What are the responsibilities and job description for the BSA Analyst position at BankFirst Financial Services?
Job Description
BASIC PURPOSE OF POSITION: The Bank Secrecy Act (BSA) Officer/BSA Analyst is responsible for coordinating the development, implementation and administration of all aspects of the corporate-wide Bank Secrecy Act (BSA) Compliance Program. This position monitors compliance with state and federal Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulations.
DUTIES OF POSITION:
Supports BSA Officer in areas of the BSA/AML/OFAC to ensure compliance with the Bank’s BSA/AML/OFAC policies, procedures and processes.
Perform transaction testing in accordance with the established monitoring schedule on low, moderate,and high risk accounts, outstanding official checks, official checks sold with cash, and other accounts subject to expanded review, including non-resident aliens, non-bank financial institutions, cash intensive businesses, professional service providers, etc., to uncover money laundering or other illicit schemes and escalate matters as necessary.
Communicate with branch personnel on Customer Due Diligence (CDD) and risk rating deficiencies detected during the account review and monitoring process on moderate and high risk accounts to ensure due diligence files are complete and risk ratings are properly assigned.
Communicate with branch personnel to gather enhanced due diligence as deemed necessary, ensuring that requested due diligence is properly attained.
Review daily cash reports to identify required Currency Transaction Report (CTR) filings.
Review all CTRs and prepare and file CTRs with FinCEN.
Assist branches with proper completion of CTR data entry.
Document, track, and report employee CTR and other BSA related exceptions to the BSA Officer and Human Resources for further review.
Provide input to BSA Officer on control weaknesses, policy enhancements and training needs, as applicable, to ensure bank-wide BSA/AML/OFAC compliance.
Keep current with money laundering terrorist financing, etc., trends and schemes thru education, industry publications/seminars and applies this knowledge during monitoring to identify suspicious activity.
Perform annual review of exempt persons and determine exemption eligibility status.
Monitor, track, and update due diligence files for BSA-AML high-risk customers and accounts and others subject to expanded examination overview.
Document and verify bi-weekly 314(a) searches and report possible matches to the BSA Officer.
Track applicable registration and licensing requirements for MSB customers and keep customer files updated.
Document and research potential OFAC hits and report positive matches to the BSA Officer.
Other duties as assigned.
EDUCATION/ EXPERIENCE/ SKILLS/Qualifications:
5 years working for BSA in a financial institution.
Bachelor’s Degree- (Preferred But Not Required)
Professional Certification or Willingness to obtain one.
Working Knowledge of Verafin Software.
Excellent Oral Communication and Written Communication skills as you must be able to communicate with all levels of the financial institution. Speaks clearly and persuasively in positive or negative situations and listens to gain the proper perspective. Writes clearly and informatively.
Ability to work across functional lines and organizational levels to drive results.
Honest and Ethical with high levels of Integrity and Confidentiality.
Strong attention to detail and critical thinking skills.
Broad understanding of BSA/AML/OFAC and it’s importance to Financial Institutions.
Proven track record of being able to drive projects from idea to execution.
Strong problem-solving skills, evaluate options and develop a plan to address.
BankFirst is an equal opportunity employer, including disability/ vets.
BASIC PURPOSE OF POSITION: The Bank Secrecy Act (BSA) Officer/BSA Analyst is responsible for coordinating the development, implementation and administration of all aspects of the corporate-wide Bank Secrecy Act (BSA) Compliance Program. This position monitors compliance with state and federal Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), and OFAC laws and regulations.
DUTIES OF POSITION:
Supports BSA Officer in areas of the BSA/AML/OFAC to ensure compliance with the Bank’s BSA/AML/OFAC policies, procedures and processes.
Perform transaction testing in accordance with the established monitoring schedule on low, moderate,and high risk accounts, outstanding official checks, official checks sold with cash, and other accounts subject to expanded review, including non-resident aliens, non-bank financial institutions, cash intensive businesses, professional service providers, etc., to uncover money laundering or other illicit schemes and escalate matters as necessary.
Communicate with branch personnel on Customer Due Diligence (CDD) and risk rating deficiencies detected during the account review and monitoring process on moderate and high risk accounts to ensure due diligence files are complete and risk ratings are properly assigned.
Communicate with branch personnel to gather enhanced due diligence as deemed necessary, ensuring that requested due diligence is properly attained.
Review daily cash reports to identify required Currency Transaction Report (CTR) filings.
Review all CTRs and prepare and file CTRs with FinCEN.
Assist branches with proper completion of CTR data entry.
Document, track, and report employee CTR and other BSA related exceptions to the BSA Officer and Human Resources for further review.
Provide input to BSA Officer on control weaknesses, policy enhancements and training needs, as applicable, to ensure bank-wide BSA/AML/OFAC compliance.
Keep current with money laundering terrorist financing, etc., trends and schemes thru education, industry publications/seminars and applies this knowledge during monitoring to identify suspicious activity.
Perform annual review of exempt persons and determine exemption eligibility status.
Monitor, track, and update due diligence files for BSA-AML high-risk customers and accounts and others subject to expanded examination overview.
Document and verify bi-weekly 314(a) searches and report possible matches to the BSA Officer.
Track applicable registration and licensing requirements for MSB customers and keep customer files updated.
Document and research potential OFAC hits and report positive matches to the BSA Officer.
Other duties as assigned.
EDUCATION/ EXPERIENCE/ SKILLS/Qualifications:
5 years working for BSA in a financial institution.
Bachelor’s Degree- (Preferred But Not Required)
Professional Certification or Willingness to obtain one.
Working Knowledge of Verafin Software.
Excellent Oral Communication and Written Communication skills as you must be able to communicate with all levels of the financial institution. Speaks clearly and persuasively in positive or negative situations and listens to gain the proper perspective. Writes clearly and informatively.
Ability to work across functional lines and organizational levels to drive results.
Honest and Ethical with high levels of Integrity and Confidentiality.
Strong attention to detail and critical thinking skills.
Broad understanding of BSA/AML/OFAC and it’s importance to Financial Institutions.
Proven track record of being able to drive projects from idea to execution.
Strong problem-solving skills, evaluate options and develop a plan to address.
BankFirst is an equal opportunity employer, including disability/ vets.
