BSA Analyst

Job Summary

The BSA/AML Analyst I is responsible for reviewing and approving new account documentation to ensure compliance with regulatory requirements, including the Bank Secrecy Act (BSA), Customer Identification Program (CIP), and Customer Due Diligence (CDD) rules. This role plays a critical part in mitigating financial crime risk, ensuring accurate customer identification, and maintaining regulatory compliance across all onboarding activities.

The BSA/AML Analyst is responsible for reviewing, preparing, and submitting Currency Transaction Reports (CTRs) in compliance with BSA and FinCEN regulatory requirements. This role ensures accuracy, completeness, and timeliness of CTR filings.

Other responsibilities include reviewing Office of Foreign Assets Control (OFAC) updates processed by the bank core and monitoring systems, reviewing possible matches that may arise. In addition to the review of FinCEN 314(a) possible matches identified by the monitoring system. This role ensures timely processing of these reviews as well as properly documenting the reviews.

Essential Job Duties and Responsibilities

• Review new account documentation for completeness, accuracy, and compliance with internal policies and regulatory requirements (CIP, CDD, OFAC, and BSA/AML).
• Perform customer identification and verification in accordance with CIP requirements, including validation of identity documents and beneficial ownership.
• Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), including online and Lexis Nexis negative news searches, as required based on customer risk profiles.
• Validate and document beneficial ownership information for legal entity customers in accordance with regulatory requirements.
• Assess customer risk indicators and escalate high-risk relationships as appropriate.
• Ensure accuracy of customer data in the core system critical to risk rating and monitoring and input additional such data into the account monitoring system.
• Review the Account Opening Questionnaire to ensure it contains adequate and appropriate “Know Your Customer” information in accordance with policy and procedures. Identify and escalate discrepancies, red flags, or potentially suspicious activity in customer onboarding documentation.
• Ensure proper collection and retention of required documentation to support regulatory audits and examinations.
• Collaborate with front-line staff, onboarding teams, and managers to resolve documentation or CDD deficiencies.
• Maintain accurate records and case notes within bank systems.
• Assist with internal audits, regulatory exams, and quality assurance reviews related to new account onboarding.
• Assist as necessary in the preparation of reports for submission to the Board of Directors.
• On a daily basis, generate Currency Transaction Reports (CTRs) on Horizon XE and Verafin.
• Review and correct as necessary CTRs prepared by Tellers on Horizon and Verafin.
• On a weekly basis, file CTRs with FinCEN. Maintain log with detailed information on CTRs filed.
• Upon receipt, assist in and/or perform the timely searches of FinCEN 314(a) requests and escalate any possible concerns to the BSA Officer or Deputy BSA Officer.
• Upon receipt, assist in and/or review possible OFAC matches resulting from OFAC SDN List updates and report any possible matches to the BSA Officer or Deputy BSA Officer.
• On a daily basis, perform review of the FIS OFAC review report for International ACH transactions (IAT).
• May perform other duties and responsibilities as needed and requested by the BSA Officer or Deputy BSA Officer.
• Stay current with changes in BSA/AML regulations and internal compliance policies.
• As available, attend relevant seminars and/or conference to keep up with all BSA/AML and US Patriot Act regulatory changes.