Money Service Business (MSB) Specialist

Mainstreet Bank • Sterling, VA

2h • Remote

About The Position

Summary
Performs a variety of duties to assist the BSA Officer with compliance to the Bank Secrecy Act, Office of Foreign Assets Control, USA PATRIOT Act and other Anti-Money Laundering regulations. Monitors transaction activity on daily basis. Assists the BSA Officer in monitoring activity within the Bank, implementing policies and procedures, and ensuring compliance with all BSA related regulations and enhanced due diligence programs. Assists in the investigation of fraudulent, illegal, or suspicious activities that could cause losses to or claims against the Bank.

Essential Job Functions:
? Performs onboarding review of all new Money Service Business prospects to ensure the Money Service business does not pose undue risk to the bank.
? Conducts ongoing quarterly and annual reviews of MSB customers
? Detects and addresses concerns within the MSB client base.
? Meets with MSB compliance departments to remediate concerns or non compliance in a professional manner
? Assists in identifying suspicious activity within MSB reviews and helps the BSA Department in the completion of Suspicious Activity Reports.
? Assists in identifying suspicious activity within MSB reviews and helps the BSA Department in the completion of Suspicious Activity Reports.
? Reviews and analyzes MSB-specific transaction data through system alerts for unusual activity; investigates and researches as necessary.
? Make recommendations to the BSA Officer and senior management when and where appropriate.
? Analyzes The Bank's MSB portfolio holistically and reports on risk associated with certain sectors of the client base, based on geography, business model, etc.

Requirements

• Bachelor’s degree or minimum three years equivalent experience.
• Experience as BSA investigator or previous banking experience to include knowledge of and work with BSA requirements; at least 3 years preferred.
• Familiarity with the MSB/Banking remittance account operating model.
• Ability to learn and attain proficiency with the Bank’s core system of products.
• Detail oriented and accurate
• Excellent analytical, judgment, and research skills
• Must be a self-starter and have the ability to multi-task
• Excellent verbal communication skills.
• 1+ year experience working at or closely with Money transmitters/Fintech
• Familiarity with BSA standards and typologies associated with MSBs
• Familiarity with state licensing, BSA programs, and operations associated with MSBs
• Strong familiarity with spreadsheets/excel
• Ability to interpret data and draw accurate conclusions based on evidence

Responsibilities

• Performs onboarding review of all new Money Service Business prospects to ensure the Money Service business does not pose undue risk to the bank.
• Conducts ongoing quarterly and annual reviews of MSB customers
• Detects and addresses concerns within the MSB client base.
• Meets with MSB compliance departments to remediate concerns or non compliance in a professional manner
• Assists in identifying suspicious activity within MSB reviews and helps the BSA Department in the completion of Suspicious Activity Reports.
• Reviews and analyzes MSB-specific transaction data through system alerts for unusual activity; investigates and researches as necessary.
• Make recommendations to the BSA Officer and senior management when and where appropriate.
• Analyzes The Bank's MSB portfolio holistically and reports on risk associated with certain sectors of the client base, based on geography, business model, etc.

Benefits

• MainStreet team members enjoy a friendly working environment, opportunity for personal and professional growth, generous benefits and access to resources for improving their well-being.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 101-250 employees