The SAR Specialist is designated to ensure that the Group conforms to the SAR reporting requirements under the Bank Secrecy Act, 31 CFR 103.18 “Reports by Banks of Suspicious Transactions” and all the related regulations, the SAR Specialist will ensure that all SARs are complete, thorough, and sent to FinCEN timely. In addition, this position will support collecting, verifying, validating, analyzing, reporting and maintaining transactional and customer information for the timely reporting of CTRs for cash transactions greater than $10,000.
Duties and responsibilities include:
- Responsible for reviewing the composition of a SAR report for all accounts where a decision has been made. Assist Compliance/BSA Liaisons, Officers, Employees, in finalizing these reports. All preliminary reports need the approval of the BSA Manager or designee prior to mailing reports to FinCEN.
- Maintains a SAR tracking mechanism to ensure that Suspicious Activity Reports are reported to FinCEN within the prescribed 30 days after the detection of an account’s suspicious transaction behavior as well as any fraud attempts, counterfeits or reportable incidents submitted by our internal Fraud Prevention or Operational Risk Departments.
- Ensure that all SAR reports have all the supporting documentation that was used to prepare these reports.
- Process the appropriate copies of the SAR reports filed in the respective SAR binders for future use during regulatory exams and/or internal /external audits or law enforcement requests or subpoenas.
- Maintain high levels of awareness regarding the associated risks related to the lack of SAR compliance amongst all employees of the Group.
Identify and report to the Assistant Manager or BSA Officer any case in which the adequate and timely cooperation is not received from any bank employee for further resolution.
- Ensure that all SARs and supporting documentation meet the record-keeping requirements under the law.
- Assist in the Undesirable and account closing process.
- Work on special projects as needed.
- Ensure preventive measures are carried out to fully comply with current rules, regulations and internal policies relating to risks pertaining to BSA, USA Patriot Act, OFAC and other AML related issues.
- Responsible for reviewing and correcting various CTR reports and CTRs to meet filing deadlines and escalate suspicious activity and system anomalies.
- Prepare and file Currency Transaction Reports and other forms and reports as assigned
- Contact branches to obtain or notify of missing or incorrect information on the CTR reporting form
- Reviews various reports and ensures that currency transaction reporting are within the cut-off range and included in transmissions and not late due to prior cut-off dates.
- Assist in the CTR exemption reviews and requests file CTR exemption reports as needed.
- Perform other duties as assigned.
Functional Skills & Knowledge Requirements:
Must be a team player, have the ability to work under pressure, have a professional image and be able to resolve problems and conflicts. Must possess basic business communications skills such as advanced writing, listening and have basic office and mathematics skills, and customer service skills. Possession of professional skills such as report writing, basic statistics, effective presentation skills and creative skills are required.
Minimum Education and/or Certifications Requirements:
Minimum Associates degree in business or similar discipline.
Minimum Work Experience Requirements:
A minimum of three years banking BSA Compliance or Fraud Investigation experience is required. Banking operations experience strongly preferred.
Technical and/or Other Essential Knowledge:
Bilingual English/Spanish required. Ability to speak, read and write English and Spanish. Previous experience with internet, MS Office Skills, including MS Word Level II, MS Excel Level II and MS PowerPoint Level I required. Excellent written and oral communications. Possess skills to organize and analyze. Be able to handle multiple priorities. Have ability to interact with all levels of the corporate structure of the Group and members of the BSA unit.