BSA/Regulatory Compliance Analyst

National Cooperative Bank•Liberty Township, OH

About The Position

This role assists with NCB’s compliance with the Bank Secrecy Act, including the U.S. Patriot Act and OFAC, and supports day-to-day Verafin operations. The position involves monitoring customer deposit activity, reviewing alerts generated by the Verafin system, conducting enhanced due diligence, and maintaining watch lists. Additionally, the analyst will assist with updating regulatory risk assessments, annual compliance reports, and reporting on the status of regulatory compliance activities to internal and external committees.

Requirements

Two to five years of banking and regulatory compliance, preferably with BSA/AML/OFAC
Integrity is essential given the nature of the position
Excellent teamwork/collaboration skills
Effective communication – both written and verbal
Excellent attention to detail and well organized

Nice To Haves

A college degree is preferred but job-related banking and regulatory experience can be substituted
Knowledge of banking regulations and laws is preferred
Knowledge of regulatory compliance best practices is preferred

Responsibilities

Assist with the monitoring of all customer deposit activity including cash, checks, wire, ACH, etc., by using the automated software, Verafin.
Perform initial review of all alerts generated in the Verafin system and gather additional documentation to support decisions on the alerts.
Perform analysis of behavior sets/reviews in the Verafin system and provide the Bank Secrecy Officer and OFAC Officer with a recommendation on changes to various behavior settings.
Conduct enhanced due diligence information gathering and initial reviews for the annual review process of high-risk customers.
Maintain and distribute various watch list/internal list in the Verafin system by reviewing information including the following: the Special Designated Nationals 314a List, Section 311 Special Measures List, OFAC Sanctioned Countries & Entities, Tax Havens and Offshore Financial Centers, Major Drug Transit and Drug Producing Countries List.
Complete reviews of wire transfer exceptions presented by the Wire Department.
Provide support in the process of SAR reporting by assisting in the investigation of suspicious activity.
Assist with the data integrity within the Verafin system such as addressing missing or inaccurate data points.
Monitor the information gathering process in conjunction with customer due diligence procedures to ensure employee are gathering all required information.
Assist with the update of the regulatory risk assessments and the annual regulatory compliance reports.
Assist in the reporting on the status of regulatory compliance activities to various internal Bank and external Board Committees including: Quarterly SAR report, Monthly BSA review schedule.