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BSA/AML Specialist III - Senior CTR Specialist

United States, Virginia, Suffolk
6005 Harbour View Boulevard (Show on map)
February 06, 2024

This position is a part of BSA/AML Department, a team that is integral to TowneBank's efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank's businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The BSA/AML CTR team works within the BSA/AML Department to ensure regulatory requirements are met for Currency Transaction Reports (CTRs), CTR exemptions, foreign currency purchases and recordkeeping for monetary instruments.

The Senior CTR Specialist's primary objectives are to act as the subject matter expert regarding Currency Transaction Reports and related oversight tasks, ensure all regulatory reports are submitted timely, act as the primary contact for the branches and act as a backup for the team to assist in the daily validation process as needed.

Essential Responsibilities:

  • Responsible for managing CTRs generated from the AML solution, reviewing CTRs for completeness, timely filing, and e-filing submission within the AML platform.
  • Responsible for processing "amended" CTRs promptly.
  • Responsible for ensuring monetary instruments and foreign currency transactions have been properly identified and reported.
  • Confirm acknowledgements received from submitted CTR batch filings.
  • Process received CTR errors/warnings from BSA e-filing and maintain documentation.
  • Assist Manager on corrections regarding errors identified on CTR Quality Control (QC) reviews
  • Identify customers eligible for CTR exemption and prepare associated case for BSA Management review.
  • Conduct annual reviews on Phase I and Phase II CTR exempt customers.
  • Assist Manager with additional re-fresher training with department personnel and responsible for training new CTR Analyst.
  • Assist Manager and the BSA/AML Department with projects as needed.
  • Participate with the L& D training department's MSR school (teller school) for currency transaction reporting awareness
  • Adheres to applicable federal laws, rules, and regulations including those related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA).
  • Other duties as assigned.

Minimum Required Skills & Competencies:

  • 2-3 years banking or similar experience with knowledge of branch, teller and/or loan operations
  • General knowledge of federal requirements under the Bank Secrecy Act and Office of Foreign Assets Control (OFAC) regulations
  • Excellent analytical and problem-solving skills
  • Ability to comply with regulatory deadlines and work in a fast-paced environment.
  • Ability to handle confidential customer information.
  • Knowledge of bank products and services
  • Ability to work independently and possess a team player attitude.
  • Strong verbal communication skills
  • Detail oriented with good organization skills.
  • Working knowledge of Microsoft Office Suite

Desired Skills & Competencies:

  • Bachelor's degree in related field such as business management, accounting, or economics
  • Working knowledge of federal requirements under the Bank Secrecy Act including Customer Identification Program, USA PATRIOT Act and Office of Foreign Assets Control (OFAC) regulations, and be familiar with FFIEC BSA/AML Manual guidelines
  • Experience in a financial institution with asset size $10B and over

Physical Requirements:

  • Express or exchange ideas by means of the spoken word via email and verbally.
  • Exert up to 10 pounds of force occasionally, use your arms and legs, and sit most of the time.
  • Have close visual acuity to perform activities such as analyzing data, viewing a computer terminal, reading, and preparing documentation.
  • Not substantially exposed to adverse environmental conditions.
  • The physical demands described here are representative of those that must be met by an employee to successfully perform the essential responsibilities of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential responsibilities.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)