BSA/AML Analyst
BSA/AML Analyst
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Job Description
Salem Five is a growing regional financial services organization with a rich history of over 160 years. As an independent bank we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers.
This position requires the ability to work in the Salem MA offices.
Salem Five has more than 30 retail banking branches throughout Essex Middlesex Norfolk and Suffolk counties strong business banking capabilities an Insurance division a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families.
Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or locationlevel are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what were all about.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following: Assists with the development and implementation of the Banks Secrecy Act and AML Program; makes recommendations to Management when appropriate; and is required to submit reports to the Management detailing the Banks BSA and AML investigations. Other duties may be assigned from time to time due to business necessity.
Key Responsibilities:
Using the Banks AML/Fraud Monitoring system investigate and assess alerts relating to potential money laundering and fraud risks in the organization; make use of transactional and customer records reports and publicly available information to identify and research patterns and anomalies in customer data to detect suspicious activity related to money laundering underlying criminal activity or structuring; document investigations of unusual banking activity to support decisionmaking for federal Suspicious Activity Reports; provide investigative results to the Banks AML Committee for review.
Prepare clear and accurate Suspicious Activity Reports for filing with the federal government.
Complete daily Currency Transaction Reporting processing ensuring timely and accurate filing.
Using the AML/Fraud Monitoring software and system reports identify high risk customers for enhanced due diligence (EDD). Maintain accurate and complete records on the Banks high risk customers including documentation of enhanced monitoring.
Investigate unusual/suspicious activity reported by the various divisions and advise the AML Committee accordingly.
Assist in the development and administration of BSA/AML training and awareness programs for staff.
Perform and document the review of the Banks Exempt Customer List in compliance with IRS rules and file required exemption renewals on a timely basis.
Record and monitor sales of monetary instruments for unusual activity and document patterns. Provide periodic reports of same to the AML Committee.
Be knowledgeable on all aspects of the Banks BSA/AML Program and be prepared to answer questions from Bank staff regarding these requirements.
Provide general support to the Assistant BSA Officer and BSA Officer as needed.
Help in identifying potential weaknesses in processes and make recommendations for improvement.
Be compliant with all applicable banking laws and regulations as defined in bank policies and procedures pertinent to this position.
Stay current with money laundering and terrorist financing behaviors issues policies regulations criminal typologies industry best practices and developing trends.
Assumes additional responsibilities as required.
Regular attendance is essential to this position.
EDUCATION and EXPERIENCE
At least two years of related banking experience. Must have knowledge of Bank Secrecy Act regulations and requirements and general knowledge of money laundering. Associates degree (A.A.) or equivalent from a twoyear college or technical school preferred.
COMPUTER SKILLS
Demonstrated capability and familiarity with Microsoft products including creation and maintenance of spreadsheet calculations/formulas utilizing Excel preparation and production of correspondence reports and related record keeping utilizing Word. Strong skills in Internetbased and systembased research techniques email communications and ability to learn other related software applications required. Ability to learn and use new software products. Must possess a working knowledge of the Fiserv DNA core banking system as well as the Banks policies and procedures related to Security and Bank Secrecy Act compliance.
Familiarity with suspicious transaction monitoring systems
PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential noise level in the work environment is usually moderate.
Benefits/Incentives: Health Insurance Dental Vision Flexible Spending Account Health Savings Account 401k Matching Tuition Reimbursement Employee Referral Program Summer Family Outing Annual Holiday Reception and more
Salary Range: Competitive Base
Ready to applyIf this job sounds like a fit for you then click onApply/Apply Nowin this posting. We look forward to talking withyou.
Qualifiedcandidates may also submit a resume and application online at or mail your resume to Human Resources 210 Essex Street Salem MA01970.
Required Experience:
IC
Employment Type
Full-Time
