Director of BSA/AML/Fraud

Job Description

Job Description

Position Summary:

The Director of BSA and Fraud (Director) is responsible for developing, implementing, and administering all aspects of the Credit Union’s BSA, Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and Fraud Detection and Prevention programs and strategy. The Director ensures the Credit Union maintains safety and soundness and meets regulatory, business, and loss mitigation objectives by overseeing processes and procedures governing BSA and Fraud operations, investigations, and reporting. This role requires a seasoned professional with a deep understanding of regulatory compliance, risk management, and financial crime prevention. The Director leads the Fraud and BSA teams in developing their professional and technical skills in detection and mitigation strategies. The Director provides insight, interpretation and guidance on policy of BSA, AML, OFAC, and Fraud and functions as an independent and objective body that reviews and evaluates related risk/compliance issues/concerns within the organization.

Essential Functions Include:

• BSA/AML and OFAC
  • Oversee the credit union’s BSA/AML, CIP, OFAC, and ID Theft programs, to identify and prevent potential regulatory or internal violations. Design and implement improvements in communication, monitoring, and enforcement of applicable standards.
  • Understand the credit union’s regulatory and internal requirements and needs. Stay abreast of relevant laws, regulations, and industry best practices pertaining to BSA, AML, and Fraud detection and prevention.
  • Interpret and communicate regulatory requirements to ensure the organization's BSA, AML, and Fraud policies and procedures remain compliant.
  • Review regulatory documentation and establish applicability of requirements to business units. Develop, review, and update BSA/AML policies and procedures in response to changing regulations and emerging risks.
  • Conduct risk assessments related to BSA, AML, and Fraud, identifying potential vulnerabilities and recommending mitigation strategies.
  • Recommend and, in cooperation with subject matter experts, develop appropriate controls that would address related regulatory and internal requirements.
  • Oversee and conduct investigations into suspicious activities, coordinating with law enforcement agencies as necessary. Ensure timely and accurate reports are submitted to regulatory authorities.
  • Enforce related regulatory and internal policy compliance; provide controls assurance by evaluating controls. Ensure control effectiveness and efficiency.
  • Collaborate with internal stakeholders, including legal, risk management, and business units, to ensure a holistic approach to compliance.
  • Direct leadership of the BSA Compliance team members for all avenues of the BSA/AML, CIP, OFAC, and ID Theft. Oversight of activities to ensure adherence to policy, procedures, and regulatory requirements. Builds and executes a plan for individual and team education, growth, and performance.
  • Oversee and manage the administration of software tools or entities utilized for regulatory compliance related to BSA/AML and OFAC, FinCEN 314(a), 314(b), etc. Stay abreast of technological advancements in BSA/AML/Fraud prevention tools and solutions.
  • Develop and deliver training programs to ensure employees are well-informed about BSA/AML/Fraud prevention policies and procedures.
  • Foster a culture of compliance and vigilance throughout the organization.

• Fraud /Loss Mitigation
  • Oversee Fraud Detection and Prevention programs. Implement and manage robust monitoring systems to detect and prevent suspicious activities and fraudulent transactions.
  • Oversee documenting and reporting of suspected fraud occurrences and trends, including insider investigations. Share findings from investigations with various levels of leadership.
  • Serve as a liaison with law enforcement entities.
  • Build strong relationships with external stakeholders, including regulatory bodies and industry peers.
  • Oversee the fraud tool and the processing of alerts and reviews (Verafin).
  • Review, recommend, and successfully implement new methods, procedures, and training materials to ensure daily operations are more efficient and effective in detecting and preventing fraud. Monitor incidents of loss for frequency, trends, evidence of weak controls, etc. and make recommendations as appropriate.
  • Responsible for monitoring external fraud trends and documenting all aspects of exposure and mitigation within transaction and lending channels.
  • Direct leadership of the fraud operations team and the roles’ operational processes for all avenues of fraud. Oversight of activities to ensure adherence to policy, procedures, and regulatory requirements. Builds and executes a plan for individual and team education, growth, and performance.

Reports to: Senior Director of Enterprise Risk Management

Manages: BSA Compliance Analysts and Fraud Manager

Required Education and Experience:

• Bachelor’s degree or 10+ years’ experience in areas of risk management and/or compliance
• 8 or more years of risk and/or compliance experience, required
• 5+ years’ leadership experience, required
• Compliance and/or Risk management certifications (NCBSO, BSACS, CUCE, CAMS, CFE) preferred

Additional Skills:

• Strong written and oral communication skills across all organizational levels
• Desire to continually learn and improve approaches and methodologies
• Highly effective organizational, collaborative and consultative skills
• Ability to multi-task, prioritize workload and delegate responsibilities
• Ability to leverage subject matter expertise in security and compliance
• Excellent judgment and the ability to make quick decisions and think outside the box when working with complex situations
• Ability to successfully adjust to changing needs in a fast paced, dynamic environment
• Forward thinking and possesses solid business acumen
• Exhibit a high level of integrity, trustworthiness and confidence, and represents the company and its management team at the highest level of professionalism
• Strong analytical skills and highly effective at interpreting and applying applicable regulation
• Proficient with Microsoft Office Products: Word, Excel, Outlook and PowerPoint
• Must demonstrate a functional knowledge of the Bank Secrecy Act in addition to other Federal laws, including but not limited to U.S. Patriot Act, Office of Foreign Assets & Control, Anti-Money Laundering, Right to Financial Privacy Act, and the Bank Bribery Act.

Work Environment: Hybrid Work Environment – 2 days/week in office

Physical Requirements: Sitting frequently, walking occasionally, use of hands frequently, walking occasionally, use of hands frequently, hearing constantly, talking frequently

Position Type/Expected Hours of Work: Full-Time/40 hours per week

Classification: Exempt

Other Duties: Please note this job description is not a comprehensive list of activities, duties or responsibilities that are required in this position. Duties, responsibilities and activities may change at any time with or without notice.

When joining USF Federal Credit Union, you can expect to work for a company that:

• Strives to be the most influential partner in our Members’ financial journey.
• Has been recognized with awards such as the Sterling Governor’s Award for Excellence and League of Southern Credit Unions & Affiliates Credit Union of the Year.
• Has a culture of engagement, growth, process improvement and community volunteerism.
• Received the Top Places to Work award for 2024 & 2025 in Financial Industries.

What’s in it for you:

• Competitive pay, robust incentive programs, 401k matching, Mortgage and Auto Loan discounts
• 4 weeks minimum paid time off work, work anniversary paid time off, 11 paid holidays and 8 hours paid volunteer time off.
• Medical, Dental and vision plans with FSA option. (Employee Only Premiums for Dental and Vision are 100% Credit Union covered).
• 100% Credit Union Paid Short-Term and Long-Term Disability and Life Insurance
• Employee Assistance Program
• Undergraduate and Graduate Tuition Reimbursement
• In-depth New Employee Orientation showcasing Credit Union Values and Vision
• A Think Big culture dedicated to performance excellence and continual growth

About Us:

For 65 years, USF FCU has experienced rapid growth and is dedicated to delivering financial solutions to improve our members’ lives. Our success is thrilling, but our core values of excellence, passion, innovation, community, and collaboration mean our relationships with our members and our employees will always be our top priority! We have grown to over 80,000 members and $1.4 billion in assets, robust online and mobile banking, 9 branch locations and thousands of shared branches and fee-free ATMs nationwide.

Our vision is to be the most influential partner in each member’s financial journey.

Our mission is to deliver financial solutions to improve members’ lives.