What are the responsibilities and job description for the Financial Intelligence Unit Analyst position at Choice Bank?
Responsibilities
Transaction Monitoring
File Currency Transaction Reports (CTRs) for cash transactions exceeding a specific threshold, typically $10,000, and ensure the bank's compliance with reporting requirements.
Reviews Suspicious Activity Reports (SARs) and files timely.
Reviews cardholder accounts using processor systems, internal search tools, web searches, and queries to research the program attributes and transactional activity.
Sustains lines of communication to ensure that pertinent team members are getting the information they need from one another.
Create and investigate cases for potential SAR filings.
Investigate alerts from a variety of fraud report types. Compares the activity from the generated alerts to account details and transactional activity to determine if the activity is unusual and requires further review.
Detect, Analyze, and report trends, unusual activity or red flags in various reports, customer profiles or transaction activity including conducting suspicious activity investigations.
Maintain records of all investigations and reports, ensuring they are readily available for regulatory examinations.
Communicate with law enforcement, regulatory agencies, and internal management regarding potential risks, investigations, and reporting as necessary.
- File Suspicious Activity Reports (SARs) when unusual or potentially illicit activities are identified and ensure that these reports are submitted to the appropriate authorities.
Risk Assessment & Regulatory Knowledge
Assists with the administration of state and federal regulator/auditor examinations and review.
Assist with completing special projects and assignments as required by department leadership.
Assess the bank's overall risk exposure to money laundering and financial crimes, and provide recommendations for risk mitigation
Assist in keeping staff updated on BSA/AML regulations, best practices, and compliance procedures.
Assist in developing, implementing, and updating policies and procedures to align with changing regulatory requirements.
Assist in the adherence to bank compliance with all reporting requirements, including filing reports with the Financial Crimes Enforcement Network (FinCEN) and other relevant agencies.
Assist in assessing the bank's overall AML risk profile, developing risk mitigation strategies, and making recommendations to enhance the bank's AML program.
Qualifications
4 to 6 years of relevant experience with requisite competencies
Bachelor's degree in finance, accounting, business, economics, criminal justice or similar field preferred, not required.
An understanding of the Bank Secrecy Act, USA PATRIOT Act, and other relevant AML regulations. Knowledge of international AML standards (e.g., FATF).
Proficiency in assessing and mitigating AML and financial crime risks within a financial institution.
Analytical skills to detect suspicious activities, evaluate patterns, and conduct investigations.
Effective written and verbal communication skills are essential for preparing reports, interacting with colleagues, and potentially communicating with regulatory agencies.
Attention to detail skills to identify irregularities and anomalies in financial transactions.
Exposure to AML software, transaction monitoring systems, and data analysis tools can be valuable.
Ethical behavior and a professional code of conduct is crucial, as BSA/AML Analysts often handle sensitive financial information.
Ability to work in a collaborative environment.
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)
