AML/BSA Risk Analyst

Job Description

Job Description

The BSA Risk Analyst will work to protect the safety and soundness of the credit union, from a BSA/AML/Compliance perspective. The analyst assists with developing, implementing, and administering all aspects of the BSA/AML and Compliance program. The Analyst will be responsible for identifying emerging BSA/AML/OFAC risks and ensuring that proper controls, procedures, and training are in place to help mitigate these risks. Required to be fully knowledgeable and skilled in all areas of the Compliance departments. 

 

DIMENSIONS ( the depth and breadth of the job in numeric or statistical terms):

• Service: Provide exceptional service to internal partners and external members
• Grit: Persistent in the application of knowledge, skills, and behaviors to achieve goals and address obstacles
• DEI: Advocate, promoter, and modeler of diversity, equity, and inclusion

 

SUPERVISORY RESPONSIBILITIES (reporting structure):

This position has no supervisory responsibilities and reports directly to the Lead BSA Risk Supervisor.

 

MAJOR ACCOUNTABILITIES (major responsibilities of the position):

• Ensure the credit union complies with all applicable regulations and laws related to position responsibilities.
• Assists in developing, implementing, and administering regulatory compliance reviews based upon compliance risk in annual enterprise risk report and industry trends along with compliance assessments.
• Proficient use of BSA/AML software, including reporting any system issues and coordinating periodic software upgrades.
• Process BSA/AML alerts from red flag software.
• Prepares effective, accurate, and sufficient SARs. Maintain accurate supporting documentation of all SARs filed or investigations where SARs were not filed. Maintains an effective tracking system.
• Prepares accurate and effective Currency Transaction Reports. 
• Process escalated watch list alerts.

 

NATURE & SCOPE (daily, weekly, monthly and yearly tasks, duties and responsibilities):

• Proficiently utilizes the Verafin software and core system to effectively investigate and monitor member transactions to provide an overall picture of potential suspicious activity. Analyses activity across all channels to identify and investigate potential suspicious activity. 
• Stays current on industry trends and best practices to help assess the impacts to regulatory compliance and assists in implementing processes to minimize BSA/AML/OFAC risk within the credit union.
• Determines whether a SAR should be created. Confers with Lead BSA Risk Supervisor and AVP, Compliance and Legal/BSA Officer, as needed. Maintains confidentiality and ensures timely filing.
• Prepares SARs. Writes effective, accurate and sufficient narratives as part of the SAR creation. Maintains accurate supporting documentation of all SARs filed, or investigative reports where SARs were not filed, and sustains an effective tracking system. Actively tracks SARs to ensure existing SARs are monitored for 90 day follow-up and reporting.
• Comprehends and articulates the impact of regulatory compliance changes and implements processes to minimize AML/BSA credit union risk.
• Prepares, assists, and analyses information related to various compliance assessments to assist in risk monitoring and risk reduction.
• Assists with escalated potential OFAC matches and escalated potential 314a matches from internal partners.
• Assists in reviewing and maintaining Monetary Instrument Logs.
• Monitors and reports elder abuse cases as well as maintains communication with appropriate external parties.
• Participates on projects that affect AML/BSA/Compliance. Determines how regulatory changes impact BSA/AML systems and work with internal partners find solutions to alleviate manual work.
• High level of understanding of Customer Due Diligence and AML/BSA regulatory rules, regulations, and guidance and is able to answer questions from internal partners.
• Prepare and participate in BSA/AML/OFAC training for internal partners.
• Performs other duties as assigned.

 

EDUCATION, SKILLS, & ABILITIES (qualifications and experience required for this position):

• Bachelor’s degree, preferably in risk management, business, finance or a related field or relevant industry experience.
• 1-5 years BSA/AML experience.
• Proficiency in AML software is required.
• Strong analytical, communication (oral and written), and interpersonal skills. Ability to gather, compile and present data in a clear and logical manner. 
• Organized, detail-oriented, creative thinker, team player, and self-starter.
• Ability to manage multiple competing priorities and complete all in a timely and efficient manner.
• Ability to follow directions from a supervisor, interacts effectively with co-workers, follow work rules and procedures, and accept constructive criticism.
• Regularly participates in external BSA/AML/Risk training and/or conferences. Knowledge of regulatory laws in the credit union industry is a plus
• Must have a high level of writing skills including but not limited to grammar proficiency, the ability to present numerical data effectively, and ability to edit own work for spelling and grammar.

 

PHYSICAL REQUIREMENTS (sitting, walking, climbing, lifting, etc.):

• Excellent ability to communicate, both verbally and in writing; ability to tolerate periods of continuous sitting.

 

ENVIRONMENTAL CONDITIONS (indoors, outdoors, desks, etc.):

• Work is primarily performed within a cubicle office setting. Subject to standard background noise found in an office environment.
• Note: Staff is expected to perform various tasks, projects and administrative duties as assigned. Management reserves the right to assign or change duties and tasks to this position at their discretion.

Salary Range (Hourly)

$25.2199 - $31.5249