Bank Secrecy Act (BSA) Program Coordinator

Full Time
Cambridge, MA
Posted on January 25, 2022

East Cambridge Savings Bank’s BSA/Compliance Division is actively recruiting for a Bank Secrecy Act (BSA) Program Coordinator.

Function:

Under the direction of the Senior Bank Secrecy Act Officer, performs a variety of administrative and clerical tasks related to the Bank’s Bank Secrecy Act / Anti-Money Laundering and High- Risk Customer programs.

We are looking for a candidate with:

1-3 years experience in a retail banking environment
Knowledge of regulatory requirements related to BSA and anti-money laundering processes
Working knowledge of MS Word and PowerPoint
Extensive knowledge of MS Excel
Experience with BSA/AML and/or Fraud account monitoring software preferred (i.e., Bankers Toolbox, Patriot Officer, JHA Yellow Hammer, Verafin, or similar monitoring system)
Strong oral and written communication skills
Must be a self starter with capability to work independently

Essential Job Functions:

Assists with detecting, reviewing, and investigating suspicious activity. Manages alerts from fraud and anti-money laundering monitoring software. Prepares and reviews BSA-related transaction monitoring reports. Performs document review, creates and reviews reports, conducts employee interviews/questionnaires, and other monitoring tasks. Assists in preparing SARs and documents reason for non-SAR filing. Ensures that all files are in order. Reports findings and makes recommendations to Senior BSA Officer.
Prepares, reviews, and files Currency Transaction Reports (CTRs) within 15 calendars days from date of transaction. Ensures proper identification and accurate reporting of all cash transactions that meet the CTR filing requirements as described by Bank policy and regulations. Performs regular monitoring of logs/reports to ensure compliance with CTR transaction reporting requirements. Ensures proper record retention of all CTRs and exemption documentation for a period of 5 years.
Maintains and reviews all required BSA related logs, ensuring that they are up-to-date at all times.
Conducts OFAC and 314(a) verifications. Reviews daily OFAC reports for identifying suspect accounts and transactions and reports matches to the Senior BSA Officer in a timely manner. Uploads updated government lists to appropriate systems in a timely manner. Ensures OFAC checks are conducted on Bank vendors.
Reviews daily and monthly Customer Identification Program (CIP) reports. Reviews for accuracy and distributes to appropriate departments. Follows-up on errors, missing information, discrepancies, and other issues to ensure resolution. Reports discrepancies to the Senior BSA Officer. Ensures that all files are in order.
Attends seminars, webinars and completes all BSA related training. Keeps abreast of BSA related laws and regulations.
Identifies and monitors High Risk Accounts according to regulatory guidelines, to ensure compliance with the Bank Secrecy Act and Anti-Money Laundering laws. Completes enhanced due diligence and monitoring efforts in accordance with the established monitoring schedule. Identifies emerging risk issues and reports findings to management. Ensures detailed documentation is maintained and kept up-to-date.
Assists with gathering requested information for audits and exams and ensuring compliance with established policies, procedures, and laws and regulations. Assists in maintaining BSA related procedures making recommendations as needed to Senior BSA Officer to ensure compliance.
Assists in the preparation of reporting documents for the BSA Committee and Boards, and ensures proper documentation and retention of all BSA Program materials.

Supportive Functions: