BSA & Compliance Analyst

Overview Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family. PenFed is hiring a BSA & Compliance Analyst at our Tysons, Virginia location. The primary purpose of this job is to review transactions for compliance with federal laws. Specifically, this job reviews alerts triggered by PenFed’s anti-money laundering transaction monitoring system to determine, in the incumbent’s judgment, whether the transaction is suspicious and requires a Suspicious Activity Report (SAR) filing under the Bank Secrecy Act (BSA). Additionally, this role reviews mortgage and consumer loan files and applies a well-developed knowledge of federal consumer protection regulations to determine, in the incumbent’s judgment, whether the loan was originated and/or serviced in compliance with such regulations. The incumbent’s work not only supports PenFed’s BSA/AML and compliance programs, but it also supports PenFed’s mortgage and consumer lending business operations by performing loan level reviews that are required in order for PenFed to sell loans to investors, such as Fannie Mae, Ginnie Mae, Freddie Mac, and the Veterans Administration (VA). Responsibilities Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned. Conduct analysis on transactions flagged as irregular to determine they are suspicious under the BSA using a well-developed understanding of industry practices, historical customer activity and regulatory definitions of suspicious activity. Complete investigations of irregular activity by utilizing both internal and external resources to determine if the activity meets the regulatory definition of suspicious activity under the BSA. Internal systems include PenFed’s systems and internal reporting, whereas external sources includes subscriptions to industry databases, such as Dow Jones and LexisNexis. Investigate cases where structuring appears to have occurred. Use judgment to determine if structuring has taken place and file SARs when appropriate. Complete all SARs in a timely manner, meet all regulatory deadlines for electronic SAR filing, and maintain records of all SARs filed according to regulatory filing requirements. Perform review of real estate loans, consumer loans and non-originated applications independently to determine, in the incumbent’s judgment, whether all origination and servicing requirements have been met as set forth in the Compliance Transaction Testing Program document. Determine whether the loan was originated and is serviced within federal banking requirements, such as those promulgated by the National Credit Union Administration and Consumer Financial Protection Bureau. Complete loan review reports that summarizes the regulatory analysis and when necessary, regulatory findings. Such reports are shared with senior and executive management, as well as investors and regulators on request. Identify and review all compliance documentation required to be present in each loan folder. Exercise judgment to determine the root cause of noted regulatory errors, and apply discretion when formulating recommendations to address such root causes. This role has the discretion to recommend any control that in the incumbent’s judgment will reduce compliance risk exposure. Demonstrate abilities in problem–solving and analysis: identifies issues, analyzes information to assess root cause and potential risk. Produces regularly scheduled summary reports that measure key business processes appropriate for all levels of the business area: operational, management and executive level. Uses experience and judgment to call out key trends, emerging opportunities or risks in the business process. Follow up on previous deficiencies and examines sample of corrected files if appropriate. Coordinate with appropriate stakeholders to monitor action plans associated with identified issues, helping to ensure successful initiative implementation. Maintains working knowledge of laws, regulations, ordinances, and policies and procedures applicable to the BSA/AML and Compliance departments. Maintains a well-developed and current knowledge of federal regulations concerning anti-money laundering, terrorist financing, and mortgage and consumer lending. Balance multiple priorities and adapt to constantly changing business environment, work independently, drive assignments to completion to meet deadlines in a fast-paced environment. In addition to the reviews assigned under the annual Compliance Transaction Testing Program, the incumbent may be required to conduct ad hoc targeted mortgage and consumer loan reviews as needed. Participate in related special projects. Qualifications Equivalent combination of education and experience is considered. Bachelor’s Degree or a combination of education and related work experience. Minimum of three-plus (3+) years’ work experience in banking or credit union operations and/or sufficient compliance, audit, or risk experience is required. Familiarity with anti-money laundering, mortgage and consumer lending laws and regulations, including but not limited to the BSA, RESPA, Fair Credit Reporting, Regulations B, E and Z, Home Mortgage Disclosure Act (HMDA), Truth in Savings and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Must possess excellent research skills and ability to document investigation results, findings and project work. Experience with real estate or consumer loans (origination, processing, underwriting, closing, funding, servicing) is prefered along with a broad knowledge of consumer or real estate lending, such as first and second trust mortgage loan origination and/or servicing. Experience working with large datasets and knowledge of various data analysis software packages and tools (e.g., MS-Excel, MS-Access, SAS, or ACL) is preferred. Aptitude for or knowledge of data management systems, including spreadsheets and data reporting. Proficient in Microsoft Word Suite. Ability to communicate effectively both orally and in writing and to actively participate in effective meetings and training sessions with employees at all levels of the organization. Attention to detail, exceptional organizational skills and ability to sit for long periods of time. Work Environment While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. *Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.* Travel Limited travel to various worksites is required. About Us Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment Opportunity PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.