BSA/AML Specialist I - Alert Reviewer

Towne Family of Companies • Suffolk, VA

9d

About The Position

Primary Purpose: This position is a part of BSA/AML Department, a team that is integral to TowneBank’s efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank’s businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The BSA/AML Alert Review team works within the BSA/AML Department to investigate unusual activity identified through the Bank’s automated transaction monitoring system. The BSA/AML Specialist I Alert Reviewer’s primary objective is to investigate anomalous activity identified through system generated alerts to determine if the activity warrants further escalation for suspicious activity reporting such as money laundering and terrorist financing. The alert review process includes a review of customer accounts to identify red flags or transactions that appear to be out of pattern for the customer. The Alert Reviewer is responsible for preparing clear and concise narratives documenting the analysis and research done to support the disposition of the alerts.

Requirements

• 2-3 years banking or similar experience with knowledge of branch and/or loan operations
• General knowledge of federal requirements under the Bank Secrecy Act and Office of Foreign Assets Control (OFAC) regulations
• Excellent analytical and problem-solving skills
• Ability to comply with regulatory deadlines and work in a fast-paced environment
• Ability to handle confidential customer information
• Knowledge of bank products and services
• Ability to work independently and possess a team player attitude
• Strong written and verbal communication skills
• Detail oriented with good organization skills
• Working knowledge of Microsoft Office Suite

Nice To Haves

• Bachelor’s degree in related field such as business management, criminal justice, accounting, or economics
• Working knowledge of federal requirements under the Bank Secrecy Act including Customer Identification Program, USA PATRIOT Act and Office of Foreign Assets Control (OFAC) regulations, and be familiar with FFIEC BSA/AML Manual guidelines
• Experience in a financial institution with asset size $10B and over

Responsibilities

• Conduct reviews of unusual activity identified through system generated alerts using internal bank systems, open-source searches, and transaction history analysis.
• Determine if alerted activity is consistent with red flags for money laundering or other financial crimes and escalate to next level review when necessary.
• Disposition alerts within department deadline expectations, this position must meet monthly SLAs.
• Assist BSA Management with department projects as needed.
• Assist with below-the-line testing for alert optimization and tuning as needed.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 1,001-5,000 employees