Compliance Analyst I

JOB DESCRIPTION

Title:


Compliance Analyst, Anti-Money Laundering


Job Family


FRAML Compliance

Job Summary:


At CoBank, our Compliance Analyst supports the bank's Anti-Money Laundering (AML) program, including handling Know Your Customer (KYC) and Beneficial Ownership processes. Performs customer transaction monitoring across all products and services to identify suspicious activity requiring a Suspicious Activity Report (SAR). Assists with initial Office of Foreign Assets Control (OFAC) reviews, and escalates to OFAC lead as appropriate. Assists in maintaining Compliance Program job aids and procedural documents, and updates permanent increases in customers' deposit limits.


Essential Duties and Responsibilities:


The essential functions include, but are not limited to:

• Processes new customer KYC applications for lending and cash management offerings.
• Reviews the accuracy of the customer's AML Risk Score, prepared by noncredit services or the CoBank relationship manager, and makes revisions as appropriate.
• Assists in validating prepared and/or updated AML Risk Scores to ensure that they are correct and in accordance with bank requirements. Updates existing AML Risk Scores based on customers' foreign wire activity observed during transaction monitoring.
• Assesses Beneficial Ownership documents and handles requests for additional information.
• Conducts research and validation of entity data using appropriate internal and external data sources, including legal name, address, entity type, and ownership verification.
• Performs initial OFAC searches, identifies false positive hits, and escalates true hits to OFAC Lead.
• Performs customer transaction monitoring across all products and services to identify suspicious activity requiring a Suspicious Activity Report (SAR).
• Assists in performing periodic audits of new customer records to ensure all appropriate customer identity verification and KYC information has been collected and stored and that any advanced due diligence requirements based on the AML Risk Score have been addressed and documented.
• Assists in reviewing and recommending improvements for internal processes, including forms/checklists, data collection methods, analyses and reporting.
• Manages permanent increases in customers' deposit limits.
• Assists in updating Compliance Program documentation.
• Participates in special projects and performs other duties, as assigned.

Basic Qualifications:

• Bachelor's degree in accounting, finance, business, criminology, politics, economic crime management, forensic accounting, law or
• Three (3) or more years of experience, preferably in banking or financial services, compliance or risk management; or an appropriate combination of education and experience.
• Displays a high level of professionalism and integrity as expected of the role.

Preferred Qualifications:

• Association of Certified Anti-Money Laundering Speciialist (ACAMS) or Certified Financial Crime Specialist (CFCS) designation.
• Experience performing specific AML compliance-related functions, including KYC/CIP, enhanced due diligence, suspicious activity monitoring, and SAR preparation.
• Experience using automated transaction monitoring software.
• Experience in implementing, and/or administering an automated AML transaction monitoring system.
• Working knowledge of money laundering risks presented by business customers through the nature of transaction activity, geographic risks, type of business entity/formation, beneficial ownership/control and others; and comprehensive understanding of Bank Secrecy Act/USA PATRIOT Act requirements.
• Understanding of legal governing documents required for different types of business formations (e.g. types of LLCs, trusts, partnerships, joint ventures, corporations etc.) and how each are owned/controlled.
• Knowledge of CoBank customer types, products, and services.
• Knowledge of ACBS, PAYPlus, eDocs, COSTAR, GTS, Lansa/Client or similar query tool.
• Demonstrated internet research skills.
• Proven analytical and problem solving skills, with a high level accuracy and attention to detail.
• Able to develop and maintain effective relationships with associates at all levels of the organization.
• Ability to work independently, as well as collaboratively in a team environment.
• Strong quality, delivery and customer service orientation.
• Excellent verbal and written communication and interpersonal skills.
• Excellent organizational, time management and prioritization skills.
• Demonstrated knowledge of MS Office applications (Outlook, Excel, Word, PowerPoint, Access).

Special Requirements

• • Availability for occasional work outside normal business hours.
  • Availability for occasional travel.