What are the responsibilities and job description for the Senior BSA Specialist position at Golden Bank NA?
Title: Senior BSA Specialist
Report To: BSA Officer
Job Summary
The Senior BSA Specialist is responsible for performing complex analysis and reviews related to the Bank Secrecy Act (BSA), Anti-Mondy Laundering (AML), and Office of Foreign Assets Control (OFAC) compliance. This role focuses on Enhanced Due Diligence (EDD) for high-risk customers and ongoing monitoring of high-risk accounts to ensure regulatory compliance and mitigate financial crime risks. The Senior BSA Specialist also provides guidance to junior staff and supports the Senior BSA Officer and BSA Officer in implementing the bank’s BSA/AML compliance program.
Job Description
Enhanced Due Diligence (EDD)
- Conduct EDD review for high-risk customers including non-resident aliens, money service businesses (MSBs), cash-intensive businesses, private ATMs, and foreign entities.
- Review customer profiles, ownership structures, expected activity, and geographic exposure to assess potential risks.
- Prepare comprehensive EDD reports, document findings, and recommend risk ratings.
- Ensure periodic reviews and updates of high-risk customer files in accordance with bank policy (e.g., annual or semiannual reviews).
High-Risk Account Monitoring
- Perform ongoing transaction reviews and trend analysis for high-risk customers to detect unusual or suspicious activities.
- Utilize AML monitoring systems to identify red flags and anomalies.
- Work closely with the BSA Officer to recommend account restrictions or exit strategies for customers with unacceptable risk levels.
- Maintain accurate documentation and audit trails for all reviews and investigations.
Investigations & SAR Preparation
- Conduct investigations on alerts generated from transaction monitoring systems and internal referrals.
- Draft and recommend Suspicious Activity Reports (SARs), ensuring accuracy, completeness, and timely filing.
- Collaborate with the BSA Officer on SAR Committee meetings and provide analytical input on case escalations.
Customer identification and Risk Rating
- Review and validate Customer Identification Program (CIP) information and Customer Due Diligence (CDD) profiles for completeness,
- Assign and update risk ratings based on customer type, activity, and geographic factors.
- Coordinate with front-line staff to remediate missing our outdated documentation.
OFAC and Sanctions Screening
- Support review potential OFAC alerts and ensure proper escalation and resolutions.
- Support the implementation and testing of OFAC screening systems and procedures.