Job Description
Business Officer/ Sr. BSA AML Analyst
The Sr. BSA AML Analyst/BO is responsible for assisting with the coordinating and monitoring day-to-day Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) & OFAC compliance and is charged with assisting with all aspects of the implementation of the BSA/AML compliance program. This includes the Bank’s adherence to the BSA and related regulations, (i.e., Bank Secrecy Act (BSA), US PATRIOT Act, OFAC and/or UIGEA).
R ole and Responsibilities:
1. Assist with maintaining the bank’s AML/CFT Program including policies, procedures, processes, and internal controls by ensuring any additions or changes to the BSA/AML laws or regulations are reflected in policies and procedures, approved by the Board of Directors, as appropriate, and are implemented.
2. Responsible for conducting certain day to day AML/CFT activities, including conducting monitoring to detect, investigate, and report suspicious activity and file Currency Transaction Reports (CTRs), conduct OFAC searches, 314a searches, CDD/EDD Reviews of high-risk customers.
3. File currency transaction exemptions on appropriate listed and non-listed businesses and ensure these exemptions are re-examined and recertified, as required.
4. Review and, as required, recommend updates to the software programs the bank utilizes to perform its AML/CFT functions.
5. Ensure that the confidentiality of Suspicious Activity Reporting (SAR) reporting is maintained, that supporting documentation for SAR filings is only released as appropriate.
6. Assist in the Development, document, and implement a bank wide BSA training program for new hires and employees, to include job specific training for business lines, and continuing education requirements for department staff.
7. Assist quality control and/or quality assurance reviews across all business lines to ensure the bank’s compliance with BSA policies and procedures and regulatory requirements.
8. Remain current on industry best practices related to AML/CFT & OFAC by attending appropriate external training based on the risk of the bank and to stay current with BSA/AML trends and emerging risks to satisfy continuing education requirements.
9. Assist with the information sharing processes with FinCEN and other banks as applicable
10. Assist the Compliance department with coordinating internal audits for adherence to
AML/CFT regulations and laws.
11. Assist with any recommendations or corrective actions made to address deficiencies noted in any audits or examinations are addressed and implemented in a timely manner.
12. Be available to employees to address questions regarding AML/CFT regulations and the
bank’s own policy and procedures.
13. Comply with all federal and state regulations and rules impacting this position, meet all risk and compliance obligations, including the completion of required training.
S kills and requirements:
1. Four (4)+ years of experience in BSA/AML within a financial institution.
2. Proficient with Verafin BSA/AML transaction monitoring software preferred, and computer software applications, including CLEAR, and Microsoft Office Suite.
3. Duties and responsibilities require the ability to read, write, and understand oral and written instructions and complex regulations. Requires the ability to effectively communicate with internal and external leaders, customers, and employees respectfully to solve day-to-day problems involving different scenarios in routine and complex situations.
4. Requires knowledge of regulatory expectations, and industry best practices for AML/CFT
work output including familiarity with open-source research and investigative techniques.
5. Well-developed communication skills to effectively work well with colleagues, and stakeholders. This is also very important as AML/CFT Compliance Manager will need to communicate key regulatory changes and updates.
6. Possessing strong analytical skills, paying careful and particular attention to detail, and having an investigative mindset.
7. Having a deep and sound knowledge of regulatory policies as regulatory compliance officers are responsible for creating and implementing policies.
8. Possess a positive attitude, and a winning mindset.
All other duties as assigned
EOE DV
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