AML/BSA Risk Analyst

About the role

The BSA Risk Analyst works to protect the safety and soundness of the credit union from a BSA/AML/Compliance perspective. The analyst assists with developing, implementing, and administering all aspects of the BSA/AML and Compliance program, identifying emerging BSA/AML/OFAC risks, and ensuring proper controls, procedures, and training are in place to mitigate these risks.

This position requires full knowledge and skill in all areas of the Compliance department and emphasizes exceptional service to internal partners and external members, persistence in achieving goals, and advocacy for diversity, equity, and inclusion.

Responsibilities

• Ensure the credit union complies with all applicable regulations and laws related to BSA/AML/Compliance.
• Assist in developing, implementing, and administering regulatory compliance reviews based on compliance risk in the annual enterprise risk report and industry trends.
• Proficiently use BSA/AML software, including reporting system issues and coordinating periodic software upgrades.
• Process BSA/AML alerts from red flag software and prepare effective, accurate, and sufficient Suspicious Activity Reports (SARs).
• Maintain accurate supporting documentation for all SARs filed or investigations where SARs were not filed, including an effective tracking system.
• Prepare accurate and effective Currency Transaction Reports (CTRs).
• Process escalated watch list alerts.
• Utilize Verafin software and core systems to investigate and monitor member transactions for potential suspicious activity.
• Analyze activity across all channels to identify and investigate suspicious activity.
• Stay current on industry trends and best practices to assess impacts on regulatory compliance and implement processes to minimize BSA/AML/OFAC risk.
• Determine whether a SAR should be created, confer with supervisors as needed, and ensure timely filing.
• Write effective, accurate, and sufficient narratives as part of SAR creation.
• Actively track SARs for 90-day follow-up and reporting.
• Comprehend and articulate the impact of regulatory compliance changes and implement processes to minimize AML/BSA risk.
• Prepare, assist, and analyze information related to compliance assessments for risk monitoring and reduction.
• Assist with escalated potential OFAC and 314a matches from internal partners.
• Review and maintain Monetary Instrument Logs.
• Monitor and report elder abuse cases, maintaining communication with appropriate external parties.
• Participate in projects affecting AML/BSA/Compliance.
• Determine how regulatory changes impact BSA/AML systems and collaborate with internal partners to find solutions.
• Demonstrate a high-level understanding of Customer Due Diligence and AML/BSA regulatory rules and guidance to answer questions from internal partners.
• Prepare and participate in BSA/AML/OFAC training for internal partners.
• Perform other duties as assigned.

Requirements

• Bachelor’s degree, preferably in risk management, business, finance, or a related field, or relevant industry experience.
• 1-5 years of BSA/AML experience.
• Proficiency in AML software is required.
• Strong analytical, communication (oral and written), and interpersonal skills.
• Ability to gather, compile, and present data clearly and logically.
• Organized, detail-oriented, creative thinker, team player, and self-starter.
• Ability to manage multiple competing priorities and complete tasks in a timely and efficient manner.
• Ability to follow directions, interact effectively with co-workers, and accept constructive criticism.
• Regular participation in external BSA/AML/Risk training and/or conferences.
• Knowledge of regulatory laws in the credit union industry is a plus.
• High level of writing skills, including grammar proficiency, ability to present numerical data effectively, and ability to edit own work for spelling and grammar.

Physical Requirements

• Excellent ability to communicate, both verbally and in writing.
• Ability to tolerate periods of continuous sitting.

Work is primarily performed within a cubicle office setting, subject to standard background noise found in an office environment.

Pay

Hourly salary range: $25.22 - $31.52