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ABOUT REDWOOD CREDIT UNION (RCU):
At Redwood Credit Union, our mission is to passionately serve the best interests of our Members and communities. Since 1950, we have been dedicated to supporting the financial well-being of our Members through better rates, low or no fees, and best-in-class customer service. Our purpose is to inspire hope and elevate the financial well-being of our communities one person at a time, through good times and bad.
As a not-for-profit financial institution, we are committed to a people-first approach, which is reflected not only in how we serve our Members, but also in how we treat our employees. Our leadership team is deeply focused on fostering a culture of heart and empathy, integrity, passion, inclusion, meaningful relationships, excellence, and ensuring financial well-being for all.
Why work for Redwood Credit Union?
• 29th largest credit union in the U.S. and the largest financial institution based in the North Bay
• Awarded a 5-Star Rating based on 6/30/24 financial data by Bauer Financial
• Recognized by Newsweek as one of "America's Greatest Midsize Workplaces 2025"
• Recognized by Newsweek as one of "America's Best Credit Unions 2024"
• Recognized by Forbes as one of “America’s Best Small Employers 2023"
• Voted Best Places to Work in the North Bay 19 years in a row
• World-class Employee Engagement scores
• Rated Superior in Service by more than 90% of Members, surveyed by SF Gate
• Industry leading Net Promoter Scores across the U.S.
Join us and discover why you'll love working at Redwood Credit Union!
Redwood Credit Union is looking for a Senior Bank Secrecy Act (BSA) Specialist, who has an advanced working knowledge of Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and Office of Foreign Assets Control (OFAC) regulations with a focus on Enhanced Due Diligence (EDD), Suspicious Activity Reporting (SAR), Currency Transaction Reporting (CTR), and Watch List reporting. The primary objective of this position is to review and assess Member risk, analyze transactional activity, investigate suspicious activity, and prepare regulatory reporting accurately and in a timely fashion. The Senior BSA Specialist will also act in a lead role in the development of the Enhanced Due Diligence program and be considered a subject matter expert on strategic projects that lead to more robust EDD processes. The Senior BSA Specialist follows the Credit Union’s BSA Policy to ensure conformity and adherence with all applicable state and federal laws, regulations, and policies and procedures.
ESSENTIAL FUNCTIONS:
Department Operations
• Assist management in the development and implementation of strategies to mitigate, track and report risks associated with high-risk Members.
• Conduct in-depth due diligence reviews of complex high-risk Members to assess and mitigate AML risk. Prepare comprehensive reports on these high-risk Members, detailing findings, and recommendations for senior management.
• Gather documents and analyze the risks associated with complex ownership structure, evaluating variables such as source of funds and purpose of the business relationship.
• Act as the subject matter expert for front line staff during Member onboarding to ensure information and documents collected are sufficient to accurately risk rate Members and ensure AML risk informs the decisions to offer higher risk products and services.
• Assist management with conducting annual risk assessments and provide support to Compliance Risk team in the maintenance of RCSA activities applicable to the BSA/AML program.
• Perform QC and QA reviews of various BSA/AML functions internal to the BSA/AMLA Team and of other areas throughout RCU with AML/OFAC responsibilities; including but not limited to, Investigations/SARs, AML Alerts, Customer Risk reviews, CTR and watchlist reviews to determine if the review and research were conducted in accordance with quality
standards and timeframes set forth within established procedures, policies, and regulatory requirements.
• Act as BSA/AML subject matter expert on projects that impact the collection and analysis of Member and transactional data relevant to BSA/AML risk, including the Digital Account Opening project, which integrate EDD process into the member experience for all new business accounts.
• Work with management to develop and deliver training pertaining to Member due diligence during onboarding process.
• Review BSA alerts and document actions including non-filing and/or preparing Suspicious Activity reports where needed, ensuring accuracy and compliance with BSA requirements and in accordance with regulatory deadlines.
• Suspicious Activity Response – Investigate escalated alerts of potential suspicious activity produced or referred by other areas of the Credit Union and determine appropriate course of action.
• Analyze Member and transactional data to identify potentially suspicious activity, exercise solid judgement on examining information, and document suspicious activity, behaviors and/or patterns.
• Serve as a BSA/AML resource for fraud or other business organizations as it relates to suspicious activities.
• Participate in the review of daily transaction reports and prepare CTR reports ensuring accuracy and compliance with BSA requirements and in accordance with regulatory deadlines as needed.
• Stay current with BSA and AML related regulations for changing compliance and recommend business process improvements.
• Evaluate and recommend adjustments to scoring of individuals in the AML software to provide the most value to the BSA program in accordance with established risk tolerances.
Other Functions
• Prepare monthly status reports and BSA statistics for Assistant Manager, BSA.
• Assist with maintaining written BSA processes and procedures for the department.
• Assist with maintaining and presenting compliance training content.
• Provide back up for other department duties.
Minimum Qualifications: Knowledge, Skills and Abilities
- Ability to work independently to identify and implement improvement to BSA/AML policies and program.
- Excellent verbal and written communication skills.
- Advanced understanding of banking and fraud threats posed by Money Laundering activities.
- Must possess specific knowledge of State and Federal laws and regulations pertaining to financial institutions (i.e., BSA, AML, OFAC, USA Patriot Act).
- Ability to operate a PC with word processing, spreadsheet, fraud identification and AML software.
- Ability to organize workflow efficiently, self-direct personal training needs and utilize available resources.
- Ability to perform financial analysis, draw logical conclusions and make recommendations when needed.
- Ability to communicate complex ideas effectively, both verbally and in writing.
- Ability to act independently and confidentially, using discretion, and tact.
- Ability to distinguish and manage confidential information, materials, and conversations.
- Ability to establish and maintain effective working relationships in a diverse environment, including working with team members from other departments.
- Ability to effectively work with department team members and management.
Physical Requirements
- Ability to stand, bend, stoop, sit, walk, twist and turn.
- Ability to lift up to 20 pounds occasionally.
- Ability to use a computer keyboard and calculator.
- Work environment is indoors; majority of the time is spent sitting at a desk.
Licenses and Certifications
- CAMS certified or relevant experience.
The ideal candidate has a combination of education and experience equivalent to an associate degree with a minimum of five years’ experience in BSA/AML or in depository financial institutions.
Compensation: Base starting range: $41.00 to $54.00 per hour commensurate with experience.
Our base salary starting range is based on scope and responsibilities of the position, candidate's work experience, education/training, key skills, and internal peer equity. We offer a competitive total rewards package including a wide range of medical, dental, vision, financial, and other benefits.
Redwood Credit Union offers a robust benefits package to our eligible employees including:
• Competitive medical, dental, and vision insurance, mental health offerings
• Employee performance incentive plan
• Salary Advancement– Merit increase based on performance
• 401(k) program with employer match
• Time Off- Competitive PTO accrual plus 11 paid company holidays and your birthday off!
RCU Discounts and Perks:
• RCU employees are eligible for a .75% discount off RCU standard collateral auto loans
• RCU employees are eligible for a 1% discount on all recreational or boat loan products
• 2% discount off Visas and LOC Loans through RCU
• 0% interest loan to support employees with various immigration related expenses such as visa application fees and relocation costs. Loan amount up to $1,000.
• 0% interest loan to support employees with expenses associated with the naturalization process. Loan amount up to $15,000.
• 0% interest on garment, fitness, or home office equipment loan of up to $500
• 100% financing for employee purchased homes!
*Redwood Credit Union is not offering Visa transfers and/or sponsorships for this position.
Internal Team Members: If you are a current Team Member, please apply through the internal careers page located in RCUNET.
We are an Equal Opportunity Employer
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