Specialty Fraud Analyst
Job category: Financial
Job Type: Full Time
Fall River, Massachusetts
Candidate will perform due diligence reviews on Cannabis related entities, onboard new CRB clients, conduct internal monitoring of Cannabis related activity for adherence to all Bank Secrecy Act/Anti-Money Laundering requirements, State/Local rules and regulatory requirements, and with Bank policies and procedures. Monitors reports for fraudulent activity to protect the Bank and its customers from fraudulent activity and reduces the risk of monetary and reputation exposure. The preferred candidate should possess strong organizational and planning skills, excellent attention to detail and time management skills, and the desire to learn about Federal and State regulatory compliance requirements. This position requires the candidate to maintain highly confidential information. This role will need to have or be willing to learn and stay current with the cannabis industry in the Bank’s local markets and with related laws and regulations.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Responsible for new Cannabis Related Business (CRB) account onboarding, enhanced due diligence, as well as ongoing monitoring to ensure compliance with applicable laws, regulations and policy/procedure.
- Responsible for the day-to-day CRB operations including managing customer relationships, approving customer transactions, monitoring red flags, and cash and payment logistics.
- Assist in maintaining the Bank’s CRB program including annual policy and risk assessment updates. Responsible for drafting, updating and maintaining procedures as needed.
- Responsible for the preparation, review, and/or submission of CRB Suspicious Activity Reports (SAR) and Currency Transactions Reports (CTR).
- Maintain a current knowledge of applicable CRB and BSA/AML related state and federal laws, regulations, and issues. Monitor legislative and regulatory developments for the Bank and report and implement changes as needed. Performs regulatory research in response to business unit inquiries, projects, and changes
- Review daily fraud alerts in the automated system, complete investigation and decision alerts, escalate potential fraud cases and ensure proper follow-up to minimize loss exposure.
- Assist with monitoring new business accounts, assign NAICS codes and escalate potential high-risk customers. Assist with conducting 90 day follow up reviews and routine enhanced due diligence, as needed.
- Receive and review Identity Theft Red Flags, assist in resolving reports and escalate, as appropriate
- Assist in reviewing OFAC alerts, 314(a) matches and suspicious activity alerts in the automated system. Conduct research on alerts and escalate to case, as appropriate.
- Assist with internal audits and regulatory examinations, as needed.
- Other special projects and duties as assigned.
SUPERVISION OF OTHERS
- No direct reports
- 2 years banking experience required; prior BSA experience preferred
- Experience with fraud detection (AML) preferred
- College degree in business or criminal justice related degree preferred
- Strong organizational and ability to multi-task, and excellent attention to detail
- Excellent time management skills, with particular attention to deadlines
- Able to communicate both verbally and in writing to explain findings
- Ability to multi-task in a fast-paced, changing environment
- Must be able to work independently and in a team.
- Proficient personal computer skills including Microsoft Excel, Word and PowerPoint, as well as other applications and software utilized by the department.
- Possible lifting of up to 30 lbs.
- Hours Monday-Friday 8am-5pm
- Typical office work environment with noise levels commensurate with such.