Job at a glance
Are you passionate about making a positive impact in the community you live in? Do you want to be on the forefront of paving the way to financial freedom for the members we serve? At GECU, our Core Values drive our Culture: Advocate, Integrity, Accountable, Dedicated and Passionate. Come grow your career with an award- winning team! This position is a job family. There are two levels. Level I BASIC RESPONSIBILITIES Responsible for ensuring compliance with the Bank Secrecy Act (BSA), the Money Laundering Control Act (MLCA) for Anti Money Laundering (AML), the Member Identification Program (MIP) of the USA Patriot Act, the regulations and requirements of the National Credit Union Administration (NCUA) – Part 748, the Right to Financial Privacy Act, and IRS Regulations by completing the daily duties related to the credit union’s BSA/AML/MIP/OFAC Program by coordinating, researching and gathering documentation/ information related to subpoenas, other external documentation requests, and Internal Revenue Service (IRS) certification documentation.
May assist in additional work as determined by the needs of the department. TYPICAL DUTIES Gathers and organizes data related to SAR supporting documentation requests and National Security Letters as requested by the BSA Officer. Completes and reports 314(a) searches and conducts account reviews for applicable accounts. Coordinates 314(b) information sharing as deemed necessary by management with other financial institutions.
Monitors and reviews members that pose a higher risk of money laundering such as politically exposed persons and professional service providers. Monitors and reviews accounts to identify money service business accounts and takes appropriate action as necessary. Reviews and gathers data related to subpoenas, restraining orders, writs of garnishments, other external documentation requests to and from private, county, state and federal agencies, and IRS certification documentation.
Consults with management to determine if contact with outside counsel is needed for direction on subpoenas and other external documentation requests. Responsible for maintaining and organizing records for purposes of providing testimony or documents on behalf of the credit union. Organizes spreadsheets and maintains documentation supporting archived subpoena documents and IRS certification documentation.
Assists in analyzing trends and/or suspicious activity on subpoenaed accounts and other external documentation requests and reports to BSA Officer. Refers suspicious activity resulting from research conducted pertaining to subpoenas or other external documentation requests to the BSA Officer. Conducts account reviews for complex business accounts as needed. Communicates with members to obtain necessary information regarding expected account activity as deemed necessary.
Monitors and reviews members conducting business activity on personal accounts and takes appropriate action as necessary. Analyzes and interprets IRS and BSA/AML/MIP/OFAC compliance laws, rules, regulations and guidance from various sources. Monitors and reviews multiple credit union reports related to required IRS certification documentation, members with Individual Taxpayer Identification Numbers (ITIN), non-resident aliens (NRA), and members with foreign addresses.
Develops, implements, and maintains a daily audit process to ensure appropriate IRS documentation is obtained at account opening and upon a change in the member’s status. Contacts members to obtain updated or new IRS documentation and monitors to ensure proper documentation is obtained. Reviews and updates the credit union’s operating system to accurately reflect member status after presentation to management.
Attends in-house classes to gain knowledge of credit union operating systems, products and services and attends local and non-local educational training BSA/AML/MIP/OFAC state and federal laws and regulations, including IRS regulations. Keeps management informed of all aspects of assigned tasks and projects. Responsible for development and maintenance of intradepartmental and interdepartmental procedures concerning records requests and IRS certification requirements.
Researches and implements necessary changes to streamline department operations as designated by management. Ensures appropriate documentation is imaged. Maintain and understand compliance to ensure that work complies with GECU’s established policies, procedures and applicable regulations, to include Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Member Identification Program (MIP), and Office of Foreign Asset Control (OFAC).
Maintains high level of confidentiality Other duties as may be assigned or required in connection with the general operation of the credit union Level II