BSA AML Analyst - Money Services Business Job at Republic Bank of Chicago
GENERAL FUNCTION:
Working directly with the BSA Officer and may require working with the Deputy BSA Officer, this position will be responsible for providing program support for the BSA Officer and Department regarding the Bank Secrecy Act, USA Patriot Act, Currency Transaction Reporting, Customer Information Program and Office of Foreign Assets Control specifically relating to Money Services Businesses (MSB) portfolio. This individual will regularly communicate with the BSA Officer as well as other RBC Management (Deputy BSA Officer, AVP/BSA-MSB Officer, MSB Relationship Bankers and MSB Operations). The primary duty would be to assist the BSA department in monitoring the Bank’s compliance with Anti-Money Laundering (AML) laws and recognize suspicious activities related to money laundering, terrorist financing and illegal activity and based on industry standard and regulatory guidance methods, assuring system controls and quality controls review and monitoring are in place to maintain an effective program relating to the Bank’s Money Services Businesses.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
The following is a list of essential functions, which may be subject to change at any time and without advance notice. Management may assign new duties, reassign existing duties, or eliminate a function.
- Assist the BSA Officer or designee in acting as an escalation point for the BSA department in order to resolve issues (cases, alerts, etc.) as it relates to MSB customers. Work on complex issues where analysis of situations or data requires an in-depth evaluation of variables as it relates to MSB customers.
- Act as an analyst on the Bank’s suspicious activity monitoring system and working case files relating to the MSB portfolio.
- Assist in the completion of enhanced due diligence and site visits for MSB commercial customers, which at a minimum includes assessing the overall risk and completing necessary documentation of findings.
- Analyze high-risk customers and other identified accounts for unusual and suspicious activity.
- Create and maintain files for all high risk MSB customers.
- Work collaboratively with the BSA MSB personnel to understand the MSB customer base.
- Conduct specific quality control functions relating to the aspects of BSA-MSB including the RCheck product.
- Work closely with other BSA/AML department personnel for indirect functions and processes such as currency transaction reporting (CTR), alert reviews, SAR Filings, and OFAC/Sanctions escalations as it relates to MSB customers and RCheck customers.
- Ensure overall compliance with Bank Secrecy Act/Anti-Money Laundering Regulations by conducting transactional testing when required. Using software and reports, identify higher risk customers for enhanced due diligence. Assist the BSA Officer in ensuring the maintenance of accurate and complete records on the Bank’s high risk customers including documentation of enhanced monitoring.
- Work with the BSA/AML Analysts to ensure the timely screening of the Bank’s RCheck customer base in response to FinCen’s bi-weekly 314(a) requests or routine OFAC scans and the maintenance of records supporting results in compliance with regulatory requirements.
- Be knowledgeable on all aspects of the Bank’s BSA Program and be prepared to answer questions from all departments and Bank staff regarding these requirements.
- Comply with the requirements of OFAC, the FBI’s Control List and USA Patriot Act, as applicable.
Required Skills
- Flexible and possess the ability to manage multiple projects simultaneously.
- Detail oriented, self-starter, proactive and resourceful in problem-solving.
- Proficient with Microsoft products with strong skills in internet-based and system-based research techniques, e-mail communications and ability to learn other related software applications as required.
- Excellent organization skills and the ability to work in a fast-paced environment.
- Excellent communication skills required (oral and written).
Required Experience
- Minimum of two years-related financial industry experience in a BSA/AML role specific with Money Service Businesses. Must have a strong background in Bank Secrecy Act regulations and requirements (i.e., OFAC).
- Bachelor’s degree or equivalent work experience.
- Knowledge of banking processes, products, and banking regulations; experience with money service businesses preferable.
- Experience with financial intelligence tools and resources to detect suspicious activity. Experience with the NICE-Actimize system preferable.
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