BSA (Bank Secrecy Act) & Fraud Analyst

$41,600 - $52,000/Yr

Merchants Bank - Lakeville, MN

Full-time

Lakeville, MN

Credit Intermediation and Related Activities

About the position

Merchants Bank is seeking a BSA (Bank Secrecy Act) and Fraud Analyst to join our team in Lakeville, MN. This full-time position is crucial in assisting with investigations and monitoring transactions to mitigate money laundering risks to the bank and its customers. The successful candidate will work closely with the BSA Officer to ensure compliance with BSA/AML regulatory requirements. This role requires a strong understanding of our AML and fraud software, Verafin, to effectively monitor for suspicious activities within customer accounts. The analyst will be responsible for adhering to strict timelines for reviewing alerts and creating cases, ensuring that all necessary documentation is completed accurately and promptly. In this position, the analyst will monitor and process data using Verafin, review alerts, document decisions, and create cases as needed. Responsibilities also include completing Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs), and conducting reviews of high-risk customers. The analyst will perform high-level analysis on suspicious activities, assist with Verafin data integrity reviews, and research the value of Verafin updates and releases, making recommendations to the BSA Officer for implementation. Additionally, the analyst will communicate with other institutions regarding money laundering or terrorist financing activities and assist with documentation related to BSA audits and examinations. The role requires regular attendance and a commitment to contributing positively to the work environment. The analyst will also be expected to assist bank staff with AML/fraud inquiries, compile reports for management, and participate in various BSA/AML committees and forums. Continuous education on fraud and BSA/AML regulations and trends is essential to maintain a working knowledge of the field. The analyst will also prepare agendas for SAR Committee meetings, finalize minutes, and close related cases, ensuring compliance with all regulatory requirements.

Responsibilities

• Assist in investigations and monitoring of transactions to mitigate money laundering risk.
• Ensure BSA/AML regulatory requirements are met in collaboration with the BSA Officer.
• Monitor and process data using Verafin AML/Fraud software.
• Review alerts, document decisions, and create cases as needed.
• Complete Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).
• Review high-risk customers in Verafin and perform high-level analysis on suspicious activities.
• Open cases with Verafin for technical issues and assist with data integrity reviews.
• Research and review the value of Verafin updates and releases, making recommendations for implementation.
• Utilize 314(b) designation to communicate with other institutions regarding money laundering or terrorist financing activities.
• Assist with documentation needs related to BSA audits and examinations.
• Coordinate the annual OCC MLR efforts and assist with data scrubs.
• Assist BSA Officer with risk assessments, board reports, and other internal reporting needs.
• Research new regulatory requirements and assist bank staff with AML/fraud inquiries.
• Compile Verafin reports for management on BSA/AML and Fraud activities.
• Participate in bimonthly Trust & Verify Fraud Calls and other BSA/AML committees/forums.
• Maintain working knowledge of fraud and BSA/AML regulations and trends through continuous education.
• Prepare agenda for and attend SAR Committee meetings, finalize minutes, and close related cases.

Requirements

• Frontline banking and/or BSA experience required.
• Strong written and verbal communication skills.
• Proficient in Microsoft Excel and other Microsoft Office products.
• Ability to work independently and take ownership of duties.
• Knowledge of banking systems, products, and services.
• Confidentiality of information is essential.
• Excellent interpersonal skills, including strong verbal and writing skills.
• Solid analytical, organizational, problem-solving, and decision-making skills.
• Ability to meet multiple deadlines and attention to detail.

Nice-to-haves

• Self-motivated individual that works well with a team or individually as necessary.
• Personable, interacts well with customers and co-workers.