BSA Analyst

CORE VALUES: Park State Bank’s Core values are GROWTH, TEAMWORK, RESPONSIVE, TRANSPARENT, And INNOVATIVE. We endeavor to live by these values in all that we do!

MISSION: The mission of Park State Bank is to deliver exceptional client service, strategic banking solutions and a community-friendly experience.

POSITION SUMMARY: The primary purpose of this position is to assist the Compliance Department with keeping the Bank Secrecy Program compliant with state and federal regulatory expectations for higher risk/niche business lines. The Niche Business Line BSA Analyst will be responsible for conducting in-depth analyses and investigations to mitigate money laundering, terrorist financing, and other illicit activities within certain business lines deemed to present higher risk to the bank.

PRIMARY RESPONSIBILITIES AND ACCOUNTABILITIES:

• Transaction Monitoring: Utilize advanced monitoring systems to identify suspicious transactions within certain business lines. Analyze transactional data, including large or unusual transactions, patterns of activity, and other red flags indicative of potential illicit behavior.
• Alert Investigation: Investigate alerts generated by monitoring systems, conducting thorough analyses to determine the legitimacy of flagged activities for certain business lines. Document findings and maintain detailed records of investigations in accordance with regulatory requirements.
• Enhanced Due Diligence (EDD): Conduct enhanced due diligence on customers and counterparties associated with certain business lines. Gather and analyze relevant information to assess the level of risk posed by these entities and ensure compliance with regulatory standards.
• Suspicious Activity Reporting (SAR): Prepare and file Suspicious Activity Reports (SARs) in a timely and accurate manner, documenting suspicious activities identified during investigations. Collaborate with internal stakeholders, including BSA Officer and legal counsel, to ensure proper escalation and resolution of suspicious activity.
• Currency Transaction Reporting (CTR): Monitor currency transactions to identify reportable activity that meets Currency Transaction Report (CTR) thresholds. Prepare and file CTRs in compliance with regulatory requirements, maintaining accurate records of currency transactions exceeding threshold amounts.
• Maintain an advanced working knowledge of all bank systems and processes as they relate to BSA/AML/OFAC compliance.
• Assist in the compliance of 314(a) and 314(b) responsibilities.
• Adhere to (and monitor for adherence to) regulations and policies and procedures specific to BSA on all business lines, with a focus on certain niche business lines.

SECONDARY RESPONSIBILITIES AND ACCOUNTABILITIES:

• Provide support to the BSA Officer during regulatory examinations, independent testing, and other relevant engagements.
• General compliance duties as may be assigned.
• May recommend (in conjunction with supervisor) to outsource some audits when applicable.
• Other duties as may be assigned.

WORKING CONDITIONS:

Will need to be able to handle stressful situations and function in a very fast-paced environment while remaining calm and precise. Must have excellent interpersonal and organizational skills and enjoy working with the public. Will need to communicate in a clear, concise, professional and pleasant manner.

May, on occasion, have to work longer hours than scheduled.

Must be able to meet deadlines, multi-task and adjust priorities as necessary. Must possess strong organizational, analytical, communication, and interpersonal skills, including the ability to work with all levels of management and the bank’s vendors. Must be a self-starter who challenges existing processes and can identify and implement efficiencies and cost-saving solutions. Will have access to and knowledge of all employees’ accounts, customer information, and the bank’s finances, so the ability to keep information confidential is extremely important.

The employee will be working in an indoor office setting in a light work situation (exerting up to 20 lbs. of force frequently and/or a negligible amount of force constantly to move objects). Must be able to remain in a stationary position 50% of the time and be able to occasionally move about inside the office to access file cabinets, office machinery, etc. Constantly operates a computer and other office productivity equipment. Employee frequently communicates with employees, customers and vendors. May be required to travel to branches periodically, so must have a valid driver’s license and reliable transportation. Must be able to exchange accurate information both orally and written in English. Employee may be required to travel to branches located within the region.

Despite ongoing security training, there is always the possibility of a bank robbery.

JOB LOCATIONS

The quality of our employees and their dedication to service is what separates us from other banks of any size. We strive to attract and retain exceptional employees who share our commitment to superior customer service, continued growth, and organizational success. We are always on the lookout for talented people to help us become the best. Most of our jobs are flexible to any of our office locations below:

NORTHERN MARKET: Grand Rapids, Nashwauk, Hibbing, Chisholm, Orr, Cook, Mt. Iron & Biwabik

DULUTH/NORTH SHORE MARKET: Duluth (Hermantown, Lincoln Park, Mount Royal), Two Harbors & Silver Bay

MINNEAPOLIS MARKET: Minneapolis

Please note that we are hiring for only one position, although this opportunity is posted in multiple markets where Park State Bank is located.

GENERAL NOTICE:

This description is not designed to cover or contain a comprehensive list of activities, duties or responsibilities that are required of the employee. Other duties may be assigned as necessary.

COMPETENCIES:

• Perform quality work within determined timeframes.
• Interact professionally with other employees, customers, vendors and shareholders.
• Work effectively as a team contributor on all assignments.
• Work independently while understanding the necessity for communicating and coordinating work efforts with other employees, departments, divisions, etc.
• Work on additional tasks, assignments and projects as needed.
• Ability to research and make appropriate decisions regarding complex cases.

ROLE QUALIFICATIONS:

Education

• Bachelor’s degree in a related field or 2 -4 years of experience in banking or other financial services strongly preferred.

Preferred Experience

• Knowledgeable of BSA/AML/OFAC regulatory requirements with respect to higher risk business lines.
• Ability to learn and apply audit skills, standards, methods and techniques.
• One or two years of progressively more responsible work experience in a financial institution preferred but not required.
• Knowledge in email communication, Microsoft Word, and Microsoft Excel as well as knowledge of all normal office machinery.
• Experience with Verafin or other AML monitoring tools is desired.
• Strong analytical skills including the ability to identify and solve problems.
• Strong organizational skills and ability to handle multiple demands in a timely manner.

• High school diploma is required.
• Exceptional communication skills (written and oral) are required.