BSA Analyst

Bank Iowa•West Des Moines, IA

5h•Onsite

About The Position

The BSA Analyst is responsible for supporting the bank’s Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) compliance programs under the direction of the BSA Officer. This role helps ensure compliance with applicable regulatory requirements, as well as Bank Iowa policies and procedures, by partnering with team members across the organization to promote a strong culture of compliance. The BSA Analyst conducts ongoing account and transaction monitoring, investigates unusual or suspicious activity, identifies potential fraud risks, and assists with the timely reporting and escalation of BSA compliance-related concerns. Through proactive monitoring, research, and collaboration, this position plays a key role in protecting the Bank and its clients while supporting regulatory compliance efforts.

Requirements

Bachelor's Degree or equivalent educational/work experience
At least 5 years banking experience
Lending, Operations, or Compliance experience in a financial institution
Knowledge of BSA & OFAC regulations
Must be detail-oriented
Ability to learn through independent research and study
Ability to organize and prioritize work to meet deadlines
Experience with financial institution software systems
Proficient with Microsoft Office applications

Nice To Haves

Ability to exhibit our values; Think Big, Be People-Centered, Enable Great Things, and Bring your Best

Responsibilities

Serve as an active member of the bank’s SAR Committee. This Committee reviews unusual activity and decides whether to file reports with FinCEN. Assist in preparing the agenda and reporting on incidents.
Research and answer fraud, BSA, and OFAC compliance-related questions from Bank Iowa team members.
Collaborate with BSA Officer on escalated situations, when warranted.
Independently review and investigate daily alerts generated by the bank’s BSA monitoring software to identify unusual or potentially illicit patterns.
Collaborate with bank team members to efficiently and effectively process the alert.
Review Internal SAR Incident Reports and create investigation files.
Draft detailed investigation summaries for use in determining if a Suspicious Activity Report (SAR) is required to be filed.
Create on-going cases and create SAR reports, when required.
Review system reports and alerts and create Currency Transaction Reports, when required.
Ensure customer identification and beneficial ownership processes are being followed and details entered within BSA systems for appropriate on-going monitoring of client activity.
Process cash transaction workflows to help mitigate fraud, clear daily alerts, process CTRs, and monitor for suspicious activity.
Collaborate with bank team members if questionable activity.
Review system reports and log Monetary Instrument Reports to meet recordkeeping requirements.
Process watch list alerts including processing OFAC and/or 314(a) requests.
Perform on-going reviews of client accounts including more detailed reviews of moderate and high-risk customers to determine acceptable BSA compliance risk.
Maintain accurate and organized files of monitoring activities, investigations, SAR & CTR filings, and follow-up reviews to meet recordkeeping requirements.
Maintain working knowledge and locations of reference materials for appropriate fraud and BSA & OFAC regulations and interpretations.
Assist in the preparation of monthly fraud reports used to educate team members on fraud scenarios.
Communicate fraud and BSA program issues or concerns to the BSA Officer.
Help with special projects assigned by the BSA Officer.
Perform other bank related compliance duties as assigned.
Understand and comply with banking regulations by following bank policies and procedures.
Stay abreast of relevant regulations, current industry matters, and any changes implemented internally to ensure compliance.
Has access to confidential information.
Protects the privacy and confidentiality of clients, other team members, and work.