BSA/OFAC Analyst - Downers Grove, IL

Position Overview

This position is responsible for providing high level analytical and investigatory expertise to the BSA/OFAC Officer regarding mitigation of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) risk. By relying on broad expertise and experience, the BSA/OFAC Analyst will perform investigative and analytical evaluations of customer monitoring activities. The incumbent will typically be responsible for ultimate disposition of cases.

Primary Job Functions

• Rely on broad expertise and experience related to BSA/AML laws and regulation to investigate, analyze, and adjudicate alerts.
• Provide expertise and guidance to lines of business for simple to complex BSA/AML-related issues based on internal policy and regulatory expectations.
• Conduct various sensitive internal report reviews related to potential unusual activity, high risk customers (including MSB and ATM owners), and customers eligible for CTR exemption.
• Serve as an escalation point for alerts that were not able to be dispositioned by BSA Specialists, work with various lines of business to adjudicate alerts appropriately based on internal procedures and regulatory expectations.
• Complete Suspicious Activity Report (SAR) investigations and/or ongoing reviews; ensure complete and accurate SAR content and documentation.
• Based on approval form the BSA Officer, maintain exempt person filings listing for CTR purposes and complete periodic and annual review of CTR exemptions.
• Perform CIP and beneficial ownership validation and distribute weekly reports to lines of business.
• Responsible for reviewing, correcting, and creating (as needed) CTRs for submission; conduct follow up with lines of business as needed.
• Conduct and analyze FinCEN 314(a) search requests in accordance with exam expectations.
• Complete grand jury subpoena reviews and prepare SAR referral if appropriate.
• Perform enhanced due diligence (EDD) reviews of all high-risk customers, including reviews of account activity, CDD, etc. Work with relationship managers when EDD information is incomplete or needs updating.
• Determine BSA risk and review documentation for completeness and appropriateness for RDC/Wire/ACH commercial customers.
• Investigate alerts of potentially suspicious activity from the AML monitoring system, including analysis of transaction activity and document conclusions in the AML system, as needed.
• Assist lines of business with research of potential OFAC matches, as needed.
• Assist with AMS rule tuning.
• Perform various other duties and work on various projects as assigned.

Secondary Job Functions

• Stay abreast of and analyze developing industry and compliance trends, changes to laws and regulations pertaining to BSA/AML/OFAC/USA Patriot Act.
• Serves as a resource for questions regarding BSA/OFAC policies and also provide BSA guidance to employee across various lines of business.
• The BSA/OFAC Analyst does not have any supervisory duties.
• Comply with all Company policies and procedures.

Minimum Requirements

• High school diploma and two or more years of college and two years of BSA /AML compliance experience; or equivalent combination of education and experience.
• Good working knowledge of the banking policies and procedures, as well as federal regulations pertaining to BSA, OFAC, AML, CIP and EDD.

Competencies

• Proficient in using core banking software, BSA monitoring software such as Jack Henry's YellowHammer BSA or Verafin.
• Experience working in a fast-paced environment, understanding that urgency and meeting deadlines are frequently part of the work.
• Strong interpersonal, communication (written and verbal) and organizational skills with the ability to work independently, as well as, collaboratively within a team environment.
• Interact effectively with all levels of management, law enforcement, regulators and examiners, while maintaining strict confidentiality.
• Proficient in using Microsoft Office software, including Word and Excel.
• Strong decision making, analytical and investigative abilities with attention to detail and accuracy.

Preferred, but not required

• Bachelor's degree in related area of study preferred.
• CAMS or other BSA/AML certification preferred.