Job Description

Mayo Employees Federal Credit Union (MEFCU) is looking for someone who enjoys highly detailed work, working as part of a collaborative team, and providing a high-level of service to our members to join our team as a Compliance Specialist!

Department:  Risk Management & Compliance

Days of Work:  Monday - Friday 8 AM - 5 PM; occasional Saturday morning hours (approx. every 5-6 weeks)

Starting salary range:  $30 - $33 per hour based on experience

Location:  Rochester, MN

FLSA Status:  Nonexempt

Schedule:  Full time

Hours/Pay Period:  80

Remote Worker:  No - This position requires the candidate to report in-person to an office daily in Rochester, MN.

Job Summary

The Compliance Specialist works under the guidance of the Director of Enterprise Risk Management (ERM) and Compliance to ensure compliance with all laws that govern financial industry business practices as well as local, state and federal laws. They assist in enterprise-wide compliance assessments and conduct internal compliance reviews. Compliance Specialists audit external compliance reviews and those of other credit union departments to ensure complete and accurate reporting. This position is also responsible in the monitoring and compliance with Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) regulation. They also participate in regulatory exams, internal and external audits and various branch and negotiable instrument audits.

Duties and Responsibilities

Reviews various systems, reports, and data for accuracy and suspicious activity .

• Analyzes member accounts, transactions, and exercises due diligence in conducting suspicious activity reviews via BSA software.
• Reviews high risk member activity.
• Reviews and analyzes Currency Transactions Reports (CTR) and Monetary Instrument Logs for accuracy, completeness, and unusual activity.
• Coordinates annual review process for CTR exempt members and files reports by required deadline.
• Prepares and analyzes reports to detect suspicious activity. 

Supports the investigation, documentation, and reporting of suspicious activity.

• Investigates and documents activity for suspicious activity investigations.
• Reviews OFAC searches on the membership and performs additional searches as necessary.
• Notifies management if unusual activity is observed which could be an indication of financial crime or efforts to evade reporting requirements of the BSA or other laws and regulations.
• Creates and files Suspicious Activity Reports (SAR) by required deadline.
• Coordinates activities related to FinCEN 314(a) requests and ensures searches are completed in the required timeframe.
• Responds to and initiates 314(b) requests. 

Ensures employee training is completed and maintains accurate documentation and procedures:

• Maintains training records according to regulatory record retention requirements.
• Assists in preparing BSA procedures and annual training for all staff.
• Coordinates document preparation and serves as primary contact for annual BSA audits.
• Completes accurate reports and documentation in compliance with established procedures.

Performs other duties as assigned or necessary:

• Collaborates with department and management teams to ensure enterprise compliance requirements and issues. 
• Ensures internal controls and policies are designed to meet all compliance needs. 
• Works closely with department leaders to review all departmental policies for compliance issues. 
• Performs new product/service analyses of control review/assessments.
• Performs internal and external reviews, regulatory-based compliance reviews and process improvement reviews. 
• Provides input to management on control weaknesses, policy enhancements and training needs, as applicable. 
• Ensures effective daily monitoring of member and non-member transactions for proper AML compliance.
• Performs enhanced due diligence on high-risk individuals and businesses.
• Ensures the accurate completion, filing and maintenance of reports and logs.
• Performs 314(a)/watchlist searches and appropriately responds to positive matches detected by the AML software.
• Ensures accurate completion, investigation, reporting and retention of CTRs.
• Performs ongoing reviews of the CTR Exemption list, as applicable.
• Ensures accurate completion, investigation, reporting and retention of SARs. 
• Participates in ongoing training to maintain current knowledge of BSA and related AML and OFAC regulatory requirements .

Requirements

Qualifications Required

Bachelor’s Degree AND two years of experience performing compliance functions in a financial institution.

OR

Associate degree AND three years of experience performing compliance functions in a financial institution.

OR

An equivalent combination of education and experience sufficient to successfully perform the essential duties of the position may be considered. 

Desirable Qualifications

• Experience in a financial institution performing duties specific to BSA or high-risk account monitoring.
• Industry recognized BSA-related certification or desire to obtain.

All employees must be bondable by MEFCU’s insurance policy. Continued employment is subject to maintaining favorable bondable status per insurance standards.

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