What are the responsibilities and job description for the BSA High Risk Analyst position at Herring Bank?
Job Description
Job Description
Benefits :The position of BSA High Risk Analyst is focused on performing initial and ongoing KYC, CIP, CDD / EDD reviews on Cannabis related entities and industries such as Crypto, FinTechs, Third Party Payment Processors, Merchant Card Processors, and other higher risk industries. This position will assist the BSA Officer in implementing and adhering to the Banks Compliance Management System Policy and Compliance Management System Program. In addition, this position will assist in training Bank personnel in Bank Secrecy Act / Anti-Money Laundering compliance matters as well as in Bank procedures. Further, this position will function as a resource to assist Bank personnel in resolving compliance related questions / issues and will recommend solutions to compliance / procedural issues noted during monitoring reviews.
Review and analyze high-risk customer accounts and transactions for unusual or suspicious activity, using advanced monitoring systems and methods.
Provide subject matter expertise (SME) related to BSA / AML for industries such as Crypto, FinTechs, third party payment processors, merchant processors, and other higher risk industries.
Prepare procedures and test controls related to high-risk account onboarding and ongoing monitoring.
Conduct comprehensive risk assessments of high-risk customers and transactions, identifying potential red flags that could indicate money laundering, fraud, or terrorist financing
Perform in-depth investigations on flagged accounts and transactions to determine the legitimacy of the activity. Gather supporting evidence and document findings in detailed reports.
Prepare Suspicious Activity Reports (SARs) and other regulatory filings to report identified suspicious activity to relevant authorities, including the Financial Crimes Enforcement Network (FinCEN).
Ensure all activities comply with the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations, and internal policies. Stay up-to-date on changes to regulations and industry best practices.
Work closely with internal departments, including compliance, legal, and audit teams, to address high-risk concerns. Collaborate with law enforcement agencies when necessary to share findings.
Conduct enhanced due diligence (EDD) for high-risk customers to assess their risk profile and ensure compliance with Know Your Customer (KYC) regulation.
Maintain accurate, detailed records of investigations, actions taken, and compliance activities.
Participate in ongoing training and professional development to keep current with evolving regulatory requirements, emerging threats, and industry best practices.
Conduct CIP review and validation.
Review and monitor state licensing requirements for various account types.
Monitor cash transactions and complete the filing of Currency Transaction Reports as needed.
Complete and review checklists associated with various product lines.
Responsible for all areas related to Bank Secrecy Act including but not limited to : CTR and SAR filings, high risk account reviews, MSB reviews, CTR exemptions, CIP, OFAC, onsite visits, Beneficial Ownership, etc.
This is a remote position.
