BayCoast Bank · 18 hours ago
BANK SECRECY HIGH RISK PORTFOLIO ANALYST
BayCoast Place, Swansea, MA, US
Full-time
Onsite
Mid, Senior Level
$55K/yr - $70K/yr
3+ years expBayCoast Bank is seeking a Bank Secrecy High Risk Portfolio Analyst to support their Risk Management & Compliance department. The role involves onboarding and monitoring high-risk customers, conducting due diligence, and preparing necessary regulatory reports such as SARs and CTRs.
BankingFinanceFinancial ServicesVenture Capital
Responsibilities
Meets with or has conversations with prospective business account holders and sets expectations regarding the requirements of the banking relationship. Acts as the main point of contact for the business. Involved in all aspects of on-boarding and manages the relationship on an on-going basis. Responds to customer inquiries in a timely and professional manner. Develops a comprehensive knowledge of the business and its practices. Ensures that any identified concerns are communicated and addressed with the customer
Assists the Assistant BSA/AML Officer with the monitoring of a subset of the Bank’s high-risk portfolio in accordance with regulatory requirements
Verifies with appropriate state authorities that the business is duly licensed and registered
Reviews the license application and related documentation submitted by the business for obtaining a state license to operate its the business
Requests from state licensing bureau and enforcement authorities’ available information about the business and related parties
Develops an understanding of the normal and expected activities for the business, including the types of products to be sold and the type of customers to be served
On an ongoing basis monitor publicly, available sources for adverse information about the business and related parties
Ensures all required licenses are current
Prepares and organizes account-opening documentation packages
Obtains and reviews updated documentation on a periodic basis
Makes recommendations to exit the relationship if warranted
Organizes and prepares required documentation for on-site visits. Conducts on-site visits as necessary. Ensures reviews are accurately completed in a timely manner or as needed if there is an identified concern
In a timely manner, monitors all account transactions including sales and reporting to ensure activity is normal, consistent, and expected for the business type. Conducts Enhanced Due Diligence if there is a concern or red flag that the business deviates from Bank expectations, the FinCEN guidance or violates state law
Keeps the BSA/AML Officer and/or Chief Risk Officer advised on any potential violations
Assists the Assistant BSA/AML Officer in the set up and completion of Suspicious Activity Reports (SARs), which includes a detailed analysis of the transaction activity, and compiling appropriate supporting documentation and a comprehensive SAR narrative
If needed, prepares and reviews business related Currency Transaction Reports to be filed with the appropriate government agency within the timeframe allowed by regulation. Utilizes the Bank’s AML software (Verafin) to track cash activity related to CTR reporting
Monitors assigned cases in Verafin, ensures investigations are conducted in a timely manner, and customer due diligence is performed and documented in accordance with regulatory requirements. When appropriate, recommends and sets custom behaviors in Verafin for customers who’s normal and expected activity continually exceeds the system’s global parameter settings
Assists the Assistant BSA/AML Officer with the ongoing monitoring of the Bank’s compliance with the Office of Foreign Assets Control (OFAC). Duties include performing OFAC checks on incoming and outgoing wire transfers utilizing third-party software (WITS)
Assists Deposit Operations, Ecommerce and Finance with the monitoring of ACH and Wire transactions for the high-risk portfolio subset. Utilizes “Salesforce” for review of CRB rejected transactions for approval or denial. Creates additional “Salesforce” cases as need for day-to-day business activity
Assists the Assistant BSA/AML Officer with Verafin’s AML and wire alert process; monitors account activity and advises management on any potential concerns. Ensures alerts are cleared and acknowledged in a timely manner
Works closely with Retail Business Development to ensure business needs are met with regards to business online banking, debit card access, etc
On a rotating basis, assists the Assistant BSA/AML Officer with daily customer correspondence to ensure inquiries and issues that arise are completed in a professional and timely manner. Advises management of any potential concerns
Assists the BSA/AML Officer in compiling data, documentation, etc. for various BSA/AML audits (internal, external, or regulatory)
Works with new hires to ensure they have proper understanding of the department’s policies and procedures. Recommends updates to procedures as necessary
Keeps abreast of developments (i.e., regulatory, technological, etc.) within the banking industry pertaining to the Bank Secrecy Act and anti-money laundering activities. Recommends updates to internal procedures as necessary
Assumes additional responsibilities as requested
Maintains highly confidential information and may be required to perform confidential investigations into suspected activity
Embraces the Bank’s commitment to Solutions by seeking and recognizing opportunities to refer new business to different areas of the Bank, BayCoast Financial Services, BayCoast Insurance, Plimoth Investment Advisors, BayCoast Mortgage Company, LLC, and Priority Funding
Embraces the Bank’s credo
Qualification
Required
Must be proficient in the Microsoft Office Suite
An in-depth knowledge of the Bank Secrecy Act rules and regulations is required
Must possess a strong understanding of money laundering and high-risk customers
Ability to research and understand state law
Good verbal and written communication skills
Basic accounting skills
Ability to resolve problems and research them
Very detailed oriented
Three to five years of BSA/AML experience required
Preferred
Bilingual a plus
Bachelor's degree in business, Accounting, Criminal Justice or another related field preferred
Compliance and/or legal training a plus
Working knowledge of BSA/AML automated software
Experience with Verafin is preferred but not required
ACAMS Certification preferred
Company
BayCoast Bank
BayCoast Bank is a bank that provides banking services, insurance, and investment services in Massachusetts and Rhode Island.
201-500 employees
Funding
Current Stage
Growth StageLeadership Team
Marie Pellegrino
Senior Vice President and CFO
Jim Wallace
Executive Vice President & Chief Operating Officer
Recent News
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