BSA/AML Risk Specialist

We have an exciting career opportunity for a full time BSA/AML Risk Specialist at our Maple Grove Operations Center.

Summary:

In line with established policies and procedures, the BSA/AML Risk Specialist is responsible for assisting with all BSA/AML investigative and transaction monitoring functions of the BSA.  This includes the entire life cycle of detection of unusual activity, ongoing monitoring and preparation of investigative summaries and accurate SAR narratives for submission to FinCEN.  Ensures investigative and due diligence functions are performed accurately, timely and in accordance with regulatory and agency requirements and bank policy.  The BSA/AML Risk Specialist is responsible for assisting leadership and the BSA compliance team to help ensure the appropriate policies, risk management and controls to comply with Bank Secrecy Act (“BSA”), Office of Foreign Assets Control (“OFAC”), and USA PATRIOT Act regulations.

The BSA/AML Risk Specialist is responsible for independent review and analysis on new and existing commercial account applications to ensure compliance with the Bank Secrecy Act, the US Patriot Act, OFAC, and Identity Theft Prevention programs.  The individual is responsible for performing various electronic payment functions. The BSA/AML Risk Specialist will provide operational and administrative support for the BSA & OFAC Officer.

Essential Duties and Responsibilities

Include the following, other duties may be assigned:

BSA/AML/CIP/OFAC/Beneficial Owner/ITPP

Responsible for compliance with The Anti-Money Laundering/Bank Secrecy Act (AML/BSA), OFAC, Customer Information Policy (CIP), Beneficial Ownership and Identity Theft Program to ensure ongoing risk assessment analysis as well as monitoring and reporting suspicious activity to include but not limited to:

  • Proactively monitor for suspicious money movement activity. This includes (but is not limited to) analysis, investigation and collaboration with the clients’ Relationship Manager;
  • Maintain detailed records of suspicious activity and trend analysis and provide recommendations for loss mitigation as needed to manager;
  • Support and execute against the initiatives identified in the strategic operational plan for the digital banking platform that include implementation of risk management practices and procedures, internal controls and fraud mitigation strategies.
  • Assist BSA & OFAC Officer with annual Risk Assessment documentation, reporting and communication requirements;
  • Assist with escalated risk issues and answer risk questions from both clients and internal business lines;
  • Analysis of and transaction review of accounts categorized as “High Risk” as part of the initial CDD as well as the EDD review process;
  • Participation in any BSA related committees/project teams;
  • Direct responsibility for quality and integrity of customer due diligence research and analysis completed and documented via the customer due diligence questionnaires utilizing Verafin as well as other systems;
  • Assist with the Enhanced Due Diligence (EDD) program;
  • Review customer accounts for appropriate risk, analyze risk, identify issues, and validate information from bank systems and against third party resources;
  • May perform Commercial review of new account/existing account paperwork;
  • May monitor/update CIP/Non CIP log and issue letters for CIP violations;
  • Performs daily OFAC verifications for new account, wire, ACH, Teller and Loan related suspect matches;
  • Provide support for missing TIN verifications, as needed.

Job Qualifications

  1. Knowledge of Bank Secrecy Act requirements;
  2. Detail oriented;
  3. Strong analytical skills, strong verbal and written communication skills.

Education/Experience

  1. Bachelor’s degree (B. A.) from four-year college or university; or one to two years related experience and/or training; or equivalent combination of education and experience.

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