BSA/AML Analyst II

A Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Analyst plays a crucial role in financial institutions to ensure compliance with laws and regulations designed to prevent money laundering, terrorist financing, and other financial crimes. BSA/AML Analyst will protect the bank and the financial system from being used as a tool for money laundering, terrorist financing, and other financial crimes. They help maintain the integrity of the banking industry and ensure that it operates within the boundaries of the law and regulatory compliance.

Responsibilities 

• File Currency Transaction Reports (CTRs) for cash transactions exceeding a specific threshold, typically $10,000, and ensure the bank's compliance with reporting requirements.
• File Suspicious Activity Reports (SARs) when unusual or potentially illicit activities are identified, and ensure that these reports are submitted to the appropriate authorities.
• Gains an understanding of each Fintech program’s product offerings and customer base.
• Reviews Suspicious Activity Reports (SARs) and files timely.
• Reviews cardholder accounts using processor systems, internal search tools, web searches, and queries to research the program attributes and transactional activity.
• Sustains lines of communication to ensure that pertinent team members are getting the information they need from one another.
• Prepare audit request items before and during audit reviews/exams and help answer questions.
• Effectively communicates between both Choice Fin and Choice Bank.
• Create and investigate cases in Verafin/Dataseers for potential SAR filings.
• Investigate alerts from a variety of fraud report types. Compares the activity from the generated alerts to account details and transactional activity to determine if the activity is unusual and requires further review
• Collaborate and provide recommendations from a BSA and Fraud vantage point on approving new process
• Detect, Analyze, and report trends, unusual activity or red flags in various reports, customer profiles or transaction activity including but not limited to conducting suspicious activity investigations
• Assists with the administration of state and federal regulator/auditor examinations and review.
• Assist with completing special projects and assignments as required by department leadership
• Assess the bank's overall risk exposure to money laundering and financial crimes, and provide recommendations for risk mitigation
• Assist in keeping bank staff updated on BSA/AML regulations, best practices, and compliance procedures.
• Maintain records of all investigations and reports, ensuring they are readily available for regulatory examinations.
• Communicate with law enforcement, regulatory agencies, and internal management regarding potential risks, investigations, and reporting as necessary.
• Assist in developing, implementing, and updating policies and procedures to align with changing regulatory requirements.
• Ensure that the bank complies with all reporting requirements, including filing reports with the Financial Crimes Enforcement Network (FinCEN) and other relevant agencies.
• Assist in assessing the bank's overall AML risk profile, developing risk mitigation strategies, and making recommendations to enhance the bank's AML program.