Sr. Analyst High Risk EDD (NE)

Cathay Bank•Monterey Park, CA

About The Position

The Senior High Risk Enhanced Due Diligence (EDD) Analyst reviews systematic Anti-Money-Laundering (AML) and Client Due Diligence (CDD) alerts and conducts annual EDD reviews of high-risk consumer and commercial clients. The role covers key aspects of high-risk client lifecycle management, including corroborating source of wealth, screening for negative news and adverse media, collecting required Ultimate Beneficial Owner (UBO) documentation, assessing account purpose, monitoring and mitigating potentially suspicious transactions, and considering regulatory changes, enforcement actions, peer practices, client risk ratings, and other AML red flags. The position calls for strong ownership of learning, prioritization, analysis, and case management, as well as sound judgment, attention to detail, confidentiality, and accuracy. The analyst may take on additional responsibilities, participate in special projects, and work closely with branches and business lines. There are no direct reports.

Requirements

At least 3 years of experience in BSA/AML Compliance, including writing and preparing Suspicious Activity Reports (SARs) in accordance with applicable regulatory requirements, or applicable experience.
Ability to balance the quality and quantity of reports.
Strong knowledge of laws and requirements applicable to money laundering, including the Bank Secrecy Act, USA PATRIOT Act, US Treasury AML guidelines, OFAC requirements, and Suspicious Activity Reporting requirements.
Strong understanding of banking products and services.
Strong research skills, including experience with online search tools.
Strong proficiency in Microsoft Word, Excel, Access, PowerPoint, and Outlook.
Strong writing, analytical, and communication skills.
Ability to multitask and complete projects on time, often under tight deadlines.
Strong relationship-building skills, internally and externally.
Ability to develop relationships with appropriate levels of management for issue identification and resolution.
Flexibility to adapt to changing priorities to meet business needs.

Nice To Haves

Bachelor's degree in a related field of business or finance.
Certified Anti-Money Laundering Specialist (CAMS) designation.

Responsibilities

Investigate clients using CIP information, occupation, line of business, income methods, and transaction activity identified by the AML solution based on predefined risks.
Contact branches and business lines as needed to clarify client profiles or account activity.
Analyze transactions involving several types of businesses and develop a strong understanding of account purposes.
Prepare detailed High Risk EDD reports for complex relationships and higher-risk clients, including Politically Exposed Persons, Non-Bank Financial Institutions, privately owned ATMs, and marijuana-related businesses.
Include transactional analysis summaries and negative-news findings in reports, using internet search engines, other non-documentary search engines, and the AML solution.
Analyze system-generated and manually created alerts involving high-risk client reviews and suspicious activities.
Complete generated alerts, high-risk EDD reports, and Suspicious Activity Reports (SARs) according to established procedures.
Stay informed about money laundering and terrorist financing behaviors, issues, criminal typologies, industry best practices, regulations, and developing trends.
Participate in special projects and work closely with branches and business lines.