FIU Associate Analyst (BSA)
Vantage Bank Texas
Houston, TX 77056
Description
JOB CLASSIFICATION
Full / Part-time: Full-time
Hours Per Week: 40 hours
Location: 5151 San Felipe St, Ste 730, Houston, TX 77056
JOB SUMMARY
The FIU Associate Analyst performs research, monitoring and reporting as necessary to comply with all Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC) regulations. They conduct routine to moderately comprehensive analysis and reporting with guidance from the team as needed. The Associate Analyst will also identify, report, and reasonably articulate the BSA/AML risk a transaction may poses. They comply with the policies and procedures established to ensure the bank’s compliance and safety.
ESSENTIAL DUTIES
The duties listed below may not include all responsibilities that the person in this role may be asked to perform. Incumbent may be required to perform other related duties as assigned.
- Reviews potential new account and loan opening applications to ensure that account opening documentation is in order and meets all applicable legal and regulatory requirements (i.e. verification of client identity, CDD, EDD, sanctions screening, etc.)
- Analyzes challenging or high-risk account opening situations and reviews with Team Lead to make recommendations to managers whether to onboard a client or other suitable recommendations as to appropriate controls to be put in place.
- Works closely with team members to identify any pain points in the account opening processes and suggests improvements to ensure a seamless client onboarding process.
- With some guidance from others, investigates alerts generated by the bank’s automated software of potential suspicious activity involving money laundering, terrorist financing and fraudulent activity across all business lines to determine and recommend appropriate resolution (e.g., completion of a SAR, exit relationship, continued monitoring).
- Utilizes a variety of internal bank systems and external research tools to investigate, research, and prepare documentation related to anti-money laundering investigations consistent with resolution of investigation.
- When needed and in consultation with more senior Analyst, prepares RFIs for account officers to obtain documentation and/or information necessary to complete the account analysis.
- Performs timely investigations with well-reasoned and supported decision-making of suspicious activity reports with guidance from others.
- Prepares and documents research, analysis, and investigatory findings in department’s case management system in a concise and through manner. Summarizes and concludes accurate SAR filing decisions with minimal support.
- Drafts Suspicious Activity Reports as needed with minimal support. Submit Suspicious Activity Reports to FIU Team Lead allowing enough time for review, approval and submission. Ensure that decisions not to file Suspicious Activity Reports are well supported and documented. Ensure 90-day follow-up SARs or supplemental SARs are filed within the required timeframe.
- Assists business lines with BSA/AML related issues with minimal support from managers.
- When needed, coordinate with the AML Compliance Team Lead on the daily inspection of all currency transactions of more than $10,000 and ensure Currency Transaction Reports (CTRs) are filed accurately and timely with FinCEN within 15 days after the date of the transaction.
- Interacts with other bank associates regarding questions concerning CTRs and exercise due diligence in the practice of internal controls ensuring records, reports and related documents are completed.
- Assures compliance with all Bank policies and procedures, as well as all applicable state and federal banking regulations, which include BSA, CIP, and OFAC requirements as they apply to this job title/position.
- Other duties as assigned.
QUALIFICATIONS
These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
- Associate’s degree in related field or equivalent experience required.
- 2+ years of financial industry or analytical experience preferred.
- Basic knowledge of AML/OFAC regulations, CTR regulatory requirements, the US Patriot Act and BSA Pillars.
- Basic understanding of KYC, CDD, EDD, Beneficial Ownership, and how to assess customer risk.
- Proficient computer skills with knowledge of Microsoft Office including, but not limited to, Word, Excel, PowerPoint, and Outlook, the Windows environment, and internet research skills.
- Excellent verbal, written, presentation and interpersonal communication skills.
- Excellent analytical, time management, organizational and problem-solving skills with the ability to multi-task and work in a deadline-driven environment.
- Must be self-motivated with strong initiative, high level of accountability, and attention to detail.
- Ability to quickly review financial data and use internal and external sources to determine if transactions are unusual.
- Ability to work independently and under strict time constraints due to regulatory deadlines
- Ability to always maintain a high degree of ethical standards and complete confidentiality.
EOE/M/F/D/V
BANK SECRECY ACT (BSA)
All employees of Vantage Bank, herein referenced to as the “Bank”, must comply with the terms of the BSA Policy upon acceptance of this position. The primary responsibility for enforcement of this policy and its operating procedures rests with the BSA/AML/OFAC Officer. However, it is the responsibility of each employee to take the required BSA training modules and become familiar with and adhere to the Bank Secrecy Act, Anti Money Laundering and Office of Foreign Asset Control Policy.
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