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BSA/AML/OFAC Specialist II

Company: Marquette Bank
Location: Orland Park
Posted on: January 20, 2023

Job Description:

Position SummaryThe BSA/AML/OFAC Specialist II is responsible for investigating, researching, analyzing and evaluating varying degrees of cases of suspicious activity for possible anti-money laundering violations involving all Bank lines of business (LOBs). Stays up to date on Bank Secrecy Act, Anti-Money Laundering, and Office of Foreign Assets Control regulations (BSA/AML/OFAC), as well as the Bank's BSA/AML/OFAC Program, Policies and Procedures. Initiates and develops projects to improve the position of the Bank's BSA/AML/OFAC program.The BSA/AML/OFAC Specialist II may also provide compliance guidance on changes in the regulatory environment and requirements that impact the financial services industry. Essential Duties and Responsibilities:

  • Reviewing and investigating alerts, performing investigations or enhanced due diligence reviews for potentially suspicious activity, make risk-based SAR recommendations and prepare SARs.
  • Manage alerts generated by the Banks automated BSA/AML software.
  • Monitor additional reports generated to identify potential suspicious activity such as early loan payoff reports and monthly wire transfer reports.
  • Perform periodic analysis of the scenarios to ensure BSA/AML monitoring software is producing meaningful alerts.
  • Compile SAR data and prepare reports for the Board of Directors.
  • Monitor account activity to ensure compliance with OFAC requirements
  • Perform bi-weekly and special 314(a) searches and file required reports, if applicable.
  • Identify weaknesses in practice/procedures and recommend solutions that increase the level of compliance without unnecessarily burdening the business unit.
  • Respond to 314(b) requests and any requests received by law enforcement timely and accurately as requested by the BSA/AML/OFAC Officer.
  • Assist the BSA/AML/OFAC Officer or designee with coordinating and facilitating training sessions to educate bank personnel on BSA/AML/OFAC.
  • Act as backup to the Bank's Customer Identification Program and processes.
  • Assist the High Risk Officer with the initial risk rating process by reviewing EDD records and assigning risk ratings, as needed.
  • Assist the High Risk Officer with high and moderate risk rated customer reviews, as needed.
  • Act as back up to the BSA/AML & CTR Specialist by performing CTR functions and daily validations.
  • Review and update policies and procedures as necessary to maintain compliance with all applicable Anti-Money Laundering laws, regulations, and guidelines, (e.g., BSA, CIP, USA PATRIOT Act and OFAC)
  • Assist the BSA/AML/OFAC Officer in preparing for regulatory, external and internal examinations.
  • Attend applicable regulatory training, seminars and conferences to maintain a current, thorough understanding of money laundering and terrorist financing issues, including policies, procedures, regulations, industry best practices, criminal activities and developing trends.
  • Implement assigned regulatory compliance responsibilities and activities associated with Bank Secrecy Act and Money Laundering initiatives throughout the Bank.
  • Provide compliance assistance and information to all departments/functional units within the bank.
  • Performs other duties as assigned by supervisors. Knowledge/Abilities/Experience and Training Required:
    • High School graduate, college degree preferred
    • ACAMS designation preferred
    • At least (7) years of general banking experience with minimum of (3) years' experience in conducting suspicious activity monitoring/enhanced due diligence investigations and completion of SARs.
    • Familiarity with Abrigo Software (formerly known as Bankers' Toolbox) (BAM+ & BSA Manager) preferred or similar automated solution
    • Prior Teller and or Personal Banker experience preferred and working knowledge of bank operating environment
    • Working knowledge of Federal and State Anti-Money Laundering compliance statutes and regulations
    • Proficient in Microsoft Word and Excel
    • Ability to read and interpret statutes and regulations
    • Ability to relate to individuals at all levels within the organization as well as with regulatory agencies.
    • Demonstrated ability to handle difficult and sensitive business situations.
    • Solid analytical, creative and problem-solving abilities Physical Demands: The physical demands described here are representative of those that must be met by employees in order to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
      • Employee is regularly required to remain in a stationary position
      • Employee may need to occasionally move about inside the office to access file cabinets, office machinery, etc.
      • Employee is regularly required to operate a computer and other office productivity machinery (i.e., a calculator, copy machine and computer printer).
      • Employee may need to constantly position themselves in the office in order to file upper and lower drawers.
      • Employee in this position frequently communicates with staff and clients and must be able to exchange accurate information in these situations.
      • Employee may need to frequently lift and/or move up to 10 pounds and occasionally lift and/or move up to 25 pounds.
      • Employee specific vision abilities required by this position include close vision, distance vision, color vision, peripheral vision, depth perception and ability to adjust focus. Work Environment:The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. The noise level in the work environment is usually moderate.


Keywords: Marquette Bank, Orland Park , BSA/AML/OFAC Specialist II, Other , Orland Park, Illinois

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