Money Service Business (MSB) Specialist at Mainstreet Bank

Sterling, Virginia, United States -

Full Time

Start Date

Immediate

Expiry Date

21 Apr, 26

Salary

0.0

Posted On

21 Jan, 26

Experience

2 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

BSA Compliance, Analytical Skills, Research Skills, Communication Skills, Detail Oriented, Multi-tasking, MSB Knowledge, Data Interpretation, Excel Proficiency, Fraud Investigation, Risk Analysis, Suspicious Activity Reporting, Customer Review, Onboarding Review, Regulatory Knowledge, Self-starter

Industry

Banking

Description

Description Summary Performs a variety of duties to assist the BSA Officer with compliance to the Bank Secrecy Act, Office of Foreign Assets Control, USA PATRIOT Act and other Anti-Money Laundering regulations. Monitors transaction activity on daily basis. Assists the BSA Officer in monitoring activity within the Bank, implementing policies and procedures, and ensuring compliance with all BSA related regulations and enhanced due diligence programs. Assists in the investigation of fraudulent, illegal, or suspicious activities that could cause losses to or claims against the Bank. Essential Job Functions: ? Performs onboarding review of all new Money Service Business prospects to ensure the Money Service business does not pose undue risk to the bank. ? Conducts ongoing quarterly and annual reviews of MSB customers ? Detects and addresses concerns within the MSB client base. ? Meets with MSB compliance departments to remediate concerns or non compliance in a professional manner ? Assists in identifying suspicious activity within MSB reviews and helps the BSA Department in the completion of Suspicious Activity Reports. ? Assists in identifying suspicious activity within MSB reviews and helps the BSA Department in the completion of Suspicious Activity Reports. ? Reviews and analyzes MSB-specific transaction data through system alerts for unusual activity; investigates and researches as necessary. ? Make recommendations to the BSA Officer and senior management when and where appropriate. ? Analyzes The Bank's MSB portfolio holistically and reports on risk associated with certain sectors of the client base, based on geography, business model, etc. Requirements Job Requirements ? Bachelor’s degree or minimum three years equivalent experience. ? Experience as BSA investigator or previous banking experience to include knowledge of and work with BSA requirements; at least 3 years preferred. ? Familiarity with the MSB/Banking remittance account operating model. ? Ability to learn and attain proficiency with the Bank’s core system of products. ? Detail oriented and accurate ? Excellent analytical, judgment, and research skills ? Must be a self-starter and have the ability to multi-task ? Excellent verbal communication skills. 1+ year experience working at or closely with Money transmitters/Fintech Familiarity with BSA standards and typologies associated with MSBs Familiarity with state licensing, BSA programs, and operations associated with MSBs Strong familiarity with spreadsheets/excel Ability to interpret data and draw accurate conclusions based on evidence Physical Demands/Requirements: The physical demands described below are representative of those that must be met to successfully perform the essential functions of this job. They are subject to change at any time due to reasonable accommodation or other reasons. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. ? Sitting for extended periods of time. ? Walking; bending at the waist; dexterity of hands and fingers to operate a computer. ? Hearing and speaking to exchange information in person or by phone. ? Seeing to read and analyze complex data. Working Conditions: ? Work is performed in a normal office environment or remotely. At MainStreet Bank we strive to bring talented, team-oriented individuals on staff to meet and exceed our customers' needs. MainStreet team members enjoy a friendly working environment, opportunity for personal and professional growth, generous benefits and access to resources for improving their well-being. For more information visit our website at www.mstreetbank.com. MainStreet Bank is an equal opportunity employer. Employment selection and related decisions are made without regard to sex, race, age, disability, religion, national origin, color or any other protected class.

Responsibilities

The MSB Specialist assists the BSA Officer with compliance to various regulations and monitors transaction activity. They conduct reviews of MSB customers and investigate suspicious activities.