Our client, a prominent financial institution based in Long Island, NY, is seeking a Fraud Oversight Associate to join their Risk Management team. The individual will play a critical role in ensuring compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) policies and federal regulations, focused on preventing fraud, financial crimes, and other illegal activities. This candidate will have 7-15 years of experience in a similar role and have extensive knowledge of CTRs, OFAC, SARs, CDD and CIP
Key Responsibilities:
Monitor, review, and clear system-generated alerts and reports related to critical file maintenance and transaction activity to identify and prevent suspicious activity, fraud, and potential violations of BSA/AML policies and regulations.
Review and verify account opening and maintenance documentation, including CIP verification, beneficial ownership information, and member questionnaires. Track and resolve any identified exceptions promptly.
Conduct enhanced due diligence (EDD) reviews, assign risk ratings to members, and perform ongoing monitoring of high-risk accounts.
Support the preparation, investigation, and filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).
Investigate internal incident reports submitted by staff and take appropriate action as necessary.
Provide expert BSA/AML and fraud-related guidance and support to staff through various communication channels.
Ensure all regulatory reporting deadlines and monitoring review schedules are met, maintaining proper recordkeeping standards.
Research and escalate potential matches related to Sections 314(a) and 314(b) information sharing requests, OFAC sanctions, and other watch lists for further review.
Prepare materials for and actively participate in SAR Committee meetings for both initial and ongoing reviews of suspicious activity.
Assist management in preparing for external audits and regulatory examinations.
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