & regulations and making recommendations for policy and procedure updates.

Essential Functions & Responsibilities include but are not limited to:

1. Assist with development, implementation and administration of a compliance program that effectively addresses the requirements of applicable laws and regulations, including but not limited to the Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering, OFAC and Customer Identification Program.
2. Follow up with any necessary audit findings and recommendations to ensure adherence to laws and regulations.
3. Assist in proactively identifying and communicating deficiencies or issues related to compliance and provide guidance in the development of alternative solutions.
4. Conducts investigations to identify suspicious or unusual activity on members accounts.
5. Reviews reports, records and performance monitoring mechanisms informing management of operational activities
6. Provide timely, accurate and complete reports and communicate findings with appropriate departments/managers, including but not limited to BSA reports, CTRs and SARs
7. Assists with preparation and submission of assigned reports.
8. Review and resolve alerts in fraud monitoring software.
9. Work cases and file SARs in fraud monitoring software.
10. Review and file CTRs in fraud monitoring software.
11. Assists with internal and external compliance reviews as assigned by the VP Risk & Compliance.
12. Researches, collects, and prepares information for use in discussions, meetings, and investigations.
13. Communicates information, suggestions and/or problems regarding compliance status and critical findings to the VP Risk & Compliance.
14. Responds to employee questions relating to compliance issues.
15. Assists with vendor due diligence.
16. Assist in planning agenda of Quarterly Compliance Committee Meetings
17. Maintains current knowledge of the Red Flag Rules, FACT Act, Implementing Rules to the Fair Credit Reporting Act, Bank Secrecy Act, and all related anti-money laundering and OFAC regulations.
18. Pursues compliance training to keep abreast of local, state, and federal updates.
19. Maintains current job knowledge of Credit Union policies, procedures, and services.
20. Regularly attends and participates in in-house training.
21. Mandatory compliance of all BSA/AML regulations:
    • Maintain awareness of and report suspicious activity
    • Complete annual assigned BSA training
    • Notify immediate supervisor of any substantive discrepancies
22. Review Powers of Attorney presented at the Branch/ MSC; communicates with VP Risk & Compliance and/or support attorney regarding questions about the POA.  Notifies staff of approval or denial of POA.
23. Perform other job-related duties, as assigned.

Qualifications

Position Requirements:

• Ability to maintain confidentiality.
• Minimum three years similar or related financial institution experience preferred.
• A high school education or GED required.  A two-year college degree preferred.
• Ability to analyze data for equitable resolutions.
• Ability to manage projects through to completion.
• Proficient with problem solving and critical thinking skills.
• Ability to communicate with courtesy, tact, and diplomacy and model exemplary member service. 
• Proficiency in Microsoft Office software applications.
• Become BSA Certified within 12 months of obtaining the position.

Ergonomic Considerations:

• Must be able to sit and/or stand for extended periods of time (6 to 7 hours per day).
• Must be able to view a computer screen, use a keyboard to enter information, and manipulate a mouse.
• Job includes some repetitive hand/wrist motions.
• Ability to work regular full-time hours.
• Ability to work on-site at designated location.
• Proficient with problem solving and critical thinking skills.
• Ability to operate office machinery.
• Ability to lift up to 25 pounds.
• Must be bondable

This job description is not a comprehensive list of all activities, duties, and responsibilities of the position. Such requirements may be expanded or otherwise changed at any time as indicated by the operational needs of the credit union. Employees may also be required to assist colleagues with their job responsibilities from time to time.