AML​/CFT Due Diligence Analyst

Division: Risk Management

Department: BSA/Fraud

Reports to: AML/CFT Manager

Status: Exempt

Grade: 9E

Pay Range: $52,000-$90,498

Actual compensation within the pay range will be determined based on factors including, but not limited to, skills, prior relevant experience, and specific work location.

Location: MA, NY, RI, CT

As a federally regulated financial institution, Beacon Bank and Trust (the “Company”) plays an important role in the battle to protect the United States financial system from abuse by criminals. The Company’s Financial Intelligence Unit (“FIU”) is committed to supporting law enforcement efforts to combat serious financial crimes including money laundering and terrorist financing. Within the FIU AML/CFT Team, the incumbent performs and supports a variety of important anti-money laundering disciplines.

Responsibilities include due diligence analysis, research and review of new customers and existing customers for appropriate risk classification, performing enhanced due diligence reviews on higher risk customer segments, investigating and researching due diligence monitoring system alerts for potentially higher risk customers and activities, coordinating the remediation of due diligence exceptions and issues, and any additional necessary duties supporting the Company’s anti-money laundering programs, compliance with the Bank Secrecy Act (“BSA”) and economic sanctions programs administered by the Office of Foreign Assets Control (“OFAC”).

• Performs due diligence and, as applicable, enhanced due diligence analysis and research on new customers, beneficial owners, and relationships;
• Conducts research and investigations of higher risk and potentially higher risk customers for suitability in accordance with the Bank’s anti-money laundering account opening and retention standards;
• Performs periodic enhanced due diligence customer reviews on designated higher risk customers;
• Partners with business lines to remediate incomplete and insufficient due diligence information as an essential component for determining customer money laundering risks;
• Distributes, collects and reviews annual due diligence questionnaires for higher risk customer segments designated by the Bank;
• Updates and maintains the integrity of essential monitoring system data including but not limited to customer profile information, anticipated and expected customer activities, and other applicable risk factors;
• Prepares and maintains notes, findings and documentation in accordance with FIU standards to sufficiently support due diligence research conclusions;
• Prepares, as required, case summaries and reports for escalation to the Bank’s SAR Committee;
• Consistently produces and maintains high quality work within mandated deadlines in accordance with FIU and regulatory standards;
• Provides support and guidance to business line partners about BSA and other applicable financial crimes matters;
• Assists with cross-functional AML/CFT and sanctions operations activities as needed;
• Collaborates with other FIU members in furtherance of the FIU’s strategic objectives and applicable regulations;
• Escalates issues and situations requiring the attention of FIU AML managers, Deputy AML/CFT Officer and the AML/CFT Officer;
• Performs ancillary duties as required at the direction of FIU AML/CFT managers, Deputy AML/CFT Officer and the
• Adapts to and incorporates FIU AML/CFT manager, Deputy AML CFT Officer and AML/CFT Officer feedback to improve productivity and quality;
• Maintains and integrates knowledge of emerging financial crimes trends in the performance of daily tasks and functions; and
• At all times, preserves the integrity of the Company’s anti-money laundering and economic sanctions policies, procedures, systems and controls.

• Associates degree or equivalent experience

• Minimum 3 years’ experience in a BSA/AML or sanctions role within a financial institution or similar role

• Sound practical knowledge of BSA/AML regulations and requirements particularly surrounding customer due diligence (“CDD”), Know Your Customer (“KYC”) standards, enhanced due diligence practices (“EDD”) and suspicious…