Job Description
Job Type
Full-time
Description
JOB CLASSIFICATION Full / Part-time: Full-time
Hours Per Week: 40 hours
Location: 1801 S 2nd St, McAllen, TX 78503
JOB SUMMARY The FIU Associate Analyst will perform research, monitoring and reporting as necessary to comply with all BSA/AML/OFAC regulations. The Associate Analyst will have a basic understanding of the analytical process and demonstrate a comprehension of bank's Customer Information Program, OFAC screening, transaction monitoring, investigations, Suspicious Activity Reporting and Currency Transaction Report filing rules. The Associate Analyst will become proficient in the processes of at least one FIU team and conduct routine to moderately comprehensive analysis and reporting with guidance from other team members as needed. The Associate Analyst will be able to identify, report, and reasonably articulate the BSA/AML risk a particular transaction or customer type poses to the bank. The Associate Analyst will understand and comply with the policies and procedures established by the FIU in performance of their duties to prevent the bank from becoming unwitting facilitators of money laundering or terrorist financing activity.
ESSENTIAL DUTIES The duties listed below may not include all responsibilities that the person in this role may be asked to perform. Incumbent may be required to perform other related duties as assigned.
1. With some assistance, review potential new account and loan opening applications to ensure that account opening documentation is in order and meets all applicable legal and regulatory requirements (i.e. verification of client identity, CDD, EDD, sanctions screening, etc.)
2. Analyze challenging or high-risk account opening situations and review with Team Lead to make recommendations to managers whether to onboard a client or other suitable recommendations as to appropriate controls to be put in place.
3. Work closely with team members to identify any pain points in the account opening processes and suggest improvements to ensure a seamless client onboarding process.
4. With some guidance from others, investigate alerts generated by the bank's automated software of potential suspicious activity involving money laundering, terrorist financing and fraudulent activity across all business lines to determine and recommend appropriate resolution (e.g., completion of a SAR, exit relationship, continued monitoring).
5. Utilize a variety of internal bank systems and external research tools to investigate, research, and prepare documentation related to anti-money laundering investigations consistent with resolution of investigation.
6. When needed and in consultation with more senior Analyst, prepare RFIs for account officers to obtain documentation and/or information necessary to complete the account analysis.
7. With some guidance from others, perform timely investigations with well-reasoned and supported decision-making of suspicious activity reports.
8. Prepare and document research, analysis and investigatory findings in department's case management system in a concise and through manner. Summarize and conclude accurate SAR filing decisions with minimal support.
9. Draft Suspicious Activity Reports as needed with minimal support. Submit Suspicious Activity Reports to FIU Team Lead allowing enough time for review, approval and submission. Ensure that decisions not to file Suspicious Activity Reports are well supported and documented. Ensure 90-day follow-up SARs or supplemental SARs are filed within the required timeframe.
10. Assists business lines with BSA/AML related issues with minimal support from managers.
11. When needed, coordinate with the AML Compliance Team Lead on the daily inspection of all currency transactions of more than $10,000 and ensure Currency Transaction Reports (CTRs) are filed accurately and timely with FinCEN within 15 days after the date of the transaction.
12. Interact with other bank associates regarding questions concerning CTRs and exercise due diligence in the practice of internal controls ensuring records, reports and related documents are completed.
13. Assures compliance with all Bank policies and procedures, as well as all applicable state and federal banking regulations, which include BSA, CIP, and OFAC requirements as they apply to this job title/position.
14. Perform other duties as assigned.
Requirements
QUALIFICATIONS These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
- Minimum of an Associates in education or 2-3 years of experience in the financial industry or an analytical field
- Basic knowledge of AML/OFAC regulations, the US Patriot Act and BSA Pillars
- Basic understanding of KYC, CDD, EDD, Beneficial Ownership, and how to assess customer risk
- Ability to quickly review financial data and use internal and external sources to determine if transactions are unusual
- Understanding of the analytical process and ability to synthesize data into a coherent and concise narrative
- Basic understanding of the CTR regulatory requirements and procedures for filing
- Ability to work independently and under strict time constraints due to regulatory deadlines
- Excellent verbal and written communication skills
- Proficient in Microsoft Office (Outlook, Word and Excel)
- Proficient in using the internet to conduct in-depth research
EOE/M/F/D/V
Job Tags
Full time, Part time,