Enhanced Due Diligence/ Anti-Money Laundering Analyst

3 days ago

New York, United States Flagstar Bank Full time


The EDD/AML Analyst Sr is responsible for maintaining certain aspects of the Bank's BSA/AML compliance program and assists in meeting and maintaining BSA/AML compliance requirements of the Bank. Complies with all applicable, federal and state laws, regulations and guidance, including those related to Anti-Money Laundering (i.e. Bank Secrecy Act, USA PATRIOT Act, etc.), as well as adhering to the Bank’s policies and procedures to reduce loss/risk to the Bank.

Assigned to a team responsible for performing Enhanced Due Diligence (EDD) reviews that may range from routine to highly complex for high risk customers, including extensive analysis and documentation of the Bank’s “know-your-customer” for these entities, as well as detailed transaction analysis for the high risk customer relationship. Reviews and investigates cases and alerts on the Bank’s Transaction Monitoring & Case Management System.  Handles complex investigations and investigates potentially suspicious activity.  Assists Management in the completion and tracking of various Quality Control functions in the BSA Department. Prepares Suspicious Activity Report (SAR) narratives in a timely manner and in accordance with FinCEN’s guidance and regulations.  Assists with mentoring and training less experienced EDD/AML Analysts. 

ESSENTIAL FUNCTIONS:

  • Works on a team that conducts periodic/annual Enhanced Due Diligence reviews of high-risk accounts. Team assignment may be structured according to skill level and complexity of work.  
  • Provides training and guidance to less experienced EDD/AML Analysts.
  • Maintains an in depth understanding of business documentation for various business types including complex corporate structures and foreign entities.
  • Conducts complex investigations and investigates suspected cases of activity related to money laundering, terrorist financing, fraud, drug trafficking, tax evasion, and OFAC related violations.
  • Maintains comprehensive knowledge of documentation and expected transactional types for customers with heightened Bank requirements due to the heightened risk posed (such as ATM Vendors, MSBs, import/ export companies, foreign businesses, foreign embassies and consulates, politically exposed persons (PEPs), etc)
  • Performs periodic case/alert investigations originating from the Bank’s Transaction Monitoring & Case Management System, 90-Day Reviews, Branch Referrals, 314(a) and 314(b) requests and Subpoenas.
  • Assists Management in the completion and tracking of various Quality Control functions in the BSA Department.
  • Utilizes understanding of complex customer types to assist Management with special projects when warranted.
  • Performs quality assurance reviews, tracking and follow up for documentation and required clarifications for each EDD review performed, ensuring ultimate resolution of any pending items within the EDD file.
  • Provides training/ guidance to fellow BSA/AML Analysts with customer types or review types where they are less experienced.
  • Navigates banking systems to obtain account statements, transaction histories, wire transfer details and check images related to each investigation.
  • Communicates with branch personnel and management to verify accuracy of customer information & determine if activity in question is expected for the particular type of customer, and are responsible to ensure all discrepancies are documented and resolved.
  • Conducts research using the Internet, World-Check, Westlaw, etc., and review any press or media for adverse information impacting the Bank’s reputational or regulatory status.
  • Prepares Suspicious Activity Report (SAR) narratives in a timely manner and in accordance with FinCEN’s guidance & regulations.
  • Compiles case files with supporting documentation for each investigation.
  • Maintains a clear understanding of current regulatory BSA/AML requirements and guidance, including any updates/ enhancements.
  • Attends BSA/AML/OFAC training annually and as directed by management.

ADDITIONAL COMMENTS

  • Performs special projects and additional duties and responsibilities as required.
  • Where applicable and when performing the responsibilities of the job, employees are accountable to maintain Sarbanes-Oxley compliance and adhere to internal control policies and procedures.

QUALIFICATIONS

Education and experience:

  • High school diploma or equivalent.
  • Bachelor’s degree or equivalent.
  • Background in research, business, accounting or criminal justice preferred.
  • Three (3) to five (5) years of experience in BSA/AML field.
  • Experience with navigating banking systems and performing detailed customer transaction analysis, especially for high risk customers.
  • ACAMS designation preferred.

Knowledge, skills and abilities:

  • Good knowledge and understanding of general OFAC, BSA/AML, and USA PATRIOT Act and risk management principles.
  • Good knowledge of BSA monitoring systems.
  • Good knowledge of core banking systems.
  • PC literate with advanced proficiency in Microsoft Outlook, Microsoft Word and Microsoft Excel.
  • Strong internet research skills, including World-Check research.
  • Excellent verbal and written communication skills.
  • Highly developed analytical and problem solving skills.
  • Good organizational skills.
  • High degree of accuracy and attention to detail.
  • Ability to work and contribute in a team-oriented and collaborative environment to improve the analytical and reporting processes.
  • Ability to meet deadlines and manage multiple tasks in a fast paced environment.
  • Ability to mentor and assist department staff.

Flagstar is an Equal Opportunity Employer.  All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identify, or national origin. 

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