The Enhanced Due Diligence (EDD) Investigator is responsible for maintaining compliance with Customer Identification and Due Diligence requirements under the Bank Secrecy Act, by identifying high risk members and conducting initial and ongoing due diligence investigations.
- Perform all responsibilities in accordance with BECU Competencies, compliance, regulatory and Information Protection requirements.
- Identify higher risk members through initial and ongoing due diligence reviews.
- Monitor high risk members, products and services offered by the Credit Union and recommend necessary monitoring controls to address potential high-risk behavior.
- Organize and implement detailed investigations to ensure documents and accounts are compliant with current Credit Union policies and procedures.
- Complete and document periodic due diligence reviews on high-risk members. Collect and maintain supporting documentation used while conducting the due diligence reviews.
- Prepare detailed case reports and make recommendations surrounding high-risk members, including for account closures, to the appropriate managers or risk officers, as needed.
- Understand and apply knowledge of BSA/AML typologies and the ability to identify red flags and current trends of suspicious activity. Refer cases with unusual or suspicious activity to the BSA/AML Investigations team.
- Assist with filing regulatory reports as needed, including, suspicious activity and currency transaction reports.
- Advise management of relevant changes to member behavior that may support money laundering, or terrorist financing.
- Serve as a subject matter expert on special projects that impact BSA/AML regulations, particularly member due diligence and enhanced due diligence.
- Provide guidance and support to business units concerning their role and responsibilities surrounding USA Patriot Act compliance, customer due diligence and enhanced due diligence.
- Assist with developing, recommending and implementing processes and controls to ensure business unit compliance with anti-money laundering (AML) rules and regulations.
- Conduct regular audits of industry risks including new business types that may provide a new threat to the credit union and provide recommendations to management regarding mitigation controls.
- Ensure timely implementation of new procedures in compliance with any change in laws and regulations and enhanced due diligence programs.
- Analyze, plan and complete special projects assigned by management.
- Perform additional duties as assigned.
- Bachelor’s degree in related field or equivalent work or educational experience required. Advanced degree preferred.
- Minimum seven years of experience of bank audit, compliance, or banking operations.
- Minimum five years of previous experience in anti-money laundering, customer due diligence and/or enhanced due diligence required.
- Relevant professional certification required; CAMS Certification (Certified Anti-Money Laundering Specialist), ACFCS Certification (Association of Certified Financial Crime Specialists) or continuing education towards certification.
- Solid knowledge of BSA/AML, CIP, Beneficial Ownership, CDD and EDD requirements, regulatory reporting requirements and best practices.
- Ability to work independently inside a team environment, planning and prioritizing daily work to meet department objectives, SLA requirements and Quality Assurance performance required.
- Excellent organizational, analytical, investigative and writing skills required.
- Ability to solve complex problems and take a broad perspective to identify solutions required.
- Effective skills in interviewing and negotiation preferred.
- Proficient PC skills, including spreadsheets and word processing, required.
- Full time hours required, with additional hours as necessary.