Senior BSA Compliance Analyst

Description

Under minimal supervision, the Senior BSA Compliance Analyst is responsible for account identification, analyzing and reporting any transactions 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 as appropriate, in a timely and accurate manner.

The Senior 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.

• Conduct in-depth due diligence reviews and prepare comprehensive reports on High and Moderate risk customers to assess and mitigate BSA/AML risk
• Gather documents and analyze the risks associated with complex ownership structure, evaluating variables such as source of funds, anticipated activity volumes, and purpose of business relationship
• Validate and document customer’s Risk designation or mitigating factors in order to establish periodic EDD review schedule
• Independently performs reviews of various reports and transaction data and analyses complex activity to determine if transactions are suspicious in nature
• Perform quality control reviews of various AML/BSA/Fraud functions, including but not limited to case investigations, Suspicious Activity Reports (SARs), BSA/Fraud alerts, customer risk reviews, Currency Transactions Reporting (CTR), to determine if the review and research were conducted in accordance with quality standards and time frames set forth within established procedures, policies, and regulatory requirements
• Evaluates and adjusts scoring of AML software to provide the most value to the BSA/Fraud program in accordance with established risk tolerance
• Assist in transaction testing, data validation, and ongoing customization of the AML software
• Proactively monitor, measure, analyze, execute, track and report on data quality issues
• Perform root cause analysis of identified data quality issues, tracing data upstream and providing solutions
• 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. Exercise solid judgment on examining information, and document suspicious activity, behaviors and/or patterns
• 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
• Disseminate information, answer questions, and be a subject matter expert on BSA/AML/OFAC/Fraud related issues
• Fraud Program Response – This role may directly support the Bank’s Fraud Program, including day to day responsibilities, alert/case investigations and Financial Elder Abuse reporting
• Contributes to the development and implementation of Fraud Risk processes, tools, policies, standards, and procedures in alignment with the BSA/AML Program
• Keep abreast of Fraud, BSA and AML related regulations for changing compliance and recommend business process improvements
• Mentor and work with other less experienced staff in developing additional assets within the team
• Review and analyze new and pending laws and regulations. Develop or revise appropriate policies, procedures, and disclosure agreements to ensure compliance
• Assist with regulatory examinations and audits, including gathering requested information, developing, and coordinating responses to such reviews as necessary
• Assists in ad-hoc special projects as necessary
• Attend various seminars, webinars, and other outside compliance training
• Minimum of 10 hours CRA volunteer hours per year. Volunteer…