Job Description
Primary Purpose This position is a part of BSA/AML Department, a team that is integral to TowneBank’s efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank’s businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The BSA/AML Alert Review team works within the BSA/AML Department to investigate unusual activity identified through the Bank’s automated transaction monitoring system.
The BSA/AML Specialist I Alert Reviewer’s primary objective is to investigate anomalous activity identified through system generated alerts to determine if the activity warrants further escalation for suspicious activity reporting such as money laundering and terrorist financing. The alert review process includes a review of customer accounts to identify red flags or transactions that appear to be out of pattern for the customer. The Alert Reviewer is responsible for preparing clear and concise narratives documenting the analysis and research done to support the disposition of the alerts.
Essential Responsibilities - Conduct investigations of unusual activity identified through system generated alerts using internal bank systems, open-source searches, and transaction history analysis
- Determine if alerted activity is consistent with red flags for money laundering or other financial crimes and escalate to next level review when necessary
- Disposition alerts within department deadline expectations
- Assist BSA Reporting Manager and BSA/AML Department projects as needed
- Assist with below-the-line testing for alert optimization and tuning as needed
- Adheres to applicable federal laws, rules, and regulations including those related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA).
- Other duties as assigned.
Minimum Required Skills & Competencies - 2-3 years banking or similar experience with knowledge of branch and/or loan operations
- General knowledge of federal requirements under the Bank Secrecy Act and Office of Foreign Assets Control (OFAC) regulations
- Excellent analytical and problem-solving skills
- Ability to comply with regulatory deadlines and work in a fast-paced environment
- Ability to handle confidential customer information
- Knowledge of bank products and services
- Ability to work independently and possess a team player attitude
- Strong written and verbal communication skills
- Detail oriented with good organization skills
- Working knowledge of Microsoft Office Suite
Desired Skills & Competencies - Bachelor’s degree in related field such as business management, criminal justice, accounting, or economics
- Working knowledge of federal requirements under the Bank Secrecy Act including Customer Identification Program, USA PATRIOT Act and Office of Foreign Assets Control (OFAC) regulations, and be familiar with FFIEC BSA/AML Manual guidelines
- Experience in a financial institution with asset size $10B and over
Physical Requirements - Express or exchange ideas by means of the spoken word via email and verbally.
- Exert up to 10 pounds of force occasionally, use your arms and legs, and sit most of the time.
- Have close visual acuity to perform activities such as analyzing data, viewing a computer terminal, reading, and preparing documentation.
- Not substantially exposed to adverse environmental conditions.
- The physical demands described here are representative of those that must be met by an employee to successfully perform the essential responsibilities of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential responsibilities.
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