About the Role:
The BSA Analyst plays a key role in ensuring the Credit Union's compliance with Anti-Money Laundering (AML) regulations, including the Bank Secrecy Act (BSA) and the USA PATRIOT Act. This role will involve monitoring, identifying, and investigating suspicious activity related to money laundering, terrorist financing, and other illicit financial activities. The BSA Analyst will support the Credit Union's efforts in maintaining regulatory compliance and mitigating financial crime risks.
Scheduled Weekly Hours:
This is a full-time position Monday – Friday 40 hours a week.
What you’ll be doing:
- Transaction Monitoring: Review and analyze activity for suspicious patterns. Utilize AML monitoring systems to identify potential money laundering or terrorist financing activities. Investigate suspicious activity and escalate high risk cases for further review when necessary.
- Suspicious Activity Reporting (SAR): Prepare and file Suspicious Activity Reports (SARs) in accordance with regulatory guidelines and Credit Union policies. Ensure SAR filings are accurate, timely, and comply with regulatory requirements.
- Customer Due Diligence (CDD)/Enhanced Due Diligence (EDD): Conduct due diligence on new and existing members to assess risk profiles. Perform Enhanced Due Diligence (EDD) for high-risk members. Monitor account activity for changes in risk factors. Ensure that the Credit Union’s Know Your Customer (KYC) protocols are adhered to during account opening and ongoing member reviews. Conduct periodic reviews of member information to ensure the accuracy and completeness of member data.
- Compliance Audits and Examinations: Assist in preparing for internal and external audits, regulatory exams, and independent reviews of the Credit Union’s BSA/AML program. Compile documentation and data for audits and exams. Assist in addressing any findings or recommendations.
- Reporting and Recordkeeping: Maintain thorough documentation of all AML/BSA investigations and reports. Ensure all records are retained in compliance with regulatory requirements and internal policies.
- Regulatory Compliance: Stay updated on changes to BSA/AML regulations, FinCEN guidelines, OFAC sanctions, and other relevant regulatory developments. Assist in implementing any required changes to the Credit Union’s AML/BSA program to ensure ongoing compliance.
- Training and Education: Provide support in conducting BSA/AML training for Credit Union staff, ensuring appropriate employees are aware of their responsibilities. Help develop and update AML-related training materials and programs.
- System and Process Improvement: Work with the BSA Officer to enhance transaction monitoring systems and AML controls. Recommend process improvements to better detect, report, and prevent money laundering activities.
- Support BSA Compliance Officer: Assist with the development, implementation, and execution of elements of the Risk Management strategic and annual plan which tests and measures weaknesses in and compliance with the Credit Union’s system of internal controls, internal policies and procedures, state and federal laws and regulations, NCUA regulations, and members’ expectations of safety and soundness.
- Promote and maintain a positive image of Bay Federal to all personnel, members, volunteers, vendors and the community.
You’re Perfect For This Role If You Have:
- Bachelor’s degree in finance, business, law, or related business discipline or equivalent experience is required.
- 3-5 years of experience in BSA/AML, financial crime investigations, preferably within a financial institution.
- Strong knowledge of BSA/AML regulations, FinCEN guidelines, OFAC sanctions, and USA PATRIOT Act requirements.
- Experience with AML transaction monitoring software.
- CAMS certification (Certified Anti-Money Laundering Specialist) is preferred, but not required.
- Excellent analytical, problem-solving, and communication skills.
- Ability to work independently and manage multiple priorities.
Who We Are:
Bay Federal Credit Union was started in 1957 when local school teachers pooled their money together to start a credit union. This original vision and investment has grown into the area’s largest locally-owned financial institution, with nearly $1.6 billion in assets. Today, Bay Federal provides full service financial products and solutions to individuals and businesses in Santa Cruz, Monterey, and San Benito counties.
As a local, member-owned, not-for-profit financial cooperative, we are passionate about contributing to the community and being an integral part of its incredible story. Each year, our employees volunteer their time and donate their money to local non-profits, schools, and events. Our managers serve on local non-profit Boards of Director to be involved, understand challenges, and to make a real difference in the communities we serve.
From our founding as a teacher’s credit union, Bay Federal has continued our commitment to education. We offer annual student scholarships for members and offer a comprehensive array of solutions to support our member's financial wellness. Through online financial education course offerings, solutions for teachers and students, as well as special programs for youth, our financial wellness programs are free and available to the public. This is a small part of our work in creating thriving and vibrant communities!
We look forward to continuing our story, and hope that you will be a part of it!
Perks of Joining Bay Federal Credit Union:
- Rated #1 Credit Union to Work For by CU Journal
- Best Places to Work in the Bay Area (SF Business Times/Silicon Valley Journal)
- 11 Federal Holidays observed as paid days off
- We invest in your professional growth & development by providing access to industry standard webinars, LinkedIn Learning courses, and career tracking. We also partner with Cabrillo College for a 12 week leadership program for up and coming supervisor and manager level employees
- Mac McCormac Employee Scholarship award for $1,500 towards education expenses
Benefits Offered at Bay Federal Credit Union:
- 401k Matching – $1 for $1 company match up to 5% of pay
- Eligibility to participate in annual bonus plan
- A wellness program that supports your physical, financial, and emotional health
Bay Federal Credit Union is proud to offer a competitive, robust compensation and benefits package. Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $68,640 - $81,272 annually. Salaries are based on the geographic location in which you live if working remotely.
Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law.
For CCPA's requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member's data safe and secure and adhere to industry standard best practices.
