Responsible for monitoring customer account activities to identify suspicious activities and reports it on Suspicious Activity Report (SAR) to Fin CEN.
This individual will perform the following with minimal supervision:
- Performs daily validation on the BSA/AML monitoring system.
- Utilizes interdiction software/other application systems to generate reports and detect suspicious, criminal, money laundering, and/or terrorist activities.
- Reports a known or suspected criminal offense/transaction that involves money laundering, terrorist financing, violates the Bank
- Secrecy Act/other predicate laws.
- Prepares Suspicious Activity Reports (SAR) and submits for approval within regulatory deadlines. SARs must meet regulatory requirements and must not contain any technical errors. For repeated SARs, prepares data and recaps of SAR reasons to ARCO Committee.
- Investigates, monitors, and clears/reports potential OFAC hits, Alerts, and suspicious activities on high and medium risk accounts, products, services, customers and involved entities; Creates investigation-case files.
- Performs extensive web searches to conduct Enhanced Customer Due Diligence to support import – export letters of credit, wires, ACH, and IAT transactions.
- Conducts OFAC scrubs on ACH and IAT transactions and 314a searches on BAM within regulatory deadline and maintains confidentiality.
- Saturday schedules may be required to meet regulatory deadlines or OCC exam requests.
- Minimum of 3 years experience at a financial institution in BSA department required.
- Thorough knowledge of all current Bank Secrecy Act (BSA), USA Patriot Act, Money Laundering Control Act, Office of Foreign Asset Control (OFAC) regulations, and associated regulations and interpretations.
- Basic understanding of Anti-boycott laws and regulations: the Export Administration Act (EM) and the Regulations (EAR).
- Excellent knowledge and understanding of Bank operations, policies and procedures.
- Knowledge of FIS System and related support systems such as Teller-Insight and Bankers’ Toolbox.
- Must have a good command of oral and written communication skills.
- Computer literate
Far East National Bank is an Equal Opportunity Employer/Minorities/Women/Protected Veterans/Individuals with Disabilities.