Bank Secrecy Act (BSA) Analyst

Description

CORE VALUES: Park State Bank’s Core values are GROWTH, TEAMWORK, RESPONSIVE, TRANSPARENT, And INNOVATIVE. We endeavor to live by these values in all that we do!

MISSION: The mission of Park State Bank is to deliver exceptional client service, strategic banking solutions and a community-friendly experience.

POSITION SUMMARY: The position is responsible for assisting the Compliance Department with keeping the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT) compliant with state and federal regulatory expectations.

PRIMARY RESPONSIBILITIES AND ACCOUNTABILITIES:

1. Assist in the implementation and maintenance of the Bank Secrecy Act (BSA) program.
2. Ensure accurate and timely preparation of Currency Transaction Reports (CTRs) and Monetary Instrument Transaction Reports (MITRs).
3. Conduct thorough reviews of reports and client transactions to identify thresholds for Currency Transaction Reports (CTRs) and Monetary Instruments Transaction Reports (MITRs).
4. Analyze AML system-generated alerts and reports through Verafin to identify potential suspicious activity.
5. Assist in the preparation and files of Suspicious Activity Reports (SARs) in accordance with regulatory requirements, ensuring accuracy and timely submissions.
6. Conducts Customer Due Diligence (CDD) and Enhanced Due Diligence (EDDs) reviews by verifying customer identity, assessing risk, and monitoring account activity to identify and mitigate potential Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) risks.
7. Maintains and ensures the accurate filing of records in compliance with BSA regulatory requirements (e.g., 3 CFR 1010.410) and the institution’s internal policies and procedures.
8. Review client accounts and transactions against the OFAC sanctions list to identify potential matches.
9. Assist with handling FinCEN 314(a) requests and 314(b) information sharing in compliance with regulations.
10. Assist in reviewing potential high-risk clients by analyzing account activity and documentation to support risk assessment and compliance efforts.
11. Assist in educating employees on BSA-AML-CFT regulations and best practices.
12. Assist the BSA Officer in preparing for and responding to internal and external audits and regulatory examinations by providing necessary documentation and information.
13. Assist with Fraud and Elder Financial Exploitation investigations.

SECONDARY RESPONSIBILITIES AND ACCOUNTABILITIES:

• General Compliance Duties as may be assigned.
• May recommend in conjunction with supervisor to outsource some audits when applicable.
• Other duties as may be assigned.

COMPETENCIES:

• Perform quality work within determined timeframes.
• Interact professionally with other employees, client, vendors and shareholders.
• Work effectively as a team contributor on all assignments.
• Work independently while understanding the necessity for communicating and coordinating work efforts with other employees, departments, divisions, etc.
• Work on additional tasks, assignments and projects as needed.

SKILLS AND ABILITIES:

• Basic understanding of BSA-AML-CFT regulation.
• Ability to learn and apply audit skills, standards, methods and techniques.
• Good understanding of human relations and the ability to maintain satisfactory relationships with auditees.
• One or two years of progressively more responsible work experience in a financial institution preferred but not required.
• Knowledge and understanding of debits and credits and how they go through the system.
• Knowledge in email communication, Microsoft Word, and Microsoft Excel as well as knowledge of all office machinery.
• Knowledge in using AML software system (e.g, Verafin).
• Strong analytical skills including the ability to define and solve problems.
• Strong organizational skills and ability to handle multiple demands in a timely manner.

PERFORMANCE MEASURES:

• Timely execution of Rocks, To-Dos, active participation in L10 meetings.
• Demonstration of Core Values.
• Timeliness: meets internal and regulatory deadlines for SARs, CTRs and other compliance tasks.
• Regulatory Compliance Performance: supports audit and exam readiness with properly maintained records and processes.
• Collaboration: communicate effectively with team members and departments to support BSA-AML-CFT efforts.
• Self-Training and Development: Actively maintain knowledge of BSA-AML-CFT regulations and systems.