BSA Compliance Analyst

Description

Under the direction of the SVP, Fraud & BSA Officer, the BSA Compliance Analyst is responsible for account identification, analyzing and reporting any activity believed to be associated with unusual and suspicious account activity such as potential fraud, structuring, money laundering, or/and terrorist financing to ensure the Bank is in compliance with the Bank Secrecy Act and USA Patriot Act. This includes identification of unusual transactions and escalating incidents to the BSA Officer and analysts as appropriate, in a timely and accurate manner.

The BSA Analyst will monitor the daily, weekly, and monthly alerts, and other duties as needed to assist in investigations and ongoing reporting. The BSA Compliance Analyst performs various quality controls reviews and monitoring pertaining to the Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering Program, OFAC, and Customer Identification Program compliance using industry standard and regulatory guidance to ensure the Bank’s compliance efforts are maintained on a daily basis.

Ensures compliance within all Bank policies and procedures, as well as all applicable state and federal banking regulations.

• Review daily, weekly, and monthly Fraud, BSA, CDD/EDD alert reports and document actions including non-filing and filing of SARs where needed, ensuring accuracy and compliance with BSA requirements and in accordance with regulatory deadlines
• Perform daily review, monitoring and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large currency activity; determines if transactions are suspicious in nature, such as kitting, significant changes in balances, cash structuring in deposits, loan payments, certificate of deposit purchases, wire or ACH transfers, new account openings, etc.
• Process Financial Crimes Enforcement Network (FinCEN) 314(a) list searches and prepares package for approval
• Perform research and negative news searches, online searches, and subscription-based resources (i.e. CLEAR) when reviewing a customer’s account activity
• Suspicious Activity Response – Investigate escalated alerts of potential suspicious activity produced or referred by other areas of the bank and determine appropriate course of action
• Analyze client and transactional data to identify potentially suspicious activity, exercise solid judgment on examining information, and document suspicious activity, behaviors and/or patterns
• Detect, respond, and report Elder Financial Abuse to the appropriate authorities within the required reporting deadlines
• Watch List Response – Ensure Watch List information is properly maintained and updated, review and respond to concerns about OFAC, SDN or other Watch List alerts and take mandated action as necessary
• Contributes to the development and implementation of Fraud Risk processes, tools, policies, standards, and procedures in alignment with the BSA/AML Program
• Serve as a resource for fraud or other suspicious activities
• Responds to inquiries or refers inquiries to the appropriate department or person and demonstrates the necessary follow through with clients and staff involved to ensure proper resolution
• Assists in ad-hoc special projects as necessary
• Recommends enhancements regarding monitoring activities, including policy and procedural updates and revisions to the BSA Officer
• Keep abreast of Fraud, BSA and AML related regulations for changing compliance and recommend business process improvements
• Review and analyze new and pending laws and regulations and develop or revise appropriate policies, procedures, contracts and agreements to ensure compliance
• Assist with preparation for regulatory examinations and audits
• Attend various seminars, webinars, and other outside compliance training
• Minimum of 10 hours CRA volunteer hours per year. Volunteer hours are typically scheduled within business hours. This is compensable time and mileage is reimbursed
• Other duties as assigned

This job has no supervisory responsibilities.

• Combination of training and experience that would provide the knowledge and abilities…