Financial Crimes Specialist

Merchants Bank; Winona (MN); On-site; USD 60,000 - 90,000; Full time

Benefits offered by this job

Health insurance

Dental insurance

Life insurance

Disability insurance

Vision insurance

401(k) and ESOP retirement plans

Bonus plan

Paid time off

Tuition reimbursement

Supplemental insurance options

Job summary

Merchants Bank is seeking a Financial Crimes Specialist for an on-site role in Winona or Rochester, MN, with hours 8am–5pm, Monday through Friday. This role supports BSA/AML and fraud mitigation programs and requires knowledge of Verafin, alert triage, and regulatory compliance.

Responsibilities include reviewing alerts, preparing CTRs, monitoring due diligence, and assisting with investigations. You will collaborate with Analysts and Managers while maintaining high service levels and discretion.

Qualifications

• Knowledge of fraud and BSA/AML rules and bank systems.
• Ability to prioritize work and meet deadlines.
• Strong written and verbal communication.
• Detail oriented with sound judgment.

Responsibilities

• Review alerts and transaction data to identify financial crimes.
• Escalate cases and document support for conclusions.
• Assist with CTRs and regulatory reporting processes.
• Monitor client due diligence and OFAC/314(a) screening.
• Collaborate with analysts, investigators and bank staff.

Skills

Interpersonal skills

MS Office

Fraud knowledge

BSA/AML rules

Analytical thinking

Communication skills

Teamwork

Tools

Verafin

Job description

Merchants Bank is seeking a Financial Crimes Specialist. This on-site position can be worked out of the Winona or Rochester, MN locations. Hours for this position will be Monday through Friday between 8am – 5pm.

This position supports the bank’s Bank Security Act / Anti-Money Laundering (BSA/AML) and fraud mitigation programs that maintain compliance with regulatory requirements and the bank’s policies and procedures. Duties include reviewing alerts from multiple sources and transaction information to identify financial crimes and unusual behavior. Also responsible for working with Currency Transaction Reports, monitoring the customer due diligence program, and assisting with gathering information. Will handle sensitive matters and collaborate with others.

Must have excellent interpersonal and communication skills, ability to prioritize work and meet deadlines, be organized and detail orientated, and have sound judgment. A working knowledge of Fraud and Bank Secrecy Act/Anti-Money Laundering rules required.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

• competitive wages
• health, dental, life, disability and vision insurance;
• flexible spending accounts, 401(k) and ESOP retirement plans;
• bonus plan;
• paid time off;
• tuition reimbursement;
• and a variety of voluntary supplemental insurance options.

General Summary:

This position supports the bank’s BSA/AML and fraud mitigation programs that maintain compliance with regulatory requirements and the bank’s policies and procedures. A Financial Crimes Specialist may specialize in the support of our fraud program or BSA program or some combination of the two. Must be knowledgeable of our AML/fraud software, Verafin, to monitor for money laundering, fraud, and other suspicious activity within customer’s accounts. This position is responsible for timely triage of alerts and reports of suspicious activity and escalating cases as needed. Perform any duties necessary, within scope of authority and expertise, to provide the highest level of services and responsiveness to bank staff and customers.

Primary Responsibilities and Duties:

• Reviews alerts from multiple sources and transaction information to identify financial crimes and unusual transaction behavior. Applies decision making skills to take appropriate action and elevate to a case as needed. Documents support for conclusions reached.
• Manage Financial Crimes incoming communication to determine if escalation is appropriate and documenting needed information for Analysts/Investigators
• Assists Financial Crimes Analysts and Investigators with ongoing investigations
• Assists with preparation and maintenance of Currency Transaction Reports and the Monetary Instrument Log
• Examines current CTR exemptions and recommendations for new exemptions
• Investigates customer screening reports for OFAC and 314(a) and input data when needed
• Monitors the bank’s customer due diligence program for accuracy and completeness
• Assist with annual OCC MLR data scrubs
• Must be able to take meeting minutes for various department meetings
• Handles sensitive and escalated matters with discretion
• Collaborate and consult with peers, managers, and internal and external customers to analyze necessary information, resolve incoming inquiries, and achieve goals
• Complies and maintains knowledge of all applicable bank policies, procedures, and government regulations including the BSA
• Escalation of technical issues to the appropriate staff
• Regular and dependable attendance is an essential function of this job
• Expected to contribute to a positive working environment through words and actions
• Expected to take responsibility to ensure that internal and external customers receive outstanding service
• Expected to complete compliance and product knowledge assignments timely
• Employee may be asked to perform other duties as required by business needs

Skills and Abilities Required:

• 0-2 years of experience in the banking or financial services industry
• Accountable for demonstrating working knowledge of Fraud and BSA/AML rules as well as the bank’s systems, products, and services
• Ability to prioritize work, meet multiple deadlines, achieve goals, and work under pressure in a dynamic and complex environment
• Sound judgment and decision making skills essential
• Strong analytical and problem solving skills
• Detail oriented, accurate with good organizational skills
• Ability to learn and react quickly if information is needed
• Ability to work with items of a highly sensitive and/or confidential nature
• Ability to work independently and as part of a team
• Ability to use sound judgment and handle difficult situations with professionalism and discretion, knowing when to elevate to management
• Demonstrate self-motivation and present a resourceful work ethic
• Excellent interpersonal skills required, including strong verbal and writing skills

• Proficient in Microsoft Office products

Desired Skills and Abilities:

Self-motivated individual that works well with a team or individually as necessary.

Personable, interacts well with customers and co-workers.

Working Conditions:

Little or no discomfort caused by environmental factors. Work performed primarily at a desk. Some exposure to mental/visual fatigue resulting from research of complex systems issues.

Relationships:

Will have contact with Merchants Bank employees. This position requires a good knowledge of the various department functions and the many bank services offered. Position requires a strong knowledge of the Bank Secrecy Act, money laundering, and other types of account fraud. It also involves a variety of other responsible duties and the ability to work independently on projects as assigned. Will need to carry out existing policies and procedures.