BSA AML Analyst

Description

The Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Analyst is responsible for supporting the Compliance Department by assisting in monitoring, reviewing, maintaining, and improving the Bank’s BSA/AML/OFAC and overall Compliance Program to ensure compliance with applicable bank laws and regulations.  

The BSA/AML Analyst assists in designing, enhancing and directing comprehensive BSA/AML compliance monitoring programs, policies and practices that communicate the importance of compliance to all employees and the role it has in their job responsibilities to ensure all Bank business units are in compliance with federal, state and local regulatory requirements. He or she is responsible for reporting significant compliance issues or violations to the BSA Officer including those that require approval or acknowledgement by the Board of Directors. 

ESSENTIAL FUNCTIONS

•    Assist with coordinating and improving the Bank’s BSA/AML program.
•    Perform daily review, monitoring and analysis of various alerts, logs and transaction data to identify trends, unusual activity, and monitor large currency activity, determine if transactions are suspicious in nature, such as kiting, significant changes in balances, cash structuring, loan payments, new account opening, CIP reviews, etc. 
•    Monitor for suspicious activities; assist the BSA Officer with suspicious activity investigations; prepare and file SARs when approved 
•    Responsible for the review/approval and submission of all CTRs within the required timeframes.
•     Prepare reports for the Board such as SAR memos.
•    Assist with overseeing and monitoring the Bank’s BSA/AML Program, including SAR filing and 314(a) reporting; directly responds to all 314(a) and 314(b) inquiries, escalates potential watch list hits and prepares required regulatory reports.
•    Ensure compliance with 314(a) and 314(b) responsibilities. 
•    Maintain a current knowledge of the Bank Secrecy Act and related anti-money laundering and OFAC regulations; monitors legislative and regulatory developments regarding the Bank Secrecy Act and reports important compliance developments to management and other bank personnel.
•    Perform annual BSA/AML/OFAC risk assessment.
•    Develop, coordinate and facilitate BSA/AML training for board, management, and staff
•    Responsible for the development, revision and/or review of BSA/AML bank policies and procedures.
•    Coordinate the development and implementation of Bank forms, notices and procedures for monitoring processes for compliance with the BSA and related regulations.
•    Research and respond to information requests from FinCEN and other government entities.
•    Assist in onboarding process for the Bank’s MSB customers.
•    Assist in monitoring the Bank’s MSB customers and other high risk customers.
•    Complete required annual Bank Secrecy Act training
•    Review CTRs for accuracy; file CTRs and process IRS correspondence 
•    Review Monetary Instrument Logs for accuracy
•    Effectively coordinate with branches and departments when additional information or documents are needed to perform job duties and responsibilities
•    Maintain the Bank’s CTR exemptions; maintain exemption files 
•    Maintain BSA Department records as required by BSA and OFAC regulations 
•    Conduct self-assessments in preparation and coordination of independent audits and regulatory examinations.
•    Gather materials for BSA audits and examinations.
•    Communicate with auditors and examiners regarding BSA/AML audits/examinations.

Other Compliance Related Tasks:
•    Support the Bank’s Compliance Program by assisting the Compliance Officer with various duties, as assigned.
•    Compliance Audits, Monitoring Reviews, and Examinations.
o    Assist the Audit and Risk Manager/Compliance Officer in preparing for compliance-related audits, monitoring reviews, and regulatory examinations; maintaining records; corrective action; responses
•    Compliance Department Procedures. 
o    Assist in updating and maintaining the Department Procedures 
•    Employee must adhere to Bank Secrecy Act/Anti-Money Laundering/OFAC and Customer Identification Policy and procedures at all times.
•    Ensures that all Federal and State regulations are implemented in the form of policies and procedures.
•    Keeps abreast of regulatory developments and disseminates information to management as required.
•    Analyzes the impact of new regulations and works with department and branch management on implementation.
•    Regularly performs reviews of internal audit reports and regulatory reports of examination to identify compliance related issues and determining if corrective action commensurate with the complexity of the identified issue and/or weakness is being taken.
•    Reports monitoring results to department managers and the Compliance Officer/Audit and Risk Manager along with recommendations as to corrective action required to ensure compliance with regulations and guidelines.

ADDITIONAL RESPONSIBILITIES

•    Adhere specifically to all corporate policies and procedures.  Also adhere to Federal and State regulations and laws.
•    Employee must adhere to Bank Secrecy Act/Anti-Money Laundering/OFAC and Customer Identification Policy and procedures at all times.
•    Maintains knowledge of the Bank’s services to take advantage of opportunities for selling and cross-selling of products and services.
•    Performs other duties as requested by the Compliance Officer/Audit and Risk Manager. These duties may include but are not limited to assisting in the assembling of information

Qualifications

Skills/Experience: Minimum of three (3) years of work experience in compliance in a banking environment with extensive knowledge of BSA/AML/OFAC, USA Patriot Act and related regulations. Previous experience managing high risk BSA/AML programs and experience with Money Service Businesses (MSBs). Excellent and proven knowledge of applicable banking laws and regulations.  Ability to communicate effectively.  Knowledgeable of general banking policies and procedures.  Ability to identify and define compliance related problems, collect data, establish facts, draw valid conclusions and make appropriate recommendations for corrective action.  Ability to remain composed and make appropriate decisions under stressful conditions, which may involve dealing with a range of responsibilities and defined timetables.   Ability to shift attention quickly and accurately from one matter to another and to prioritize multiple projects and complete them on time.  Ability to establish and maintain effective working relationships with executives, managers, legal staff, employees, regulators, outside/internal auditors and compliance consultants.  Good personal computer skills and proficient in using software commonly employed in an office environment.  Excellent written and oral communication skills.

Education: Bachelor’s degree. Coursework in Business, Accounting, Finance or a related field preferred.  Certified Anti-Money Laundering Specialist (“CAMS”) certification preferred but not required.

M&F Bank is a historic independent community bank committed to meeting the needs of a wide range of individuals and businesses within our markets, while providing unparalleled customer service with an above average return for our shareholders.

M&F Bank is the 2nd oldest minority-owned bank in the United States – 113 years old. According to Black Enterprise – M&F Bank is the 8th largest financial institution in the United States with nearly $264.0M in total assets (as of 12/31/2019) CDFI – Community Development Financial Institution – M&F Bank is the only bank in North Carolina to receive this designation. Outstanding CRA Rating received from the FDIC for 25 years. The majority of all deposits are recycled back in the communities we serve.