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Compliance Officer (BSA Experience)

Company: F&A Federal Credit Union
Location: Monterey Park
Posted on: May 10, 2022

Job Description:

Welcome to a new standard of excellence! (On Site Position)
Our purpose since 1936 has been simple, to ensure that our members receive caring and personal service along with exceptional value. -We are committed to serving employees of the LA County Fire Department, and local municipal employees and their families with industry-leading dividends on deposits, and competitive loan rates. We are socially conscious and reflect the values we live by. To really stand out in a constantly changing world, each of us at F&A is value-driven at every level. -We believe in a good work/life balance, and we all share the responsibility for creating a great workplace. -As part of the F&A team, you will enjoy these outstanding benefits:

  • Medical, Dental and Vision Insurance - 100% of employee premiums are paid by F&A
  • Subsidized benefits for dependent premiums
  • Employee Loan Discount Program - deep discounts on your home and car loan
  • 401k with employer match of 3%
  • Profit sharing - 6% of annual salary is contributed each year
  • Paid time off accrual starting at 4 weeks per year
  • 12 paid holidays
  • Flexible spending accounts for health and dependent care
  • Voluntary plans - additional life insurance coverage for employee and family
  • Educational assistance program
  • Employee assistance program
  • Basic Life and AD&D insurance
    What you will do for us:
    As a Compliance Officer with BSA experience, you will be responsible for ensuring the Credit Union operates a comprehensive compliance program according to NCUA rules, statutory requirements, state, and federal regulations. -As a subject matter expert, directs policy development and legal compliance for the Credit Union while maintaining manuals, documentation and disclosures, and any other organizational materials related to regulatory, statutory, and operational guidelines.
    • Responsible for using independent judgement and professional discretion to ensure the Credit Union meets all state and federal regulatory and compliance requirements.
    • Analyze and review regulatory information (NCUA, CFPB, etc.) on an ongoing basis to stay current on all regulatory issues relevant to the financial services industry.
    • Will conduct independent research of regulatory information to understand and create a forecast of regulatory changes.
    • Keep stakeholders apprised of new or changed regulation and verify through compliance reviews that necessary changes are implemented.
    • Interpret regulations (proposed, revised or final) and the opinions of governing agencies (NCUA, CFPB, etc.) and incorporate such interpretations into an action plan resulting in the creation of operational policies and procedures.
    • Will work with legal to review disclosures and member communications as needed.
    • Post all updated documentation on the company intranet in a timely manner, ensuring all information is current and accurate; conduct an annual review of all related documentation.
    • Work with Human Resources to ensure all required compliance training is reviewed annually and completed in a timely manner.
    • Will act as a project lead for compliance initiatives.
    • Assumes responsibility for the timely forecasting, reporting, and auditing of all regulatory issues.
    • Provide management with a detailed schedule of regulatory changes, timeframe for implementation, impact on the Credit Union and potential operational changes.
    • Conduct and maintain a compliance review schedule for the Credit Union.
    • Maintain knowledge of industry trends and legislation, and update documentation to ensure compliance.
    • Provide regular compliance reports to management and the Board of Directors as required.
    • Responsible for activities related to the Bank Secrecy Act, related anti-laundering and OFAC regulations.
    • Perform daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large currency activity; determines if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring in deposits, loan payments, and certificate of deposit purchases, wire or ACH transfers, monetary instrument sales, new account openings, etc.
    • Develop, coordinate, and facilitate training programs, sessions, and seminars to educate personnel about BSA related compliance requirements and procedures.
    • Coordinate the development and implementation of forms, notices, procedures and monitoring processes for compliance with the Bank Secrecy Act and related regulations.
    • Ensure compliance with 314(a) and 314(b) (PATRIOT Act) responsibilities.
    • Responsible for preparing for submission all Currency Transaction Reports within required timeframes.
    • Oversees and coordinates the monitoring of account activity for suspicious patterns and activity, conducts suspicious activity report (SAR) investigations, and recommends if a SAR should be filed.
    • Oversees and responsible for the review, approval, and filing of all Currency Transaction Reports (CTRs) within required timeframes.
    • Researches and responds to information requests from FinCEN and other government entities.
    • Prepare reports for the Board of Directors on a periodic basis and ensure that the Board is kept fully informed of the BSA program, including but not limited to:
    • Train Board Members and other Senior Management on BSA Compliance.
    • Presents the written BSA risk assessment and Bank Secrecy Act policy to the Board annually.
    • Administer automated BSA/AML/Fraud system, researches and resolves alerts and conducts investigations within the system.
    • Conduct self-assessments and assists in preparation and coordination of independent audits and regulatory examinations.
    • Responsible for establishing and maintaining effective communication and coordination with Credit Union staff and management.
    • Assists and supports departments as needed.
    • Act as a subject matter expert during new product development to ensure compliance related to disclosures and other member communications.
    • Ensure compliance questions or concerns are promptly and courteously resolved, providing research and analysis as required.
    • Completes related reports accurately and timely.
    • Attends meetings as required.
    • Available to work the Credit Union's core business hours, Monday - Friday 8am - 5 pm.
      Qualifications
      • Bachelor's degree in business or related field, or equivalent experience and education
      • Broad compliance knowledge with the experience and competency to translate it into operational processes with related documentation is essential.
      • Minimum of five (5) to eight (8) years of experience with increasing responsibility in a regulatory compliance function.
      • Experience developing policy/documentation and maintaining organizational compliance is required.
      • Financial institution or Credit Union experience required.
      • Experience with and strong understanding of Verafin's BSA compliance solutions required.
      • Ability to manage multiple projects with conflicting priorities effectively, drawing on a strong foundation of working with cross-functional teams, applying analytical skills and a collaborative approach.
      • Strong verbal and written communications skills
      • Ability to develop strong relationships in order to gain support and achieve results.
      • Ability to exercise sound judgment consistent with the Credit Union's policies and legal requirements.
      • Ability to apply regulatory standards to develop Credit Union operational documentation.
      • Ability to plan, develop, and write documentation and procedures.
      • Strong attention to detail
      • Ability to evaluate, plan, and prioritize work effectively and independently
      • Skilled in using application software applications and PC equipment.
        F & A Federal Credit Union is an equal employment opportunity employer. -We will consider for employment qualified applicants with criminal histories in a manner consistent with the requirements of the Los Angeles Fair Chance Initiative for Hiring (Ban the Box) ordinance. -Please forward your resume to jobs@fafcu.org for consideration. -

Keywords: F&A Federal Credit Union, Monterey Park , Compliance Officer (BSA Experience), Other , Monterey Park, California

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