Senior BSA/AML Specialist

Make Your Move•Salem, MA

13h•$60,000 - $80,000•Onsite

About The Position

Salem Five is a growing regional financial services organization with a rich history of over 160 years. As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers. This Position requires the ability to work in the Salem, MA offices. Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families. Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we’re all about. ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned. The primary duties require the comparison and the evaluation of possible courses of action, without immediate direction or supervision, concerning monitoring alerts and SARs, and in conducting due diligence reviews and investigations. The position exercises discretion about the nature and scope of the investigation to identify risks and uses independent judgment in making recommendations about outcomes or resolutions to report suspicious activity related to money laundering, underlying criminal activity, or structuring. The position also serves in a backup capacity for the BSA Officer and CTR Administrator. Using the Bank’s AML/Fraud Monitoring system, investigate and assess alerts relating to potential money laundering and fraud risks in the organization; make use of transactional and customer records, reports and publicly available information to identify and research patterns and anomalies in customer data to detect suspicious activity related to money laundering, underlying criminal activity or structuring; document investigations of unusual banking activity to support decision-making for federal Suspicious Activity Reports; provide investigative results to the Bank’s AML Committee for review. Using the AML/Fraud Monitoring software and system reports, identify high risk customers for enhanced due diligence (EDD). Maintain accurate and complete records on the Bank’s high-risk customers, including documentation of enhanced monitoring. Using the AML/Fraud Monitoring software and system reports, perform annual extended due diligence on High-Risk Customer types that include but are not limited to MSB’s and Private ATM customers. Using the AML/Fraud Monitoring Software and system reports, perform quarterly extended due diligence on High-Risk customer types that include MSB’s and Private ATM customers. Actively participate on the Bank’s AML Committee. Prepare and present detailed written and verbal case analyses for Committee decision-making. Investigate unusual activity reported by the various divisions and advise the BSA Officer and AML Committee accordingly. Prepare clear and accurate Suspicious Activity Reports for review by BSA Management and timely filing. Review all BSA and Fraud SAR for accuracy and report any discrepancies to the BSA Officer. Export SAR files from the Bank’s AML/Fraud Monitoring system and import these files into the BSA E-fling website in a timely and accurate manner to ensure compliance. Export BSA E-filing SAR acknowledgements and import the acknowledgement files into the Bank’s AML/Fraud Monitoring system in a timely manner to ensure compliance. Act as an escalation point for lower-level Analysts to resolve issues. Work on complex issues where analysis of situations or data requires an in-depth evaluation of variables. Assist in the development and administration of BSA/anti-money laundering training and awareness programs for staff. Provide backup for the screening of the Bank’s customer base in timely response to FinCEN’s bi-weekly 314(a) requests. Provide back-up for the CTR Administrator ensuring that CTR processing is completed on a timely and accurate basis when needed. Participate in the performance of periodic quality assurance testing of the Bank’s AML software to ensure accurate and effective monitoring. Be knowledgeable on all aspects of the Bank’s BSA/AML Program and be prepared to answer questions from Bank staff regarding these requirements. Provide general support to the BSA Officer acting as backup as needed. Provide assistance to the BSA Officer in gathering documents for external audits and Regulatory exams. Help in identifying potential weaknesses in processes and make recommendations for improvement. Compliance with banking laws and regulations as defined in bank policies and procedures pertinent to position.

Requirements

At least five years of related banking experience
Must have knowledge of Bank Secrecy Act regulations and requirements
3 to 5 years previous experience conducting case investigations and other monitoring for suspicious activity, including determination of SAR or no SAR decision
Excellent written and verbal communication skills and must be able to effectively converse with all levels of management
High level of ethics and confidentiality

Nice To Haves

Bachelor’s degree or equivalent experience preferred
Prior experience working with transaction investigative tools and excel spreadsheets

Responsibilities

Investigate and assess alerts relating to potential money laundering and fraud risks in the organization
Identify and research patterns and anomalies in customer data to detect suspicious activity related to money laundering, underlying criminal activity or structuring
Document investigations of unusual banking activity to support decision-making for federal Suspicious Activity Reports
Identify high risk customers for enhanced due diligence (EDD)
Maintain accurate and complete records on the Bank’s high-risk customers, including documentation of enhanced monitoring
Perform annual extended due diligence on High-Risk Customer types that include but are not limited to MSB’s and Private ATM customers
Perform quarterly extended due diligence on High-Risk customer types that include MSB’s and Private ATM customers
Actively participate on the Bank’s AML Committee
Prepare and present detailed written and verbal case analyses for Committee decision-making
Investigate unusual activity reported by the various divisions and advise the BSA Officer and AML Committee accordingly
Prepare clear and accurate Suspicious Activity Reports for review by BSA Management and timely filing
Review all BSA and Fraud SAR for accuracy and report any discrepancies to the BSA Officer
Export SAR files from the Bank’s AML/Fraud Monitoring system and import these files into the BSA E-fling website in a timely and accurate manner to ensure compliance
Export BSA E-filing SAR acknowledgements and import the acknowledgement files into the Bank’s AML/Fraud Monitoring system in a timely manner to ensure compliance
Act as an escalation point for lower-level Analysts to resolve issues
Assist in the development and administration of BSA/anti-money laundering training and awareness programs for staff
Provide backup for the screening of the Bank’s customer base in timely response to FinCEN’s bi-weekly 314(a) requests
Provide back-up for the CTR Administrator ensuring that CTR processing is completed on a timely and accurate basis when needed
Participate in the performance of periodic quality assurance testing of the Bank’s AML software to ensure accurate and effective monitoring
Be knowledgeable on all aspects of the Bank’s BSA/AML Program and be prepared to answer questions from Bank staff regarding these requirements
Provide general support to the BSA Officer acting as backup as needed
Provide assistance to the BSA Officer in gathering documents for external audits and Regulatory exams
Help in identifying potential weaknesses in processes and make recommendations for improvement
Compliance with banking laws and regulations as defined in bank policies and procedures pertinent to position