Ridgewood Savings Bank · 16 hours ago
BSA/AML Analyst I
Ridgewood, New York, United States
Full-time
Onsite
Entry Level
1+ years expRidgewood Savings Bank is a financial institution seeking a BSA/AML Analyst I. The role involves reviewing alerts for suspicious activity, investigating referrals, preparing reports, and ensuring compliance with regulations.
BankingFinancial ServicesInsurance
Responsibilities
Review and analyze system generated alerts to determine whether activity warrants escalation for further investigation, ensuring reviews are completed within established deadlines
Investigate potential suspicious activity referrals from branches and internal departments by collaborating with key stakeholders to obtain supporting account documentation and customer provided explanations related to transactional activity. Manage assigned caseload to ensure timely completion in accordance with internal deadlines
Issue and manage Requests for Information (RFIs) to internal stakeholders (Retail Banking, Business Banking, and/or Lending) to validate or substantiate customer's activity and obtain supporting documentation
Prepare detailed investigative narratives and case dispositions in the case management system, ensuring conclusions are supported by appropriate evidence and clearly documented in an organized and cohesive manner
Prepare Suspicious Activity Reports (SARs) and continuing activity SARs, ensuring accuracy, completeness, and compliance with FinCEN requirements and filing deadlines
Assist with reviewing and resolving potential OFAC alerts generated by the transaction monitoring system, clearing wires stopped for OFAC in real time, and reviewing daily International ACH potential matches
Assist with CTR reconciliation and prepare CTRs for accurate and timely filing
Assist with law enforcement and information-sharing requests, including subpoenas and Section 314(a) and 314(b) requests, by researching customer accounts and transactional activity, as needed
Assist with KYC reviews for newly onboarded business accounts to ensure required business formation documentation is complete and customer profile information is accurate and assign initial customer risk rating in accordance with internal procedures
Assist with Enhanced Due Diligence (EDD) reviews of high-risk customers as needed by analyzing account documentation and transactional activity and preparing supporting narratives
Maintain awareness of emerging money laundering and fraud trends, by completing required training and/or attending external training (virtual or in-person)
Perform ad hoc duties and other related responsibilities as assigned
Qualification
Required
Working knowledge of BSA/AML and OFAC laws and regulations required
Proficient in Microsoft Excel (formatting, sorting/filtering, and basic functions)
Excellent organizational, analytical and business writing skills
Ability to multi-task and work effectively in a deadline driven environment while managing multiple cases simultaneously
Strong understanding of business entity documentation (e.g., formation documents, beneficial ownership, licensing, operating agreements) and common business banking products/services
Strong research skills, including conducting open source/internet research using various tools and methods
Self-motivated, dependable, adaptable, and detail-oriented with strong organizational skills
Preferred
Bachelor's degree preferred and/or equivalent relevant experience
One to three years' experience as a BSA/AML investigator strongly preferred
Prior retail banking experience preferred
Experience with a core banking system and AML case management system preferred
AML certification (e.g., ACAMS) preferred but not required
Company
Ridgewood Savings Bank
Ridgewood Savings Bank is the largest mutual savings bank.
501-1000 employees
Funding
Current Stage
Late StageLeadership Team
Leonard Stekol
Chairman, President & CEO
Recent News
New York Post
2024-12-04
2024-04-07
2023-12-24
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