BSA/AML Analyst (On-Site)

Description

The BSA/AML Analyst (Analyst) will work with the Sr. BSA/AML Analyst in the planning, coordination, and implementation of the BSA Program across the Bank. The BSA/AML Analyst performs a wide variety of duties necessary to ensure the effective operation of BSA, AML, and OFAC functions with Centreville Bank. 

• Performs any functions necessary, within scope of authority and expertise, to ensure the highest level of compliance to satisfy federal requirements under the Bank Secrecy Act, Anti Money Laundering, USA Patriot ACT, OFAC and Money Laundering Control Act. The BSA/AML Analyst interacts with regulatory agencies, bank management and branch staff as related to BSA/AML compliance tasks and issues which include but are not limited to:

Suspicious Activity Analysis and Reporting (SAR):

• Ensures proper investigation and documentation of alerts generated by the Bank’s anti-money laundering (AML) software. Identifies, investigates, analyzes and decisions potential suspicious activity based on system alerts or suspect reports. Documents results in AML software.  
• Responsible to review information from various sources (DP/MM Cash Transactions Report, Monetary Instrument Log, Potentials, wire transfers, etc.) for suspicious activity.
• Compiles all required documentation to support SAR recommendation, of either filings or no-files, this includes but is not limited to reports/SAIR’s submitted by the branches or other departments of the Bank, COCC, Verafin, Google or internet searches, available video footage etc. and inquires with the appropriate branch/department staff and/or law enforcement for additional information, when necessary, to assist the evaluation process.
• Responsible for ensuring all required regulatory reporting, for Suspicious Activity Reporting is conducted in a timely, accurate, and compliant manner. This includes but is not limited to:

           Validating that all information outlined within the narrative is accurate and supported by source document information;  writing comprehensive narratives; and completing SARs within Verafin for review and approval by the BSA Officer and or designee; compiling quarterly SAR data to the BSA Officer for inclusion in the Audit Committee of the Board pack.

Currency Transaction Reports

• In conjunction with the Sr. BSA/AML Analyst responsible for ensuring all required regulatory reporting, for Currently Transaction Reporting is conducted in a timely, accurate, and compliant manner.

Customer Due Diligence/Enhanced Due Diligence

• Performs Customer Due Diligence and Enhanced Due Diligence processes, which includes but is not limited to, monitoring and tracking of upcoming/required review, performing annual enhanced due diligence and customer behavior reviews on all High Risk Accounts, Money Services Businesses, Politically Exposed Persons, Privately Owned ATMs, and Marijuana Related Businesses.
• Manages the CTR exemption process.  Analyzes customer’s activity to identify accounts eligible for CTR exemptions.  Recommends accounts for CTR exemptions to management.  Maintains appropriate records to support Phase I and Phase II. File DOEP with FinCEN as needed.

FinCEN 314(a) and (b)

• Manages, coordinates and oversees FinCEN 314(a) filing activity and procedures for the bank and its affiliates. Maintains records of screenings in accordance with regulatory guidelines.
• Responsible to ensure that 314(b) requests are completed and responded to in a timely manner, and registration is completed on an annual basis.
• Responsible to file any needed required suspicious activity reports as a result of a 314(a) or (b) inquiry.

OFAC

• Responsible for the management and accuracy of OFAC compliance and reporting process across the Bank and its affiliates. 

Policies and Procedures

• Keep abreast of changes to applicable regulations and pending legislation. Assure that disclosures, policies and procedures are developed, and systems are adjusted to comply with changes.
• Responsible for the continuing development and upkeep of procedures within the BSA/AML and OFAC Compliance Program, including identifying improvements, enhancements, and opportunities for ongoing development.

Education/Training

• Maintain current knowledge of the Bank Secrecy Act and all related anti-money laundering and OFAC regulations.
• Maintain current knowledge of all federal and state laws and regulations, along with the Bank’s policies and procedures.
• Develop, coordinate, and facilitate training programs, sessions, and seminars to educate bank personnel about BSA related compliance requirements and procedures.

Requirements

• Bachelor’s degree or its equivalent in specialized course work and training.
• Knowledge of BSA/AML, OFAC, USA PATRIOT Act and Money Laundering Control Act.
• Experience with suspicious activity monitoring.
• Awareness of Federal and State banking related laws and regulations or if unfamiliar, the ability to conduct research, if necessary, to ascertain knowledge.
• Excellent working knowledge of MS Word and Excel and Adobe.
• Detailed oriented, possess strong organizational skills and the ability to independently manage time and multi take effectively.
• Possess strong written and verbal communication skills.
• Has the ability to analyze data, identify issues, and arrive at sound conclusions
• Ability to work with all levels of management and various departments as related to BSA/AML functions.