Position Summary: The BSA/AML Analyst is responsible for conducting Enhanced Due Diligence (EDD) reviews and ongoing monitoring of the bank’s high-risk customers. This includes Money Services Businesses (MSBs), privately owned ATMs, Non-Profit Organizations, foreign entities, marijuana-related businesses (MRBs, where permitted), and other customer types flagged by the institution’s risk rating model. The analyst plays a key role in ensuring the bank meets BSA/AML regulatory expectations related to customer due diligence (CDD), EDD, and suspicious activity detection.
Key Responsibilities:
• Conduct comprehensive EDD reviews for customers classified as high risk, including MSBs, MRBs (where permitted), foreign entities, privately owned ATMs, and other flagged categories.
• Analyze customer profiles, account activity, geographic exposure, ownership structure, and expected vs. actual transaction behavior.
• Review and document ownership structures, business operations, regulatory registrations, licenses, and transactional behavior.
• Request and analyze source of funds/source of wealth documentation when applicable.
• Communicate directly with internal teams to obtain and clarify required EDD documentation.
• Ongoing monitoring of high-risk clients
• Maintain detailed, audit-ready documentation for all EDD reviews, including risk rating justifications and review outcomes.
• Risk rating and CDD system support
• Assist with onboarding reviews of high-risk customers and recommend initial risk ratings.
• Participate in periodic or event-driven risk rating reviews and recommend adjustments based on updated customer information.
• Ensure data in core and compliance systems (e.g., business type, occupation, expected activity) matches documentation and remains current.
Regulatory Awareness & Collaboration:
• Remain current with BSA/AML, OFAC, and FinCEN guidance, especially as it pertains to high-risk industries.
• Collaborate effectively in a virtual team environment with BSA officers, compliance staff, account officers, and operations teams.
• Participate in remote meetings, training sessions, and regulatory exam support as required.
Qualifications:
• High school diploma or GED required; Associate or Bachelor’s degree in Business, Criminal Justice, Finance, or a related field preferred.
• 2–4 years of experience in BSA/AML compliance, with direct experience performing EDD reviews or high-risk customer analysis preferred.
• Experience with BSA/AML software platforms (e.g., Verafin, CSI NuPoint) is a plus.