Banking Fraud Analyst

First Business Bank
United States, Wisconsin, Madison
401 Charmany Drive (Show on map)
Feb 05, 2025
Description Position at First Business Bank Join us today as a Banking Fraud Analyst! First Business Bank is aTop Workplaces USA company, learn more here . At the heart of First Business Bank, we believe success comes down to putting people first. Our people are our priority - they embody ambition, experience, and client focus. The result is extremely engaged employees who provide unmatched client satisfaction. With comprehensive total rewards to support our team members, a commitment to valuing each other's differences, and a focus on improving our communities, we are confident you'll find the experience is your advantage. We're delighted you're considering joining us! Location: Based out of Madison, WI or Brookfield, WI with the requirement of 1 day per week in office. OVERVIEW: The Anti-Money Laundering & Fraud Analyst plays a critical role in ensuring First Business Bank adheres to regulatory requirements related to anti-money laundering (AML) and fraud prevention. This role involves performing basic analysis of financial transactions to identify suspicious activities, conducting enhanced due diligence on high-risk clients, and managing the Currency Transaction Reporting process. By leveraging your expertise in AML and fraud detection, the AML & Fraud Analyst will contribute to maintaining the integrity of our bank and protecting our clients from financial threats. *Essential responsibilities for this role include:* Alert Triage - alert triage is crucial for effectively identifying and prioritizing suspicious financial activity and fraud. Monitor, research and clear alerts Conduct preliminary reviews to determine if an alert should be escalated to senior team members for further investigation. Currency Transaction Reporting (CTR) - the CTR process is vital for detecting and preventing financial crimes, ensuring compliance with legal and regulatory standards, and safeguarding the financial system's integrity. Oversee the CTR process, including exemptions Review and validate accuracy of cash transactions and collaborate with frontline personnel to ensure the accurate and timely completion of reports. Due Diligence - client due diligence is essential for verifying client identities, assessing and mitigating risks, ensuring regulatory compliance, and safeguarding the financial system against illicit activities. Perform monitoring reviews of Customer Identification Program (CIP) and Customer Due Diligence (CDD), including Beneficial Ownership Information (BOI), of records for new and existing clients. Quality Assurance Reviews - data integrity is vital for ensuring accurate financial reporting, maintaining regulatory compliance, and enhancing decision-making processes. Perform regular quality assurance reviews of internal processes related to AML/CFT, sanctions and fraud detection. Conduct data validation reviews of the FRAML system. Compliance and Risk Management - these duties are critical for ensuring regulatory adherence, mitigating financial and reputational risks, fostering stakeholder trust, and maintaining the overall stability of First Business Bank. Track and distribute all legal notices received at the bank. Assist in maintaining the bank's AML/CFT and Sanctions program. QUALIFICATIONS Bachelor's (or Associate) degree AND 2 years of fraud, and/or analytics experience OR 4+ years of experience in banking or related field required Basic understanding of financial systems, AML/CFT and sanctions regulations and compliance as well as fraud types and scams. Intermediate Excel knowledge Ability to work independently and use independent judgment with minimal supervision Ability to handle pressure of meeting deadlines First Business Financial Services, Inc. is committed to providing equal employment opportunity to all applicants and employees regardless of their race, creed, color, religion, gender, age, national origin, disability, military service, protected veteran status, genetic information, sexual orientation, gender identity, transgender status, or any other characteristic protected by federal, state or local law. We are strongly committed to this policy and believe in the concept and spirit of the law.