Bsa Analyst - Worcester, United States - Bay State Savings Bank
Description
April 10, 2024Company Overview:
Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank.
As a Bank owned by a mutual holding company, the Bank is effectively governed by its depositors, and its mutual ownership structure allows it to focus on long-term and community impact rather than short-term profits.
BSSB has six branch locations in central Massachusetts and operates one education branch within a high school.BSSB is the only remaining Bank originally headquartered in Worcester, Massachusetts:
the second largest city in New England.
BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities' preferred choice for Banking.
Position Description:
This position will assist the Risk Management Department with ensuring compliance with the Bank Secrecy Act Program.
Supports the Bank's mission, culture, and values in everything you do.
Key Responsibilities:
- Maintain a strong knowledge of current BSA and OFAC laws and regulations.
- Prepare, review, and distribute BSA related reports on an ongoing basis.
- Review the daily large cash report to identify suspicious activity and Currency Transaction Report ("CTR") reportable transactions.
- Assist with BSA monitoring program including but not limited to reviewing and dispositioning of alerts, customer risk ratings, customer activity reviews, and new and existing customer due diligence including but not limited to account opening doc reviews (e.g., Beneficial Ownership)
- Assist with preparation, review, and completion of CTR & Suspicious Activity Report filings.
- Assist with 314(a) and 314(b) reviews & responses.
- Conduct OFAC monitoring, and related reporting functions.
- Assist with and performs High Risk Customer reviews throughout the year.
- Perform wire activity and ACH periodic reviews.
- Identity potential suspicious activity by reviewing alerts, reports, and discussing activity with colleagues.
- Assist management with BSA Program related training.
- Works in conjunction with management to develop Bank risk assessments, policies, and procedures.
- Provide support to branch personnel on BSA, compliance and other fraud matters that arise.
- Establish priorities for assignments and meets all deadlines with limited supervision.
- Other duties as assigned or requested.
People Leadership and Building the Future:
- A culture of professionalism, respect, diversity, and ethical business conduct.
- A high level of performance, productivity, and longterm value creation.
Qualifications, Education and Experience:
- A high degree of interpersonal skills necessary to effectively sell the bank's products and services.
- Able to use considerable discretion, resourcefulness, and persuasiveness to achieve the desired objectives and results.
- Strong knowledge of other bank services, policies, and procedures.
- Demonstrates current knowledge regarding compliance with various financial institution regulations and other job essentials.
- High School diploma or equivalent required with a minimum of 35 years of banking experience.
- Bachelor's degree preferred, but not required.
- Strong written and verbal communication skills
- Strong computer skills, knowledge of Microsoft Word and Excel.
- Must be able to meet strict regulatory reporting requirements.
- Ability to work in a fastpaced diversified environment**.
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