BSA AML and OFAC Compliance Analyst

Regions Financial • Birmingham, AL

494d

About The Position

At Regions, the BSA AML and OFAC Compliance Analyst plays a crucial role in the second line of defense risk management function. This position is essential for ensuring the development and maintenance of a robust compliance culture within the organization. The analyst is responsible for developing and maintaining a program infrastructure that identifies, measures, and monitors compliance with all applicable laws, regulations, and rules governing the specific line of business. This includes ensuring the company's adherence to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) regulations. The analyst will perform comprehensive reviews of customer transactions, accounts, and activities to identify potential instances of money laundering, fraud, and other financial crimes. This involves monitoring and analyzing transactional data for suspicious activities, unusual patterns, and potential violations of BSA/AML and OFAC regulations, and communicating findings to the appropriate lines of business that may be impacted by these changes. Additionally, the analyst will assess the risk associated with customer accounts and transactions based on regulatory guidelines and internal policies. Investigating alerts generated by transaction monitoring systems is a key responsibility, which includes conducting research, gathering documentation, and making recommendations for further action. The analyst will also prepare and file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) as required by regulatory authorities. Staying abreast of changes in BSA/AML and OFAC regulations, as well as industry best practices, is essential to ensure that compliance procedures remain up-to-date. This position is exempt from timekeeping requirements under the Fair Labor Standards Act and is not eligible for overtime pay.