Financial Crimes Risk Analyst R-2019

Financial Crimes Risk Management Analyst

Assists in ensuring the Bank's compliance with the applicable aspects of the Bank Secrecy Act (BSA), USA PATRIOT Act, and Office of Foreign Assets Control (OFAC) regulations by monitoring, identifying, reporting, and investigating suspicious activity relative to potential money laundering activity, financial crimes and / or terrorist financing. The FCRM Analyst will assess the financial crimes risk of customers to ensure compliance with the myriad of Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations related to customer identification procedures (CIP), customer due diligence (CDD), procedures for enhanced due diligence (EDD), and beneficial ownership (BO). Duties and Responsibilities include the following :

• Performs scheduled Enhanced Due Diligence (EDD) reviews of accounts deemed as high risk, including but not limited to Money Service Businesses (MSBs), Marijuana or cannabis-related or cannabis-adjacent related businesses (MRBs), Non-Bank Financial Institutions (NBFIs), Politically Exposed Persons (PSPs), Non-Resident Alien (NRA), privately-owned ATM operators (POATMs), Crypto-Currency, etc.; documents EDD monitoring and tags accounts appropriately in Verafin.
• Accurately analyzes transactional account trends and patterns, identification documentation to efficiently document a conclusion upon completion of EDD reviews of high risk customers.
• Makes recommendations to accept high risk, mitigate to medium / moderate risk, or refer for account closure.
• Provides updated information to the appropriate Financial Crimes Risk Manager for updating / revising procedures for the handling of newly identified high-risk customers, to include the proper method to review such accounts and to report suspicious activity, document relationships and / or recommendation of account closure if deemed necessary.
• Reviews reports in Verafin to determine if there are NGO (Non-Government Organizations), MRBs (Marijuana-Related Businesses), or MSB (Money Services Businesses) unidentified in the BSA system. Adds tags and comments as needed.
• Evaluates transactional activity in accounts identified as Privately Owned ATMS (POATMs) or MSBs to determine any unusual patterns or lack of cash activity based on trends.
• Stays up-to-date on MSB and MRB requirements for Louisiana, Mississippi and Texas, Alabama, and Florida as well as federal guidelines.
• Communicates with applicable bank personnel to obtain any further documentation and / or information necessary to complete the investigations or reviews of high risk accounts.
• Tracks documentation required on all MSBs and directly works with retail and lending employees to resolve any exceptions.
• Processes alerts in Verafin that reflect any Privately-Owned ATM type transactions for accounts not previously identified as POATM owners. Adds comments to new Remote Deposit Capture (RDC) accounts in Verafin with risk rating assigned.
• May be assigned alerts in Verafin for red flags or new account scenarios and others as assigned to review and determine if the alert can be cleared or needs further investigation.
• Utilizes a variety of internal bank systems and external research tools to investigate, research, and prepare documentation related to anti-money laundering investigations.
• Develops an understanding of the industry and AML related regulations, as well as patterns of behavior that represent suspicious activity.
• Stays up-to-date on current and new policies and regulations as they relate to anti-money laundering schemes and characteristics.
• Supports any special projects or critical casework regarding BSA / AML matters.

Supervisory Responsibilities : This job has no supervisory responsibilities.

Competencies

To perform the job successfully, an individual should demonstrate the following competencies :

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and / or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.