BSA/AML Specialist
Company: Flagstar Bank
Location: Troy
Posted on: March 17, 2023
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Job Description:
The Financial Crimes Unit (FCU) is part of Flagstar Bank's
(Bank) second line of defense in the Bank's quest to provide an
effective BSA (Bank Secrecy Act)/AML (Anti-Money Laundering) and
Office of Foreign Assets Control (OFAC) compliance program. The
successful candidate will have a strong background in the
prevention and detection of money laundering (ML)/terrorist
financing (TF) and other illicit financial activity, banking, or
related work, with the ability to operate in a formal BSA/AML and
OFAC compliance program within the FCU. This position requires the
ability to work independently with minimal direction and guidance.
The BSA/AML Associate will become well-rounded in multiple areas of
the FCU, including suspicious activity monitoring (SAM), customer
due diligence (CDD), enhanced due diligence (EDD), suspicious
activity reporting (SAR), currency transaction report (CTR) filing,
CTR exemptions, Quality Assurance (QA), Sanctions, and other
business processes. The candidate will complete a training program
during their first two years in the position that will give them
the ability to work competently in any of the BSA/AML teams within
the FCU. During, and following, this training program, the
candidate will work to become a subject matter expert (SME) on one
or more of the following teams: SAM The SAM team works with the
Bank's transaction monitoring system to help prevent, detect and
deter ML/TF and other illicit financial activity using a risk-based
approach. They also identify normal and abnormal transactional
activity to help to ensure the health of the FCU's transaction
monitoring responsibility, and analyze transaction surveillance
alerts for potential escalation. Investigations The BSA/AML
Investigations team scrutinizes alerts which have been elevated
from the transaction monitoring system and other channels, identify
and report suspicious behavior and transactional activity, are
responsible for maintaining and ensuring organizational compliance
with BSA/AML regulations, and investigate escalated incidents
involving ML/TF and other illicit financial activity to help
minimize organizational exposure to BSA/AML risk. CDD/EDD The
CDD/EDD team manages and mitigates customer related risks. The
objective of performing CDD/EDD reviews is to enable the Bank to
better know its customers and predict, with relative certainty, the
types of activity in which a customer is likely to engage, which
further assists the Bank in determining when transactions are
potentially suspicious. CTR As part of its fight against money
laundering, the BSA requires financial institutions to report
currency transactions over $10,000 conducted by, or on behalf of,
one person, as well as multiple currency transactions that
aggregate to be over $10,000 in a single day. The FCU is
responsible for filing the Bank's CTRs. The CTR team reviews,
verifies, and electronically files CTRs. This team is also
responsible for monitoring banking branch staff for proper CTR
compliance and providing CTR exemptions when applicable. Sanctions
Federal law and regulations require screening of new customers,
existing customers, and transactional counterparties through Bank
interdiction software. This team is responsible for daily screening
of customers and transactions. Additionally, they assist in
ensuring that true Specially Designated Nationals (SDNs) assets are
blocked (seized and frozen) when necessary. QA The QA team conducts
reviews of the work completed by the various teams in the FCU to
ensure best practices related to SAM, CDD/EDD, Investigations,
CTRs, Sanctions, Fraud, and other business processes. The team is
also responsible for assessing the impact of implementing new
practices, standards, FinCEN and OCC guidance as it relates to
BSA/AML Compliance practices across the organization. This position
can be at one of our following locations: Troy, MI, Hicksville, NY
or Cleveland, OH.The BSA/AML Associate will be required to
participate in a training program for approximately one to two
years, depending on the Associate's background. Upon completion of
the training program, the BSA/AML Associate will become a subject
matter expert within one of the teams.
Complete the designated training program, spending a specific
amount of time on each team, as noted below.
Engage in additional assignments as directed by management. Attend
and participate in team/department staff meetings and continuing
education training. Acquire knowledge and maintain currency of all
compliance, regulatory, and business unit policy, standard and
procedure requirements associated with the job. Ensure compliance
with applicable federal, state and local laws and regulations.
Complete all required compliance training. Maintain knowledge of
and adhere to Flagstar's internal compliance policies and
procedures. Take responsibility to keep up to date with changing
regulations and policies.
Once the training program above has been completed, the BSA/AML
Associate will work to maintain and grow that knowledge throughout
the year in order to allow them the ability to assist any team
within the FCU. At that point, the primary responsibilities will
evolve to the accountabilities listed below.
Perform one of the major functions listed above.
Stay current and proficient with the other relevant teams in the
scope of the BSA/AML Associate role. This includes working on each
of the other teams for at least one week every six months, as well
as remain current with changes to other teams' processes.
Engage in additional assignments as directed by management. Attend
and participate in team/department staff meetings and continuing
education training. Acquire knowledge and maintain currency of all
compliance, regulatory, and business unit policy, standard and
procedure requirements associated with the job. Ensure compliance
with applicable federal, state and local laws and regulations.
Complete all required compliance training. Maintain knowledge of
and adhere to Flagstar's internal compliance policies and
procedures. Take responsibility to keep up to date with changing
regulations and policies.
Ensures compliance with applicable federal, state and local laws
and regulations. - Completes all required compliance training. -
Maintains knowledge of and adhere to Flagstar's internal compliance
policies and procedures. - Takes responsibility to keep up to date
with changing regulations and policies.
Job Requirements:
The following certifications are acceptable: Certified Anti-Money
Laundering Specialist (CAMS), Certified Financial Crime Specialist
(CFCS), or Certified Regulatory Compliance Manager (CRCM)
BSA/AML Associate:Entry level position within the FCU. Experience
in the financial industry, law enforcement, or other related
experience preferred, including educational majors in Criminal
Justice, Sociology, etc.
BSA/AML Analyst:Two or more years of experience in BSA/AML related
prevention or detection. Experience in the financial industry, law
enforcement, or other related experience may be acceptable,
including educational majors in Criminal Justice, Sociology,
etc.
BSA/AML Specialist:Five or more years of experience in BSA/AML
related prevention or detection. Experience in the financial
industry, law enforcement, or other related experience may be
acceptable, including educational majors in Criminal Justice,
Sociology, etc.
Senior BSA/AML Specialist:Ten or more years of experience in
BSA/AML related prevention or detection. Experience in the
financial industry, law enforcement, or other related experience
may be acceptable.
Internal Use Only: Band G
Keywords: Flagstar Bank, Troy , BSA/AML Specialist, Other , Troy, Michigan
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