BSA Analyst I (onsite)

Location: Newtown, CT

Our Bank Secrecy Act (BSA) Analyst I position is an opportunity for individuals with 2-4 years of professional financial services experience. Newtown Savings Bank is seeking a detail-oriented, team player who is responsible for supporting the Bank’s Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), and related compliance programs by identifying, investigating, and reporting potentially suspicious activity in accordance with applicable laws and regulations, and Bank policies.

This position is responsible for conducting in-depth, comprehensive analysis of customer and transactional activities using various detection systems and documenting all activities. Responsible for preparing Suspicious Activity Reports (SARs) and SAR/Non-SAR recommendations for review by the BSA Officer, and for timely and accurate preparation of SARs prior to management review and submission to FinCEN. Additional responsibilities include the review and reporting of currency transactions (large cash and foreign currency), Currency Transaction Reports (CTRs), Monetary Instrument Log (MIL), and OFAC alerts. The position assists with the preparation of regulatory filings and management reporting. The BSA Analyst I supports departmental operations through timely completion of assigned reviews, participation in ongoing compliance initiatives and projects, and collaboration with business units to ensure adherence to BSA/AML requirements and the Bank’s overall risk management objectives.

This is an onsite opportunity at our Corporate office in Newtown, CT. The role has a remote option of one day per week.

PRIMARY RESPONSIBILITIES

• AML/BSA Monitoring – Perform BSA/AML alert review and report/investigate questionable activities to BSA Officer through case management. Responsible for select reviews and reports including cash aggregation, FATF, international transportation of currency, monetary instruments, and OFAC/Watch List.
• AML/BSA Regulatory Reporting – Prepares CTRs, SARs, and other related reporting. Conducts review of Currency Transaction Reports (CTRs) for submission to FinCEN.
• AML/BSA System – Provides support with AML/BSA software release testing/verification, periodic parameter reviews, and suspicious activity detection system validations to ensure effective detection efforts.
• Audits/Exams – Supports BSA Officer with audit, state, and federal exam preparations and participates in AML/BSA audits/exams as needed. Stays current with changes in AML/BSA regulations and trends.
• Case Management & Investigations – Maintains detailed case notes and documentation including communications between business units and documentary support of findings. Conducts analysis of transactional data to make determinations of irregular activity by understanding of industry norms, historical customer activity, and regulatory definitions of suspicious activity. Exercises solid judgment while examining, identifying, and documenting suspicious account activity behaviors and patterns. Performs secondary review of cases prepared by BSA team members.
• Communications – Interacts with internal customers to provide a positive customer experience. Supports and educates internal customers on BSA/AML requirements.
• Monitoring/reporting – Performs select monitoring and reporting including exempt/non-exempt customer review, download and review of 314(a) screening, and prepares and responds to FinCEN 314(b) Information Sharing requests.
• Procedures/Daily Task Lists – Assists in maintaining departmental documentation including procedures and task lists.
• Project Management – Supports BSA team with project plans, documents progress and provides updates, as necessary.
• Risk Assessments and Board Reports – Assists in the preparation of monthly Board of Directors SAR and internal SAR reports. Assists the BSA Officer in the preparation of AML/BSA and OFAC annual risk assessments.
• Suspicious Activity Reporting (SAR) – Prepares thorough case notes and documentation to support SAR/Non-SAR recommendations. Prepares timely and accurate SARs according to FinCEN and Bank standards. Performs secondary review of SARs prepared by BSA team members.
• Statistical reporting – Prepares accurate and timely statistical reporting for monthly BSA related Key Performance Indicators (KPI).

POSITION REQUIREMENTS

• Bachelor’s Degree or equivalent experience (i.e., 2-4 years’ experience in professional financial services).
• Requires specialized knowledge of Bank Secrecy Act, USA Patriot Act, Money Laundering Control Act, Office of Foreign Asset Control (OFAC), Financial Action Task Force (FATF), PEP regulations, and all associated regulations and interpretations.
• Familiarity with various Fraud/BSA/AML detection systems, preferred.
• Ability to meet assigned deadlines.
• Ability to multi-task and work independently as well as communicate well with colleagues and management.
• Detail-oriented with a strong customer focus.
• Strong research, investigative, analytical, and organizational skills.
• Ability to listen well and follow instructions.
• Must have strong working knowledge of MS Office Suite products.

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above 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.

Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Full-time employees also receive a complete benefit package including a generous 401(k) with employer match, medical, dental, and vision benefits, paid time off, paid holidays, incentive compensation, short- and long-term disability programs, and other fringe benefits. 

Newtown Savings Bank is an equal opportunity employer and complies with affirmative action programs for qualified veterans and individuals with disabilities. Newtown Savings Bank shall not discriminate against any employee or applicant for employment based on race, color, religion, gender, age, marital status, national origin/ancestry, sexual orientation, gender identity, disability status, protected veteran status, or any other legally protected status.