BSA/AML Analyst
About the role
Primary Responsibility The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Officer is responsible for supporting the Bank’s compliance with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), and related regulations. This role involves monitoring, investigating, and reporting suspicious activity, ensuring adherence to regulatory requirements, and maintaining the integrity of the Bank’s BSA/AML Program. The BSA Analyst will also be required to cross train on other Risk Department responsibilities such as, but not limited to, fraud identification & management and physical security. The ideal candidate will have strong analytical skills, attention to detail, and a solid understanding of regulatory compliance in a banking environment.
Responsibilities
- Monitor daily transaction activity to identify suspicious patterns, including structuring, kiting, and other red flags.
- Review and investigate alerts generated by transaction monitoring systems.
- Prepare and file Suspicious Activity Reports (SARs) (including 90-day follow-up reviews) and Currency Transaction Reports (CTRs) in accordance with regulatory deadlines.
- Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) reviews for high-risk customers. EDD reviews require research, the gathering of documents, composing a well written narrative and making appropriate recommendations and assigning appropriate risk factors.
- Review and track completion of High-Risk Customer Site Visits
- Maintain current knowledge of BSA, AML, OFAC, USA PATRIOT Act, and NYSDFS regulations.
- Assist in the development and maintenance of BSA/AML policies, procedures, and risk assessments.
- Support internal and external audits and regulatory examinations by providing requested documentation and responses.
- Assist in the compliance of 314(a) information sharing processes responsibilities.
- Monitor OFAC screening results and