Senior High Risk Bank Secrecy Act Analyst

Park State Bank•Two Harbors, MN

5d•$50,000 - $56,000•Onsite

About The Position

The Senior High-Risk BSA Analyst serves as the day-to-day operational resource and subject matter expert for the Bank's cannabis banking program and other designated high-risk customer relationships. This position is responsible for conducting complex investigations, enhanced due diligence reviews, SAR and CTR activities, and ongoing risk assessments while identifying emerging risks, regulatory changes, and industry trends. Working closely with the Cannabis Business Team, the role supports the onboarding, due diligence, and ongoing monitoring of cannabis-related businesses. The position provides guidance to BSA Analysts, and acts as the operational owner of the Bank's cannabis monitoring program, escalating significant risks, suspicious activity, regulatory concerns, and policy matters to the BSA Officer for oversight and decision-making.

Requirements

Associate degree in business, finance, criminal justice, compliance, or related field; or equivalent certification in AML-CFT, banking, compliance, or financial crime.
Minimum of two years of experience in AML-CFT
Demonstrated knowledge of Bank Secrecy Act, Anti-Money Laundering (AML), OFAC, Customer Due Diligence (CDD) and suspicious activity monitoring requirements.

Nice To Haves

Conducting AML-CFT investigations, transaction monitoring reviews, and suspicious activity investigations
Preparing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs),
Performing Enhanced Due Diligence reviews for higher risk clients.
Experience working with high-risk clients' segments such as Cannabis Related Business, money service business, or similar client types.
Experience reviewing state cannabis license, ownership structures, regulatory compliance and operational activity for consistency with CDD.
Knowledge of state cannabis regulatory requirements, licensing structures, and industry specific risks.
Experience with AML Automated Monitoring Systems preferred.

Responsibilities

Serve as the primary BSA/AML subject matter expert for the Bank's cannabis banking program and designated high-risk customer segments.
Conduct complex transaction monitoring investigations and reviews of unusual or suspicious activity involving cannabis-related businesses, and other high-risk relationships.
Perform enhanced due diligence (EDD), periodic reviews, and ongoing risk assessments for high-risk customer relationships to ensure compliance with regulatory requirements and Bank policy.
Prepare, investigate, and file Suspicious Activity Reports (SARs), ensuring timely, accurate, and well-supported regulatory reporting.
Review Currency Transaction Reports (CTRs) for accuracy, completeness, and compliance with applicable regulatory requirements.
Work closely with the Cannabis Business Team to support customer onboarding, due diligence, license monitoring, ownership reviews, and ongoing relationship management.
Identify emerging cannabis industry risks, financial crime trends, and regulatory developments, and recommend enhancements to monitoring, controls, and due diligence procedures.
Provide guidance, support, and secondary reviews under dual-control processes to promote consistency and quality within the BSA Department.
Assist with development of the BSA/AML Risk Assessment, high-risk customer risk assessments, Board reporting, and management reporting related to cannabis and other high-risk business lines.
Support regulatory examinations, independent testing, and audits by maintaining thorough documentation, responding to information requests, and assisting with corrective action initiatives.
Provide support to the BSA Officer during regulatory examinations, independent testing, and other relevant engagements.
Assists with other BSA, AML, CFT, Compliance, and risk management functions as needed.
Perform other duties and special projects as assigned.