BSA & Fraud Analyst

Description

Lake Ridge Bank is seeking a motivated professional to join our team as a BSA & Fraud Analyst
! The BSA & Fraud Analyst plays a critical role in safeguarding the bank against potential risks related to money laundering, fraud, and other financial crimes. This position is responsible for the research, investigation, and resolution of alerts generated by the Bank Secrecy Act (BSA) software, ensuring compliance with all relevant regulatory requirements. The analyst will monitor, investigate and clear system generated alerts, conduct thorough reviews and assessments to maintain the integrity of the institution's internal processes and manage the Currency Transaction Report (CTR) process, including the completion and filing of CTRs, and conducting annual exemption reviews.

• Monitor, investigate and clear alerts generated by Verafin or similar BSA/AML software for potential suspicious activities.
• Conduct detailed research and analysis of customer transactions, patterns, and behaviors to identify unusual or suspicious activity.
• Collaborate with internal departments to gather necessary information and documentation to resolve alerts.
• Document findings and elevate cases to the BSA Officer or Fraud Investigator when further investigation is required.
• Maintain thorough records of all actions taken and ensure timely clearing of alerts.

• Perform regular quality assurance and control reviews of internal processes related to BSA/AML compliance and fraud detection.
• Identify areas of improvement within existing processes and recommend changes to enhance effectiveness and efficiency.
• Prepare and present reports on findings from quality reviews, including any identified deficiencies, trends, or risks.
• Work closely with other financial crimes team members to ensure that policies and procedures are consistently applied and adhered to.

• Oversee the end-to-end process of Currency Transaction Reporting, including the accurate completion and timely filing of CTRs.
• Conduct annual reviews of CTR exemptions, ensuring all exempt customers meet regulatory criteria and maintain proper documentation.
• Collaborate with branch personnel to ensure compliance with CTR filing requirements and provide guidance on CTR‑related issues.
• Stay informed about regulatory changes affecting CTR processes and update procedures accordingly.

• Assist in the development, implementation, and maintenance of the institution's BSA/AML program.
• Participate in internal and external audits and examinations, providing documentation and explanations as required.
• Keep abreast of emerging trends and typologies in financial crimes, adapting the institution’s strategies to address new risks.
• Support the BSA Officer in training and educating staff on BSA/AML and fraud detection procedures.

• Participate in internal/external training as appropriate.
• Participate in community involvement/bank activities as appropriate.
• Perform all other duties as assigned or requested.

• Complete all annual bank security and compliance training.
• Adhere to Bank Security guidelines as required for this position.
• Always maintain confidentiality of client information.
• Stay current on all compliance regulations.

• Stay current on all compliance regulations.
• Associate degree in Accounting, Finance, or similar designation and/or one‑two years equivalent work experience in a similar position required.
• Detailed knowledge of regulatory/compliance laws that govern the banking industry.
• Strong working knowledge of Microsoft Office including but not limited to Word and Excel and advanced computer/keyboarding/typing skills.
• Demonstrated problem‑solving skills with the ability to make sound business decisions.
• Analytical mindset with a strong attention to detail as well as the ability to work efficiently and accurately with minimal supervision.
• Flexibility with the ability to adapt to an ever‑changing work environment.
• Strong organization skills, including the…