BSA Analyst (Contractor)
- Location: Glastonbury, CT
- Job Type: Contract
- Ref No: 20-04120
- Date: October 08, 2020
Job Description - BSA Analyst (Contractor)
- A B.S. or B.A. degree or equivalent in Accounting, Finance or a related field of study is strongly preferred; Possession of CAMS or similar Anti-Money Laundering certification a plus; Knowledge of OFAC, CDD, EDD, and CIP laws and regulations and general anti-money laundering practices; Working knowledge of compliance regulations governing Bank Secrecy Act & Anti-Money Laundering (BSA/AML), Patriot Act (CIP), Treasury Office of Foreign Assets Control (OFAC), FFIEC advisory guidelines regarding Know Your Customer (KYC), Enhanced Due Diligence (EDD) and Reg CC, Reg GG a plus.
- Strong written/verbal communication as well as time management skills; Strong working knowledge of Excel; Working knowledge of automated transaction monitoring systems; Strong ability to analyze and synthesize large amounts of data; Ability to conduct extensive research and apply data to improve BSA Program; Project a businesslike professionalism to the client in both appearance and manner; Possess a strong customer service orientation; Strong organizational skills, great follow through and ability to manage multiple competing priorities; Have high standards for your work along with the self-discipline and motivation to accomplish your goals; Strong attention to detail skills and good fact finding ability; Effectively detect patterns and conditions through observing processes.
- Three (3) to five (5) years' experience in Bank Secrecy Act and Anti-Money Laundering; bank compliance and audit experience a strong plus.
Responsible for performing various risk functions which support compliance with laws, rules and regulations associated with the Bank Secrecy Act, Anti-Money Laundering (AML) regulations, the USA Patriot Act, Customer Identification Program Beneficial Ownership and Office of Foreign Asset Control (OFAC) requirements; The BSA Analyst will be expected to perform thorough investigations on a timely basis related to potential money laundering, terrorist financing, drug trafficking, and fraud; Perform enhanced due diligence on customer accounts, review and investigate alerts, high risk accounts and identify suspicious activity.
- Assist with the review and remediation of potential OFAC and PEP screening matches
- Serve as a BSA/AML subject matter resource for co-workers in understanding
- Conduct customer due diligence and enhanced due diligence at time of onboarding as well as ongoing monitoring for customers
- Identify complexity of beneficial ownership with account relationships
- Review and remediate alerts from transaction monitoring system and escalate alerts as needed to cases and/or potential SAR filings
- Aid in the creation of various reports that will be presented to various committees and Board
- Assist in the identifying and monitoring of high-risk customers and high-risk activities
- Assist in preparation for internal audits, financial partner examinations and federal and state examinations
- Identify areas of improvement and present recommendations related to the Bank's BSA/AML program to the BSA Officer
- Recommend enhancements for marketing materials for products and services to ensure compliance requirements are considered or included
- Contribute to compliance training materials for staff, as needed
- Participate in meetings, individually or in a group, to identify gaps within current practices and regulatory requirements and present findings/recommendations to help rectify the process to assure regulatory compliance
- Review and make recommendations for policies and procedures to meet current regulatory expectations and assist in making updates as regulatory changes occur
- Monitor new and any proposed laws and regulations in a timely manner and establish compliance obligations to allow the bank to effectively meet these requirements
- Conduct ad hoc projects that involve conducting research and data gathering for the completion of compliance requirements for new products & services
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