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Salem Five Bank BSA/AML Analyst in Salem, Massachusetts

  • Compliance/Legal/Security

  • BSAAM01893

Full-Time

Salem, MA, USA

Description

BSA/AML Analyst

Department: BSA (Compliance Security & Legal)

SUMMARY*: *

Demonstrating a commitment to the company’s customer service standards by adhering to your division's individualized service standards. Understanding that all divisions of the company work together for one common purpose--to provide our customers with financial services that are consistently superior to that offered by our competitors. Compliance with banking laws and regulations as defined in bank policies and procedures pertinent to position.

ESSENTIAL DUTIES AND RESPONSIBILITIESinclude the following: 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. Other duties may be assigned from time to time due to business necessity.

Key Responsibilities:

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.

Be knowledgeable on all aspects of the Bank’s BSA/AML Program and be prepared to answer questions from Bank staff regarding these requirements.

Provide general support to the BSA Officer as needed.

Help in identifying potential weaknesses in processes and make recommendations for improvement.

Be compliant with all applicable banking laws and regulations as defined in bank policies and procedures pertinent to this position.

Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends.

Assumes additional responsibilities as required.

Regular attendance is essential to this position.

SUPERVISORY RESPONSIBILITIES

This job has no supervisory responsibilities.

*QUALIFICATIONS *

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Individual must be self-motivated, able to work under pressure, and well-organized.

EDUCATION and EXPERIENCE

At least two years of related banking experience. Must have knowledge of Bank Secrecy Act regulations and requirements and general knowledge of money laundering. Associates degree (A.A.) or equivalent from a two-year college or technical school preferred.

COMPUTER SKILLS

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, and ability to learn other related software applications required. Ability to learn and use new software products. Must possess a working knowledge of the Fiserv DNA core banking system as well as the Bank’s policies and procedures related to Security and Bank Secrecy Act compliance.

Familiarity with suspicious transaction monitoring systems.* *

LANGUAGE SKILLS

Ability to read and interpret documents such reports, operating and maintenance instructions, and procedure manuals. Ability to communicate clearly in written reports and correspondence. Ability to speak effectively before groups of employees.

MATHEMATICAL SKILLS

Ability to calculate figures as related to the banking field.* *

REASONING ABILITY

Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of a variety of instructions furnished in written, oral, diagram, or schedule form.

CERTIFICATES, LICENSES, REGISTRATIONS

Must possess a valid driver’s license.

*PHYSICAL DEMANDS *

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

*WORK ENVIRONMENT *

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually moderate.

With a rich history and a strong reputation for growth, service and innovation, Salem Five offers employees a sense of stability and pride. Salem Five also offers a comprehensive salary and benefit package including health insurance and matching 401(k) plan. Qualified candidates may submit a resume and application online at salemfive.com/careers or mail your resume to Human Resources, 210 Essex Street, Salem, MA 01970.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)

Posted: September 25, 2020

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