BSA AML CFT Analyst

Cornerstone Home Lending•Houston, TX

About The Position

This position is primarily responsible for assisting the Bank Secrecy Act (BSA) Officer in developing, implementing, and administering all aspects of the bank’s BSA compliance program. This includes ensuring compliance with the BSA, anti-money laundering (AML) regulations, Office of Foreign Assets Control (OFAC) requirements, currency transaction reporting (CTR) and countering the financing of terrorism programs (CFT). The BSA/AML analyst will assist the bank's efforts to detect and prevent money laundering, terrorist financing, and other illicit activities. The BSA/AML/CFT Analyst will ensure ongoing compliance with regulatory requirements regarding currency transaction reporting (CTR), CTR exemptions, monetary instrument recordkeeping, Office of Foreign Asset Control, Foreign Bank account Reporting, and specific USA Patriot Act Requirements including Section 311 regarding special measures to be taken against specific jurisdictions, financial institutions, transactions and types of accounts as designated by the Secretary of State and Section 314 regarding information sharing between banks, the government, and other financial institutions. This position also must evaluate new products/services to determine their applicability to cash reporting and OFAC requirements; evaluate new and changing regulations for the same; evaluate system parameters; and manage resources to ensure that risks in this area are adequately identified and addressed.

Requirements

Bachelor’s degree in Finance, Business Administration, Criminal Justice, or a related field.
Minimum of 3 years of banking experience in BSA/AML.
Strong understanding of BSA/AML laws and regulations, financial crimes, and compliance frameworks.
Excellent analytical, problem-solving, and decision-making skills.
Strong verbal and written communication skills, with the ability to present complex information clearly.
Proficient in compliance software and tools, as well as Microsoft Office Suite.
Ability to interpret regulations and compare requirements to existing processes.
Knowledge of federally recognized examination procedures to evaluate compliance with applicable federal and state laws and regulations.
Broad knowledge and understanding of all facets of banking.
Ability to influence others, and move toward a common vision within a large organization to promote a risk management culture
Ability to create and implement the processes to meet and exceed regulatory expectations

Nice To Haves

A Master’s degree or relevant certification (e.g., CAMS, CFE) is preferred.

Responsibilities

Assist in the development, implementation, and maintaining the bank’s BSA/AML/OFAC/CFT compliance program.
Conduct OFAC and 314(a) scrubs
Advise on revisions needed to maintain BSA/AML/OFAC/CFT policies and procedures as needed.
Identify and analyze suspicious transactions timely for potential money laundering and other suspicious activities.
File SARs timely with the Financial Crimes Enforcement Network (FinCEN) as required.
Ensure ongoing compliance and reporting with regulatory requirements regarding currency transaction reporting (CTR).
Regularly report the status of ongoing compliance to the BSA officer so that they can make informed decisions about existing risk exposure and the overall effectiveness of the bank’s compliance program.
Assist with annual BSA/AML/OFAC/CFT risk assessments.
Provide assistance with BSA/AML/OFAC/CFT training programs for all bank employees.
Ensure that all bank employees understand their roles and responsibilities related to BSA compliance.
Stay abreast of updates on regulatory changes and emerging trends/risks related to BSA/AML/OFAC/CFT.
Coordinate and prepare for BSA/AML/OFAC/CFT audits and regulatory examinations.
Respond to audit and examination findings, implement and monitor corrective actions, as necessary.
Work closely with other departments within the bank to ensure comprehensive BSA compliance.
Ensure proper record-keeping of all BSA/AML/OFAC/CFT activities and reports.
Maintain documentation of policies, procedures, and training materials.
Keep detailed records of all suspicious activity investigations and outcomes.