BSA/Regulatory Compliance Analyst

About the role

Assist with NCB’s compliance with the Bank Secrecy Act including the U.S. Patriot Act and OFAC and day-to-day Verafin operations.

Responsibilities

• (80%) Assist with the monitoring of all customer deposit activity including cash, checks, wire, ACH, etc., by using the automated software, Verafin.
• Perform initial review of all alerts generated in the Verafin system and gather additional documentation to support decisions on the alerts.
• Perform analysis of behavior sets/reviews in the Verafin system and provide the Bank Secrecy Officer and OFAC Officer with a recommendation on changes to various behavior settings.
• Conduct enhanced due diligence information gathering and initial reviews for the annual review process of high-risk customers.
• Maintain and distribute various watch lists/internal lists in the Verafin system by reviewing information including the following: the Special Designated Nationals 314a List, Section 311 Special Measures List, OFAC Sanctioned Countries & Entities, Tax Havens and Offshore Financial Centers, Major Drug Transit and Drug Producing Countries List.
• Complete reviews of wire transfer exceptions presented by the Wire Department.
• Provide support in the process of SAR reporting by assisting in the investigation of suspicious activity.
• Assist with the data integrity within the Verafin system such as addressing missing or inaccurate data points.
• Monitor the information gathering process in conjunction with customer due diligence procedures to ensure employees are gathering all required information.
• Aid in the update of the regulatory risk assessments and the annual regulatory compliance reports.
• (10%) Assist the update of the regulatory risk assessments and annual regulatory compliance reports including: BSA.
• Aid in the reporting on the status of regulatory compliance activities to various internal Bank and external Board Committees.
• (10%) Assist in the reporting on the status of the regulatory compliance activities to various internal Bank and external Board Committees including: Quarterly SAR report, Monthly BSA review schedule.

Requirements

• Minimum of two to five years of banking and regulatory compliance experience, preferably with BSA/AML/OFAC.
• A college degree is preferred but job-related banking and regulatory experience can be substituted.
• Integrity is essential given the nature of the position.
• Knowledge of banking regulations and laws is preferred.
• Knowledge of regulatory compliance best practices is preferred.
• Excellent teamwork/collaboration skills.
• Effective communication – both written and verbal.
• Excellent attention to detail and well organized.