BSA Fraud Analyst

BSA & Fraud Analyst

Lake Ridge Bank is seeking a motivated professional to join our team as a BSA & Fraud Analyst! The BSA & Fraud Analyst plays a critical role in safeguarding the bank against potential risks related to money laundering, fraud, and other financial crimes. This position is responsible for the research, investigation, and resolution of alerts generated by the Bank Secrecy Act (BSA) software, ensuring compliance with all relevant regulatory requirements. The analyst will monitor, investigate and clear system generated alerts, conduct thorough reviews and assessments to maintain the integrity of the institution's internal processes and manage the Currency Transaction Report (CTR) process, including the completion and filing of CTRs, and conducting annual exemption reviews.

Essential responsibilities include :

• Verafin Alert Research and Clearing : Monitor, investigate and clear alerts generated by Verafin or similar BSA / AML software for potential suspicious activities. Conduct detailed research and analysis of customer transactions, patterns, and behaviors to identify unusual or suspicious activity. Collaborate with internal departments to gather necessary information and documentation to resolve alerts. Document findings and escalate cases to the BSA Officer or Fraud Investigator when further investigation is required. Maintain thorough records of all actions taken and ensure timely clearing of alerts.
• Quality Assurance / Control Reviews and Reporting : Perform regular quality assurance and control reviews of internal processes related to BSA / AML compliance and fraud detection. Identify areas of improvement within existing processes and recommend changes to enhance effectiveness and efficiency. Prepare and present reports on findings from quality reviews, including any identified deficiencies, trends, or risks. Work closely with other financial crimes team members to ensure that policies and procedures are consistently applied and adhered to.
• Manage the Currency Transaction Report (CTR) Process : Oversee the end-to-end process of Currency Transaction Reporting, including...