Risk & Compliance Specialist

JOB TITLE: RISK & COMPLIANCE SPECIALIST

DEPARTMENT: Risk & Compliance

REPORTS TO: Risk & Compliance Director

STATUS: Non-Exempt

SUPERVISES: None

PRIMARY PURPOSE 

Responsible for supporting the credit union's BSA/AML compliance and fraud monitoring program. Conducts investigations of suspicious activity, administers and monitors automated compliance systems, prepares regulatory filings, processes legal documents, and assists in maintaining compliance with applicable federal and state laws and regulations. Partners with internal departments, vendors, auditors, and regulators to promote an effective risk-based BSA/AML compliance and fraud monitoring program while supporting the credit union's operational objectives. 

ESSENTIAL DUTIES AND FUNCTIONS

1. Support the Risk & Compliance Director in running the credit union's BSA/AML compliance and fraud monitoring program. This includes oversight of the Member Due Diligence (MDD) and Enhanced Due Diligence (EDD) program, the Member Identification Program (MIP), Beneficial Ownership verification, OFAC screening, and FinCEN reporting. Recommend improvements to policies, procedures, and internal controls as needed.
2. Monitor, maintain, and perform testing of the credit union's automated BSA/AML transaction monitoring, OFAC screening, customer risk rating, and related compliance systems. Evaluate system performance, validate data integrity, monitor rule effectiveness, recommend tuning enhancements, and coordinate testing following system updates, rule changes, or implementation of new products, services, or payment channels.
3. Investigate Suspicious Activity: Conduct investigations into potential fraud and unusual member behavior triggered by automated alerts, employee referrals, or law enforcement requests.
4. Analyze Transaction Data: Review account activity across standard and digital methods (including cash, checks, wires, ACH, debit cards, and P2P platforms) to identify potential financial crimes.
5. Proactively Mitigate Fraud Risks: Track emerging fraud trends and internal control gaps, escalating findings to actively prevent losses and fortify the credit union's BSA/AML program.
6. Prepare, document, and timely file Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), OFAC investigations, FinCEN 314(a) responses, and other required regulatory filings. Maintain complete, accurate, and well-supported investigative documentation in accordance with regulatory requirements and internal standards.
7. Perform Member Due Diligence (MDD) and Enhanced Due Diligence (EDD) reviews of higher-risk members, businesses, and legal entities, including evaluation of ownership structures, Ultimate Beneficial Owners (UBOs), expected account activity, source of funds, and other risk indicators, as appropriate.
8. Support the credit union's BSA/AML and financial crimes compliance program by assisting with periodic risk assessments, internal and external audits, regulatory examinations, corrective action efforts, and ongoing compliance initiatives. Serve as an operational resource for Shared Branching transaction monitoring and other regulatory compliance matters.
9. Partner with departments across the credit union—including Operations, Member Services, Lending, and IT—to resolve compliance issues, support investigations, and close operational fraud vulnerabilities.
10.  Process garnishments, levies, subpoenas, court orders, and other legal documents in accordance with applicable laws and credit union procedures.
11. Maintain current knowledge of BSA/AML regulations, OFAC requirements, FinCEN guidance, financial crime trends, and emerging risks affecting financial institutions through ongoing education and professional development.

OTHER DUTIES AND FUNCTIONS

1. Conducts every aspect of this position, involving interpersonal relations, in line with the concept that all personnel, staff, shareholders and visitors are afforded full and equal treatment in all matters without regard to race, creed, color, sex, sexual orientation, age, national origin, lawful political affiliation, physical handicap or marital status.
2. Periodically serves on various credit union committees (i.e. Safety, Social Events, etc.)
3. Perform other duties and responsibilities as assigned by the Risk & Compliance Director or President/CEO.
4.  Attend required training and maintain any certifications required for the position.
5. Maintain a secure, organized, and confidential work environment.
6.  Serve as a resource for employees regarding BSA/AML, OFAC, and financial crimes compliance policies, procedures, and regulatory requirements.  

WORKING CONDITIONS

Equipment Used:

• Personal computer
• Multi-function printer/scanner/copier
• Telephone
• Document imaging systems
• Microsoft Office Suite
• Copy Machine
• BSA/AML transaction monitoring software
• Core banking system
• Electronic document management systems

Work Hours:

• Monday through Friday, 8:00 AM - 5:00 PM (40 hours/week). Schedule may vary based on operational needs.
• Over time may be required. 
• Work hours and days are subject to change.

 MENTAL DEMANDS

1. Apply sound judgment, critical thinking, and analytical reasoning when evaluating financial transactions and determining appropriate investigative actions.
2. Analyze large volumes of financial information while recognizing patterns, anomalies, and potential indicators of suspicious activity.
3. Interpret and apply federal regulations, internal policies, and technical guidance.
4. Prioritize multiple assignments while consistently meeting regulatory deadlines.
5. Prepare clear, accurate investigative documentation and reports.
6. Exercise discretion when handling sensitive or confidential information.

COMMUNICATION DEMANDS

1. Communicate effectively, both verbally and in writing, with employees, management, auditors, examiners, law enforcement, vendors, and members when appropriate.
2. Present investigative findings, compliance concerns, and recommendations clearly and professionally.
3. Build collaborative working relationships across departments while providing guidance on compliance-related matters.

PHYSICAL DEMANDS

1. Requires sitting at a work station for periods of up to 4 hours (without a break).
2. Requires frequent keyboard and mouse use.
3. Ability to view and correctly interpret numbers, text and images on a computer screen.
4. Requires the use of various office equipment to perform duties.
5. Requires the ability to review electronic documents and financial data with accuracy.
6. Requires working beyond the 8-hour day periodically.
7. Occasionally lifts and carries up to 40 pounds.

QUALIFICATION REQUIREMENTS

 Skills/Knowledge:

•  Working knowledge of BSA, AML, OFAC, USA PATRIOT Act, and FinCEN regulations is preferred. 
• Strong analytical, investigative, and problem-solving skills.
• Ability to identify suspicious activity through analysis of financial transactions and account behavior.
• Ability to interpret and apply laws, regulations, policies, and procedures.
• Strong written communication skills with the ability to prepare professional investigative narratives and regulatory filings.
• Excellent organizational and time management skills.
• Ability to maintain confidentiality and exercise sound judgment.
• Proficiency with Microsoft Office Suite and financial institution software applications.

Education:

 Must have one of the following:

• Associate degree or higher in any field; OR
• Three or more consecutive years of satisfactory employment at Pearl Hawaii FCU (employment record will be reviewed upon application)

Experience:

• One to three years of experience in BSA/AML, fraud, compliance, or financial investigations preferred.
• Experience using automated transaction monitoring systems is preferred.
• Experience with Verafin or similar financial crimes platforms is desirable.

 Training:

• Must successfully complete all required regulatory, compliance, and job-specific training and participate in continuing education necessary to maintain proficiency.

Certification:

• Professional certification such as Bank Secrecy Act Compliance Specialist (BSACS), CAMS (Certified Anti-Money Laundering Specialist), or equivalent financial crimes certification is required. Candidates without current certification must obtain certification within six (6) months of hire.

 Background Requirement:

• Must be bondable and pass background check requirements as defined by the credit union and applicable regulatory standards.