The Fraud/AML (FRAML) Manager will oversee two Compliance Specialists and the responsibilities include but are not limited to the BSA/OFAC Officer role including AML and Fraud Management. Responsible for maintaining an ongoing compliance program and compliance training to ensure the credit union remains in compliance with the US Patriot Act, follow all BSA guidelines including AML alerts, cases and reports. Investigate cases related to AML, fraud, elder abuse, identity theft, detect suspicious activity, take action and flag or escalate complex cases to law enforcement or legal. Proactively propose ways of preventing this type of activity in the future is also within the scope of this role.
Essential Functions & Responsibilities:
Manage the credit union compliance program and continually maintain it through data analysis, and system research to find new and innovative solutions to prevent, monitor and eradicate fraudulent practices in our transactions/base. This also includes keeping members safe from external attempts to harm them.
Responsible for the implementation of new regulations or changes to existing regulations.
Assist Vice President of Compliance and Risk Management in assessing department strategic goals. Assist in updating and reviewing policies and procedures based on regulatory changes, internal audits and examinations by regulatory agencies.
Establish and maintain an ongoing compliance training program.
Develop compliance bench strength for staff and create department staffing contingencies.
Other job-related duties as assigned.
To review regular audits of all appropriate areas to determine the degree of compliance with various laws.
To report to the Audit and Compliance Committees, the Legal Counsel and the division/department managers of the area under examination as appropriate.
To note observations of employee performance into appropriate reporting tool, as well as, give to and receive feedback from employee in a reasonable time frame.
To complete performance reviews within the prescribed time frame.
To develop recommendations for cost efficiencies and enhancements to products, pricing, and processes by monitoring trends in risk management.
To provide comments on new product development, changes in products and advertising in a timely manner.
To ensure all activities within the department are carried out within prescribed time frames and with zero errors.
To maintain a cohesive, highly trained and motivated staff, sufficient to meet daily department demands.
Knowledge and Skills:
Five years of similar or related experience.
Equivalent to a college degree (BS or BA in a relevant field).
A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and is usually of a personal or sensitive nature. Work may involve motivating, influencing or training others. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary and often requires the ability to influence and/or sell ideas or services to others.
Excellent communication skills; verbal and written
Highly analytical mindset
Data analysis experience
Minimum of 5 years of leadership experience
BSA and AML designations are a bonus
Experience in fraud analysis, especially within the banking industry
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