BSA Analyst

Job Description

The Bank Secrecy Act Analyst works on a team that performs monitoring of daily BSA-related bank functions to ensure conformity and adherence with all applicable BSA/AML, USA Patriot Act, and OFAC related laws and regulations, performs a variety of routine daily tasks, prepares CTR reporting and correspondence, participates in special department projects, and assists the BSA Officer as needed. Responsibilities include reviewing CTRs daily, preparing CTRs for e-filing, monitoring customer transactions, reviewing account opening documents, resolving account activity alerts and assisting in investigation and preparation of suspicious activity cases and writing narrative summary of findings to report to the BSA/AML Officer.    

Reports To

•    BSA/AML Officer

Primary Responsibilities

•    Responsible for reviewing new account documentation to ensure the Bank follows BSA policy pertaining to CIP and KYC and that all new accounts are established following current procedures.

•    Responsible for reviewing alerts generated by the AML monitoring system for compliance with BSA/AML regulations and reporting of accounts where potential suspicious/unusual activity has been noted.

•    Communicates with branch personnel and management to obtain and validate client information and are responsible to ensure all discrepancies are documented and resolved.  

•    Perform independent analysis for cases involving potential suspicious activity.

•    Perform continuing activity reviews, detect, and monitor suspicious activity and possible money laundering patterns.  Further researches and completes Suspicious Activity Reports (SARs) and submits to management for approval.

•    Perform OFAC alerts review that are generated by the internal system and guide MFS Branch network on potential OFAC hits.  

•    Review and prepare Currency Transaction Reports (CTRs) for e-filing.

•    Perform research to review and update Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).

•    Conduct periodic reviews of high-risk accounts and customers (EDD Reviews).

•    Retain and complete ongoing external education and training for AML/BSA Compliance to stay current with changes in BSA and related laws and regulations.

•    Participate in department projects as needed.

•    Any or all other duties as assigned.

Desired Skills & Experience

•    Minimum of 1 to 3 years of direct work experience in BSA risk analysis or equivalent with related experience in other areas of banking and/or financial investigations.

•    Working knowledge and understanding of general OFAC, BSA/AML, and USA PATRIOT ACT and risk management principles.

•    Knowledge of core banking systems.

•    Knowledge of BSA monitoring systems. 

•    Strong Knowledge of CIP and KYC account documentation requirements for business and consumer accounts. 

•    Internet research skills

•    Must have excellent time management, verbal, and written communication skills.

•    Strong proficiency in Microsoft Word, PowerPoint and Excel.

•    Sound analytical and problem-solving skills.

•    Good organizational skills, along with the willingness to take the initiative to meet deadlines and manage multiple tasks.

•    Detail oriented with a strong emphasis on quality of work.

•    Ability to work independently and in a team setting.

•    Ability to maintain confidentiality of sensitive material.

•    Knowledge of Verafin system, is a plus

•    CAMs certification is desirable. 

•    Completion of CAMs certification required within the first year of employment