BSA/AML Monitoring/Testing Sr. Analyst

About the role

Alma Bank, headquartered in Long Island City, New York and having 13 branches located throughout Queens, NYC, New Jersey, Long Island, Brooklyn and the Bronx, brings personal service back to personal banking. We have genuine banking professionals ready to serve our customers and offer a full range of products and services. Alma delivers a private banking style experience to our business banking customers. Come join our winning team! The Monitoring and Testing Senior Analyst is responsible for reviewing all aspects of the BSA/AML and Sanctions program for the Payments Division offering Banking as a Service to FinTechs. This includes but is not limited to transaction monitoring alerts and Unusual Activity Referrals (UAR), Sanctions alerts, Know Your Customer (KYC), and Due Diligence reviews.

Responsibilities

• Design, implement, and execute control testing programs to evaluate the effectiveness of internal controls and adherence to AML and Sanctions regulations for partner banking activities.
• Evaluate controls across different partner banking and account structures, including managed accounts, FBO accounts, and similar models.
• Test the effectiveness of controls performed by third parties where the institutions rely on them for KYC/KYB, transaction monitoring, escalation or other compliance activities.
• Review alert and/or investigation documentation to ensure they consistently meet BSA and AML requirements, regulator expectations and internal policies and procedures (timeliness, accuracy, completeness, etc.).
• Evaluate the effectiveness of investigative work products to ensure the appropriate risk factors were considered in the overall determination whether to escalate to a UAR.
• Review closed alerts to ensure compliance with regulatory expectations and internal bank policy and procedures.
• Review newly established accounts to ensure compliance with KYC and CDD as they relate to the BSA and USA Patriot Act regulations and internal bank procedures.
• Review OFAC closed alerts to ensure that they are adequately documented.
• Evaluate whether partner activities remain consistent with approved structures, risk parameters and operational controls.
• Serve as a control owner for controls maintained by Monitoring and Testing.
• Participate in/lead periodic Monitoring and Testing calibration sessions to improve quality and consistency.
• Document findings, draft standard and special-purpose reports, and track corrective actions to ensure compliance issues are resolved.
• Prepare reports for senior leadership and external partners.
• Actively ensure compliance with all AML, BSA, and suspicious activity reporting requirements, policies, and procedures.
• Participate in ad hoc projects as required.

Qualifications

• Bachelor's degree, or equivalent work experience.
• Five to seven years of experience in an applicable risk management environment.
• At least three to five years of experience working in Banking as a Service or with a FinTech.
• Applicable professional certifications.

Skills

• Five to seven years’ experience in conducting Monitoring and Testing reviews on alerts, UARs, etc. or related audit/regulatory experience.
• Strong verbal and written communication skills.
• Capable of editing written documentation.
• Keen attention to detail on a consistent