Assc Financial Crimes Spc

Description

The Financial Crimes Specialist supports the execution of the Credit Union's Financial Crimes Program through customer due diligence reviews, risk assessments, and ongoing monitoring activities designed to identify and mitigate money laundering, terrorist financing, sanctions, fraud, and other financial crime risks. Operating within the Second Line of Defense (2LOD), this role conducts investigations and reviews of member activity, analyzes risk indicators, and recommends appropriate risk ratings and escalation actions.

The Financial Crimes Specialist applies knowledge of BSA/AML regulations, Customer Identification Program (CIP) requirements, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and other financial crimes compliance requirements to assess member risk and ensure regulatory compliance. This position works independently while collaborating with investigators, business units, and operational partners to support effective risk management and regulatory adherence..

Essential Functions:

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) reviews for consumer and business members, including analysis of transactional activity, expected account usage, sources of funds, beneficial ownership structures, and negative news research.
• Review customer onboarding documentation and Customer Identification Program (CIP) records to evaluate member risk profiles and ensure compliance with regulatory requirements.
• Perform comprehensive risk assessments and assign or recommend risk ratings based on identified financial crime risk factors.
• Utilize transaction monitoring systems, detection software, and internal data sources to identify unusual activity, emerging risks, and potential indicators of money laundering, terrorist financing, fraud, or sanctions concerns.
• Analyze account activity, customer behavior, and external research results to identify suspicious patterns or potential compliance concerns.
• Escalate identified risks and potential suspicious activity to the appropriate Financial Crimes Investigations teams for further review.
• Research member occupations, businesses, ownership structures, industries, and expected activities to support risk assessments and due diligence reviews.
• Review and validate Beneficial Ownership information and business-related documentation in accordance with regulatory requirements.
• Maintain detailed and accurate case documentation that clearly supports risk determinations, investigative findings, and recommendations.
• Support ongoing monitoring activities for higher-risk members and business relationships.
• Respond to requests for information from internal business partners and provide guidance regarding financial crimes compliance requirements.
• Compile, organize, interpret, and communicate information and findings through written reports, case summaries, and risk assessments.
• Support financial crimes audits, examinations, quality assurance reviews, and regulatory inquiries through document preparation and information gathering.
• Identify process improvement opportunities and recommend enhancements to procedures, controls, workflows, and reporting practices.
• Maintain current knowledge of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), USA PATRIOT Act, OFAC sanctions requirements, FinCEN guidance, and other applicable regulations.

Typical Scope:

• Applies working knowledge of BSA/AML compliance principles, financial crimes risk management practices, and regulatory requirements to perform independent member reviews and risk assessments.
• Exercises judgment in analyzing customer information, transactional activity, and risk indicators to determine appropriate actions within established procedures and risk frameworks.
• Handles routine and moderately complex reviews with limited supervision while escalating higher-risk or complex matters as appropriate.
• Works independently to manage workload priorities, meet service level expectations, and maintain quality standards.
• Collaborates with investigators, compliance personnel, fraud teams, operational departments, and business partners to support effective risk management and regulatory compliance activities.

Education & Experience:

• Required Education: Bachelors degree in field relevant to role (or 4 additional years of relevant experience in lieu of a degree)
• Required Experience: 2-4 years of experience in financial services, risk management, compliance, fraud, BSA/AML, investigations, or related field.
• At least 1-2 years of experience performing financial crimes, BSA/AML, due diligence, investigations, or compliance-related functions preferred.

Qualifications & Skills:

• Working knowledge of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and OFAC requirements.
• Strong analytical and critical thinking skills with the ability to interpret complex transactional and customer information.
• Ability to identify red flags associated with money laundering, fraud, sanctions violations, and other financial crime risks.
• Strong investigative and research skills utilizing internal systems, public records, and external research tools.
• Excellent written communication skills with the ability to prepare clear, concise, and defensible case documentation.
• Strong organizational and time management skills with the ability to manage multiple priorities and deadlines.
• Ability to exercise sound judgment and maintain confidentiality when handling sensitive information.
• Strong attention to detail and commitment to quality and accuracy.
• Proficiency with Microsoft Office products, including Excel, Word, and PowerPoint.
• Experience working with transaction monitoring, case management, sanctions screening, or financial crimes systems preferred
• CAMS, CFCS, CFE, or equivalent certification preferred but not required.

Work Environment & Conditions (with or without reasonable accommodation):

• Ability to travel infrequently (less than 10% of the time).
• Ability to remain stationary (sitting or standing) for at least 50% of time worked.
• Must be able to communicate effectively in person and via digital platforms with employees, members, and third-party vendors.
• Capable of operating appropriate office equipment required for employee productivity, including use of keyboards.
• Possess the ability to function independently and manage competing priorities.
• Ability to lift up to 10 pounds.
• Role may require extended hours during peak periods, audits, examinations, regulatory reviews, or project implementations.

Location & Hybrid Expectations:

• Hybrid Work Environment in Marlboro, MA or Chelmsford, MA or Hillsboro, OR

Target Compensation: $48,941 to $63,500 annually

Schedule: Monday through Friday 8a-5p

Other Duties:

• Perform other job-related duties as assigned or requested.
• Comply with all applicable regulatory requirements, internal policies, and assigned training obligations.
• Support the Credit Union's Financial Crimes Compliance Program and risk management objectives.
• Maintain confidentiality and safeguard sensitive member and organizational information.