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Salem Five Bank · 2 months ago

BSA/AML Analyst

Salem, MA

Full-time

Onsite

Entry Level

$52K/yr - $65K/yr

2+ years exp

Salem Five Bank is a growing regional financial services organization with a rich history of over 160 years. They are seeking a BSA/AML Analyst to assist with the development and implementation of the Bank's Secrecy Act and AML Program, including investigating alerts related to potential money laundering and fraud risks. The role involves preparing Suspicious Activity Reports, supporting daily Currency Transaction Reporting, and maintaining records in compliance with regulatory requirements.

BankingFinanceFinancial ServicesMortgage

Responsibilities

Assists with the development and, implementation of the Bank's Secrecy Act and AML Program; makes recommendations to Management when appropriate; and is required to submit reports to the Management detailing the Bank's BSA and AML investigations

Using the Bank’s AML/Fraud Monitoring system, investigate and assess alerts relating to potential money laundering and fraud risks in the organization; make use of transactional and customer records, reports and publicly available information to identify and research patterns and anomalies in customer data to detect suspicious activity related to money laundering, underlying criminal activity or structuring; document investigations of unusual banking activity to support decision-making for federal Suspicious Activity Reports; provide investigative results to the Bank’s AML Committee for review

Prepare clear and accurate Suspicious Activity Reports for filing with the federal government

Provide support and back-up for the daily Currency Transaction Reporting processing, ensuring timely and accurate filing. Maintain well organized records of CTR submissions and acknowledgments. Review OFAC alerts from the Bank’s AML/Fraud Monitoring software, ensuring timely response to OFAC’s SDN List and other national and international security lists

Upload FinCEN’s bi-weekly 314(a) files and reviewing/decisioning all alerts generated. Maintain records supporting results of same in compliance with regulatory requirements

Using the AML/Fraud Monitoring software and system reports, identify high risk customers for enhanced due diligence (EDD). Maintain accurate and complete records on the Bank’s high risk customers, including documentation of enhanced monitoring

Investigate unusual/suspicious activity reported by the various divisions and advise the AML Committee accordingly

Assist in the development and administration of BSA/AML training and awareness programs for staff

Perform and document the review of the Bank’s Exempt Customer List in compliance with IRS rules and file required exemption renewals on a timely basis

Perform and document monthly data validation reports of the Bank’s AML/Fraud Monitoring system reporting any identified issued to the BSA Officer in a timely manner

Record and monitor sales of monetary instruments for unusual activity and document patterns. Provide periodic reports of same to the AML Committee

Qualification

BSA/AML knowledgeFraud monitoringSuspicious Activity ReportsFiserv DNA systemMicrosoft ExcelData validationResearch techniquesCommunication skills

Required

At least two years of related banking experience

Knowledge of Bank Secrecy Act regulations and requirements

General knowledge of money laundering

Demonstrated capability and familiarity with Microsoft products including creation and maintenance of spreadsheet calculations/formulas utilizing Excel

Preparation and production of correspondence, reports, and related record keeping utilizing Word

Strong skills in Internet-based and system-based research techniques

E-mail communications

Ability to learn other related software applications

Ability to learn and use new software products

Working knowledge of the Fiserv DNA core banking system

Knowledge of the Bank's policies and procedures related to Security and Bank Secrecy Act compliance

Familiarity with suspicious transaction monitoring systems