BSA/AML Analyst
Job DetailsJob LocationM&F Corporate Center - Durham, NCDescriptionThe Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Analyst is responsible for supporting the Compliance Department by assisting in monitoring, reviewing, maintaining, and improving the Banks BSA/AML/OFAC and overall Compliance Program to ensure compliance with applicable bank laws and regulations.
The BSA/AML Analyst assists in designing, enhancing and directing comprehensive BSA/AML compliance monitoring programs, policies and practices that communicate the importance of compliance to all employees and the role it has in their job responsibilities to ensure all Bank business units are in compliance with federal, state and local regulatory requirements.
He or she is responsible for reporting significant compliance issues or violations to the BSA Officer including those that require approval or acknowledgement by the Board of Directors.
ESSENTIAL FUNCTIONS Assist with coordinating and improving the Banks BSA/AML program.
Perform daily review, monitoring and analysis of various alerts, logs and transaction data to identify trends, unusual activity, and monitor large currency activity, determine if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring, loan payments, new account opening, CIP reviews, etc.
Monitor for suspicious activities; assist the BSA Officer with suspicious activity investigations; prepare and file SARs when approved Responsible for the review/approval and submission of all CTRs within the required timeframes.
Prepare reports for the Board such as SAR memos.
Assist with overseeing and monitoring the Banks BSA/AML Program, including SAR filing and 314(a) reporting; directly responds to all 314(a) and 314(b) inquiries, escalates potential watch list hits and prepares required regulatory reports.
Ensure compliance with 314(a) and 314(b) responsibilities.
Maintain a current knowledge of the Bank Secrecy Act and related anti-money laundering and OFAC regulations; monitors legislative and regulatory developments regarding the Bank Secrecy Act and reports important compliance developments to management and other bank personnel.
Perform annual BSA/AML/OFAC risk assessment.
QualificationsSkills/
Experience:
Minimum of three (3) years of work experience in compliance in a banking environment with extensive knowledge of BSA/AML/OFAC, USA Patriot Act and related regulations.
Previous experience managing high risk BSA/AML programs and experience with Money Service Businesses (MSBs).
Excellent and proven knowledge of applicable banking laws and regulations.
Ability to communicate effectively.
Knowledgeable of general banking policies and procedures.
Ability to identify and define compliance related problems, collect data, establish facts, draw valid conclusions and make appropriate recommendations for corrective action.
Ability to remain composed and make appropriate decisions under stressful conditions, which may involve dealing with a range of responsibilities and defined timetables.
Ability to shift attention quickly and accurately from one matter to another and to prioritize multiple projects and complete them on time.
Ability to establish and maintain effective working relationships with executives, managers, legal staff, employees, regulators, outside/internal auditors and compliance consultants.
Good personal computer skills and proficient in using software commonly employed in an office environment.
Excellent written and oral communication skills.
Education:
Bachelors degree.
Coursework in Business, Accounting, Finance or a related field preferred.
Certified Anti-Money Laundering Specialist (CAMS) certification preferred but not required.
Physical Demands/Work Environment:
Must have the ability to work the hours and days required to complete the essential functions of the position, as scheduled.
Mental Requirements:
Learning, thinking, concentration, the ability to interact with others, the ability to exercise self-control, and the ability to work under stressful conditions, particularly in customer and employee relations situations, are necessary.
Must have the ability to manage confidential information and adhere to deadlines.
Recommended Skills Accounting Bank Secrecy Act Communication Confidentiality Corrective And Preventive Action (Capa) Data Collection Estimated Salary: $20 to $28 per hour based on qualifications.
The BSA/AML Analyst assists in designing, enhancing and directing comprehensive BSA/AML compliance monitoring programs, policies and practices that communicate the importance of compliance to all employees and the role it has in their job responsibilities to ensure all Bank business units are in compliance with federal, state and local regulatory requirements.
He or she is responsible for reporting significant compliance issues or violations to the BSA Officer including those that require approval or acknowledgement by the Board of Directors.
ESSENTIAL FUNCTIONS Assist with coordinating and improving the Banks BSA/AML program.
Perform daily review, monitoring and analysis of various alerts, logs and transaction data to identify trends, unusual activity, and monitor large currency activity, determine if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring, loan payments, new account opening, CIP reviews, etc.
Monitor for suspicious activities; assist the BSA Officer with suspicious activity investigations; prepare and file SARs when approved Responsible for the review/approval and submission of all CTRs within the required timeframes.
Prepare reports for the Board such as SAR memos.
Assist with overseeing and monitoring the Banks BSA/AML Program, including SAR filing and 314(a) reporting; directly responds to all 314(a) and 314(b) inquiries, escalates potential watch list hits and prepares required regulatory reports.
Ensure compliance with 314(a) and 314(b) responsibilities.
Maintain a current knowledge of the Bank Secrecy Act and related anti-money laundering and OFAC regulations; monitors legislative and regulatory developments regarding the Bank Secrecy Act and reports important compliance developments to management and other bank personnel.
Perform annual BSA/AML/OFAC risk assessment.
QualificationsSkills/
Experience:
Minimum of three (3) years of work experience in compliance in a banking environment with extensive knowledge of BSA/AML/OFAC, USA Patriot Act and related regulations.
Previous experience managing high risk BSA/AML programs and experience with Money Service Businesses (MSBs).
Excellent and proven knowledge of applicable banking laws and regulations.
Ability to communicate effectively.
Knowledgeable of general banking policies and procedures.
Ability to identify and define compliance related problems, collect data, establish facts, draw valid conclusions and make appropriate recommendations for corrective action.
Ability to remain composed and make appropriate decisions under stressful conditions, which may involve dealing with a range of responsibilities and defined timetables.
Ability to shift attention quickly and accurately from one matter to another and to prioritize multiple projects and complete them on time.
Ability to establish and maintain effective working relationships with executives, managers, legal staff, employees, regulators, outside/internal auditors and compliance consultants.
Good personal computer skills and proficient in using software commonly employed in an office environment.
Excellent written and oral communication skills.
Education:
Bachelors degree.
Coursework in Business, Accounting, Finance or a related field preferred.
Certified Anti-Money Laundering Specialist (CAMS) certification preferred but not required.
Physical Demands/Work Environment:
Must have the ability to work the hours and days required to complete the essential functions of the position, as scheduled.
Mental Requirements:
Learning, thinking, concentration, the ability to interact with others, the ability to exercise self-control, and the ability to work under stressful conditions, particularly in customer and employee relations situations, are necessary.
Must have the ability to manage confidential information and adhere to deadlines.
Recommended Skills Accounting Bank Secrecy Act Communication Confidentiality Corrective And Preventive Action (Capa) Data Collection Estimated Salary: $20 to $28 per hour based on qualifications.
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