Financial Crime Specialist

The Financial Crime Specialist is responsible for supporting State Bank’s Risk Department, specifically in fraud prevention, it’s anti-money laundering program, and risk management efforts. This position monitors suspicious activity, investigates potential fraud, assists with executing the anti-money laundering program, and helps ensure the bank operates in accordance with the associated banking laws, regulations, and internal policies.

ESSENTIAL FUNCTIONS

Anti-Money Laundering

• Execute tasks related to the Anit-Money Laundering program including but not limited to:
• Review alerts generated by transaction monitoring systems and determine appropriate action.
• Monitor customer accounts and transaction activities to identify potential fraud, money laundering, or other suspicious activities.
• Conduct investigations of flagged transactions, accounts, and behaviors.
• Contribute to the preparation of Suspicious Activity Reports (SARs).
• Analyze customer due diligence (CDD) and enhanced due diligence (EDD) information to assess risk levels.
• Prepare and file Currency Transaction Reports (CTR)
• Process Questionable Activity Report (QAR) submissions.
• Collaborate with internal teams (Compliance, Risk, Legal, Operations) on financial crime prevention initiatives.
• Stay current on AML regulations, fraud trends, and industry best practices.
• Assist in developing and improving fraud detection and AML monitoring procedures.
• Support preparation and management of internal audits and regulatory exams.
• Provide input into risk assessments and policy enhancements.

Fraud

• Review and resolve fraud alerts generated by the transaction monitoring system.
• Investigate and assist in resolving internal and external fraud claims, disputes, and suspicious transactions.
• Coordinate with law enforcement, regulatory agencies, and third-party vendors when necessary.
• Recommend and implement fraud prevention procedures and internal controls.
• Educate employees on fraud trends, scams, and fraud prevention best practices.

QUALIFICATIONS

• High school diploma or equivalent (GED) required; Bachelor’s degree in business, management, or a related field preferred.
• Minimum two (2) years of retail, operations, or compliance bank functions experience.
• Prior AML experience, CAMS, CRCM, or related certification a plus.