Bank Secrecy Act Analyst at Middlesex Savings Bank

Westborough, Massachusetts, United States -

Full Time

Start Date

Immediate

Expiry Date

09 Jan, 26

Salary

0.0

Posted On

11 Oct, 25

Experience

2 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

BSA/AML, Analytical Skills, Investigative Skills, Communication Skills, Customer Due Diligence, Suspicious Activity Reporting, Regulatory Compliance, Risk Assessment, Documentation, Technology Skills, Fraud Monitoring, Attention to Detail, Time Management, Team Collaboration, Problem Solving, Due Diligence, Audit Requirements

Industry

Banking

Description

About Us PLEASE NOTE: This is a Hybrid position located in Westborough MA. The job will require to train on-site and to work 3 days on-site in Westborough, MA. Overview Identify customer-related trends, patterns, typologies and issues associated with money laundering, terrorist financing and other suspicious transactions. Ensure that all transactions/customers deemed suspicious are referred to the appropriate BSA Analyst or Supervisor in a timely manner and in accordance with Bank policies and procedures. Performs any functions necessary, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers and co-workers. Responsibilities Complete analysis of BSA/AML alerts within established timeframes and following alert processing guidelines. Recommend alerts to send to case for further evaluation of suspicious activity Manage BSA cases by analyzing and documenting results of activity and supporting documentation, resulting in a recommendation to file or not to file a Suspicious Activity Report (SAR) Participate in SAR completion process including SAR filing, SAR committee, SAR narratives, Quality Review, and SAR re-files. Utilize multiple systems including but not limited to core banking, AML monitoring software, check imaging software, document imaging software and online resources to analyze transaction activity and identify unusual patterns Conduct enhanced due diligence on high-risk customers and recommend changes to risk ratings when warranted Prepare and maintain documentation necessary to fulfill regulatory and third party audit requirements Monitor Customer Due Diligence (CDD) questionnaires for completion and follow up with responsible departments for corrections as appropriate. Evaluate CDD alerts for unidentified high-risk customers generated by the AML monitoring system. Monitoring proper and correct completion of beneficial owner documentation as required for business deposit accounts and commercial loans. Complete verification and filing of Currency Transaction Reports (CTRs) within regulatory deadlines. Complete analysis of watch list alerts including possible matches to OFAC SDN lists, sanctioned countries, politically exposed persons, and internal lists Provide backup coverage as needed for all BSA AML related tasks. Participates in annual required BSA/AML training Serves as a resource for internal departments Performs related and unrelated duties as may be required. May be required to travel to designated high-risk customer sites to observe presence of ATM machines, lottery sales and money transfer services. Requirements BA or BS degree preferably in finance, accounting or related discipline, or equivalent work experience. A minimum of 3 years BSA/AML or related banking experience. Must have at least basic knowledge in all areas of the BSA/AML and regulatory requirements. Experience using BSA/AML or Fraud monitoring systems preferred. Must possess excellent verbal and written communication skills. Must be self-motivated with excellent analytical and investigative skills. Must be willing to attend BSA/AML training sessions both on and off bank premises. Must possess at least intermediate technology skills, including fluency in Word, Excel and Outlook applications. EEO Statement Middlesex Savings Bank is an Equal Opportunity Employer/protected Veterans/Individuals with Disabilities

Responsibilities

The Bank Secrecy Act Analyst is responsible for identifying trends and issues related to money laundering and suspicious transactions. This includes analyzing BSA/AML alerts, managing cases, and ensuring compliance with regulatory requirements.