BSA/AML Compliance Analyst

2 months ago

Birmingham, Alabama, United States Regions Full time

Thank you for your interest in a career at Regions. At Regions, we believe associates deserve more than just a job. We believe in offering performance-driven individuals a place where they can build a career --- a place to expect more opportunities. If you are focused on results, dedicated to quality, strength and integrity, and possess the drive to succeed, then we are your employer of choice.

At Regions, the BSA AML and OFAC Compliance Analyst is a second line of defense risk management function that ensures the development and maintenance of a strong compliance culture by developing and maintaining a program infrastructure that identifies, measures, and monitors compliance with all applicable laws, regulations, and rules that govern a specific line of business. Associates at this level are responsible for ensure our company's compliance with Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) regulations.

Primary Responsibilities

  • Performs comprehensive reviews of customer transactions, accounts, and activities to identify potential instances of money laundering, fraud, and other financial crimes.
  • Monitors and analyzes transactional data for suspicious activities, unusual patterns, and potential violations of BSA/AML and OFAC regulations communication to appropriate lines of business which will be impacted by these changes
  • Assesses the risk associated with customer accounts and transactions based on regulatory guidelines and internal policies
  • Investigates alerts generated by transaction monitoring systems, including conducting research, gathering documentation, and making recommendations for further action
  • Prepares and file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) as required by regulatory authorities
  • Stays abreast of changes in BSA/AML and OFAC regulations, as well as industry best practices, and ensure that compliance procedures are up-to-date
  • Collaborates with internal stakeholders, including legal, risk management, and operations teams, to address compliance issues and implement effective controls
  • Provides training and guidance to employees on compliance policies, procedures, and regulatory requirements

This position is exempt from timekeeping requirements under the Fair Labor Standards Act and is not eligible for overtime pay.

This position will work a hybrid schedule with a combination of in-office and remote work.

Requirements

  • Bachelor's degree and three (3) years of experience in compliance, quality assurance/control, audit, or other related compliance function specific to a line of business
  • Or High School Diploma or GED and seven (7) years of experience in compliance, quality assurance/control, audit, or other related compliance function specific to a line of business

Preferences

  • Certified Regulatory Compliance Manager (CRCM)

Skills and Competencies

  • Ability to learn additional systems as needed
  • Ability to research, analyze data, and derive facts
  • Ability to work in a team environment when applicable
  • Proficiency in Microsoft Office (Excel, Word, PowerPoint, Outlook, etc.)
  • Proficiency in using compliance software and transaction monitoring tools
  • Strong understanding of BSA/AML and OFAC regulations
  • Strong verbal, written communication, and organizational skills
  • Strong work ethic and self-motivation
  • Knowledge of the Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), Financial Crimes Enforcement Network (FinCEN), and Office of Foreign Assets Control (OFAC) laws and regulations.
  • Conducts research of laws and regulations that impact sanctions compliance to include monitoring for new laws and regulations or changes to existing laws and regulations and providing communication to appropriate lines of business which will be impacted by these changes.
  • Understanding of leading industry practices relating to OFAC policies, procedures, processes, and internal controls, as well as training, systems, and models/tools.
  • Focuses on the resolution of complex challenges or transactions, where expertise is required to interpret against OFAC policies, guidelines, or processes.
  • Work with assigned areas to ensure that their OFAC procedures and processes are aligned with enterprise-wide standards, assist with training, and provide consultation as necessary.

Compensation Details

Pay ranges are job specific and are provided as a point-of-market reference for compensation decisions. Other factors which directly impact pay for individual associates include: experience, skills, knowledge, contribution, job location and, most importantly, performance in the job role. As these factors vary by individuals, pay will also vary among individual associates within the same job.

The target information listed below is based on the Metropolitan Statistical Area Market Range for where the position is located and level of the position.

Job Range Target:

Minimum:

$60,950.00 USD

50th Percentile:

$81,750.00 USD

Incentive Pay Plans:

This job is not incentive eligible.Location:Birmingham, Alabama

Bring Your Whole Self to Work

We have a passion for creating an inclusive environment that promotes and values the differences that make each of us stand out as unique individuals and help provide valuable perspective that makes us a better company and employer. More importantly, we recognize that creating a workplace where everyone, regardless of background, can do their best work and thrive is the right thing to do.

OFCCP Disclosure: Equal Opportunity Employer/Disabled/Veterans

Job applications at Regions are accepted electronically through our career site for a minimum of five business days from the date of posting. Job postings for higher-volume positions may remain active for longer than the minimum period due to business need and may be closed at any time thereafter at the discretion of the company.

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