BSA Analyst
Company: Park State Bank
Location: Duluth
Posted on: February 1, 2025
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Job Description:
Description:CORE VALUES: Park State Bank's Core values are
GROWTH, TEAMWORK, RESPONSIVE, TRANSPARENT, And INNOVATIVE. We
endeavor to live by these values in all that we do!MISSION: The
mission of Park State Bank is to deliver exceptional client
service, strategic banking solutions and a community-friendly
experience.POSITION SUMMARY: The primary purpose of this position
is to assist the Compliance Department with keeping the Bank
Secrecy Program compliant with state and federal regulatory
expectations for higher risk/niche business lines. The Niche
Business Line BSA Analyst will be responsible for conducting
in-depth analyses and investigations to mitigate money laundering,
terrorist financing, and other illicit activities within certain
business lines deemed to present higher risk to the bank.PRIMARY
RESPONSIBILITIES AND ACCOUNTABILITIES:Transaction Monitoring:
Utilize advanced monitoring systems to identify suspicious
transactions within certain business lines. Analyze transactional
data, including large or unusual transactions, patterns of
activity, and other red flags indicative of potential illicit
behavior.Alert Investigation: Investigate alerts generated by
monitoring systems, conducting thorough analyses to determine the
legitimacy of flagged activities for certain business lines.
Document findings and maintain detailed records of investigations
in accordance with regulatory requirements.Enhanced Due Diligence
(EDD): Conduct enhanced due diligence on customers and
counterparties associated with certain business lines. Gather and
analyze relevant information to assess the level of risk posed by
these entities and ensure compliance with regulatory
standards.Suspicious Activity Reporting (SAR): Prepare and file
Suspicious Activity Reports (SARs) in a timely and accurate manner,
documenting suspicious activities identified during investigations.
Collaborate with internal stakeholders, including BSA Officer and
legal counsel, to ensure proper escalation and resolution of
suspicious activity.Currency Transaction Reporting (CTR): Monitor
currency transactions to identify reportable activity that meets
Currency Transaction Report (CTR) thresholds. Prepare and file CTRs
in compliance with regulatory requirements, maintaining accurate
records of currency transactions exceeding threshold
amounts.Maintain an advanced working knowledge of all bank systems
and processes as they relate to BSA/AML/OFAC compliance.Assist in
the compliance of 314(a) and 314(b) responsibilities.Adhere to (and
monitor for adherence to) regulations and policies and procedures
specific to BSA on all business lines, with a focus on certain
niche business lines.SECONDARY RESPONSIBILITIES AND
ACCOUNTABILITIES:Provide support to the BSA Officer during
regulatory examinations, independent testing, and other relevant
engagements.General compliance duties as may be assigned.May
recommend (in conjunction with supervisor) to outsource some audits
when applicable.Other duties as may be assigned.WORKING
CONDITIONS:Will need to be able to handle stressful situations and
function in a very fast-paced environment while remaining calm and
precise. Must have excellent interpersonal and organizational
skills and enjoy working with the public. Will need to communicate
in a clear, concise, professional and pleasant manner.May, on
occasion, have to work longer hours than scheduled.Must be able to
meet deadlines, multi-task and adjust priorities as necessary. Must
possess strong organizational, analytical, communication, and
interpersonal skills, including the ability to work with all levels
of management and the bank's vendors. Must be a self-starter who
challenges existing processes and can identify and implement
efficiencies and cost-saving solutions. Will have access to and
knowledge of all employees' accounts, customer information, and the
bank's finances, so the ability to keep information confidential is
extremely important.The employee will be working in an indoor
office setting in a light work situation (exerting up to 20 lbs. of
force frequently and/or a negligible amount of force constantly to
move objects). Must be able to remain in a stationary position 50%
of the time and be able to occasionally move about inside the
office to access file cabinets, office machinery, etc. Constantly
operates a computer and other office productivity equipment.
Employee frequently communicates with employees, customers and
vendors. May be required to travel to branches periodically, so
must have a valid driver's license and reliable transportation.
Must be able to exchange accurate information both orally and
written in English. Employee may be required to travel to branches
located within the region.Despite ongoing security training, there
is always the possibility of a bank robbery.JOB LOCATIONSThe
quality of our employees and their dedication to service is what
separates us from other banks of any size. We strive to attract and
retain exceptional employees who share our commitment to superior
customer service, continued growth, and organizational success. We
are always on the lookout for talented people to help us become the
best. Most of our jobs are flexible to any of our office locations
below:NORTHERN MARKET: Grand Rapids, Nashwauk, Hibbing, Chisholm,
Orr, Cook, Mt. Iron & BiwabikDULUTH/NORTH SHORE MARKET: Hermantown,
Lincoln Park, Mount Royal), Two Harbors & Silver BayMINNEAPOLIS
MARKET: MinneapolisPlease note that we are hiring for only one
position, although this opportunity is posted in multiple markets
where Park State Bank is located.GENERAL NOTICE:This description is
not designed to cover or contain a comprehensive list of
activities, duties or responsibilities that are required of the
employee. Other duties may be assigned as
necessary.COMPETENCIES:Perform quality work within determined
timeframes.Interact professionally with other employees, customers,
vendors and shareholders.Work effectively as a team contributor on
all assignments.Work independently while understanding the
necessity for communicating and coordinating work efforts with
other employees, departments, divisions, etc.Work on additional
tasks, assignments and projects as needed.Ability to research and
make appropriate decisions regarding complex cases.ROLE
QUALIFICATIONS:EducationBachelor's degree in a related field or 2
-4 years of experience in banking or other financial services
strongly preferred.Preferred ExperienceKnowledgeable of
BSA/AML/OFAC regulatory requirements with respect to higher risk
business lines.Ability to learn and apply audit skills, standards,
methods and techniques.One or two years of progressively more
responsible work experience in a financial institution preferred
but not required.Knowledge in email communication, Microsoft Word,
and Microsoft Excel as well as knowledge of all normal office
machinery.Experience with Verafin or other AML monitoring tools is
desired.Strong analytical skills including the ability to identify
and solve problems.Strong organizational skills and ability to
handle multiple demands in a timely manner.Requirements:High school
diploma is required.Exceptional communication skills (written and
oral) are required.Compensation details: 22-26 Hourly
WagePI1a41167eed67-25660-36566745
Keywords: Park State Bank, Duluth , BSA Analyst, Accounting, Auditing , Duluth, Minnesota
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