BSA ANALYST II

BAYCOAST BANK

POSITION DESCRIPTION

POSITION TITLE: BANK SECRECY ANALYST II

DEPARTMENT: RISK MANAGEMENT & COMPLIANCE

FLEXIBLE WORK PROGRAM ELIGIBILITY CODE: Hybrid Work (HW) & Must be able to Work in the Office (Swansea, MA)

FUNCTION:

Under the supervision of the Bank Secrecy Act & Anti-Money Laundering (BSA/AML) Officer performs suspicious activity monitoring and completes appropriate investigations. Conducts reviews of transactions and activities of customers/relationships of the Bank and its subsidiaries. The analyst will be required to complete due diligence reviews as required under the Bank's risk rating parameters and prepare SAR's for filing in accordance with regulatory requirements.

JOB DUTIES:

1. Assists the BSA/AML Officer and Assistant BSA/AML Officer with Verafin's AML and wire alert process; monitors account activity for structuring/money laundering activities, recommends creating cases for further investigation, and when appropriate recommends the filing of Suspicious Activity Reports (SAR). Ensures alerts are cleared and acknowledged in a timely manner.
2. Assists the Compliance BSA/AML Specialist with the ongoing monitoring of Money Service Businesses, privately owned ATMs, and other High-Risk Customers in accordance with regulatory requirements. Verifies required documentation has been collected and accurately completed and required licenses are current. Prepares and distributes paperwork for annual on-site visits. Ensures periodic reviews are accurately completed in a timely manner.
3. Assists the BSA/AML Officer in the set up and completion of the Suspicious Activity Report (SAR), which includes a detailed analysis of the transaction activity, and compiling appropriate supporting documentation and a comprehensive SAR narrative.
4. Conducts Enhanced Due Diligence reviews for new and existing Non-Resident Alien customers. Verifies required documentation has been collected and accurately completed. Reviews accounts for patterns of suspicious activity and documents findings in accordance with regulatory requirements.
5. As needed, reviews Customer Profile Worksheets for new business accounts to ensure forms are accurately completed at the time of on-boarding. Enters errors regarding policy exceptions or discrepancies into "Salesforce" to ensure a timely resolution.
6. Monitors assigned cases in Verafin, ensures investigations are conducted in a timely manner, and customer due diligence is performed and documented in accordance with regulatory requirements. When appropriate, recommends and sets custom behaviors in Verafin for high volume customers whose normal and expected activity continually exceeds the system's global parameter settings.
7. Assists the BSA/AML Officer and Assistant BSA/AML Officer with the ongoing monitoring of the Bank's compliance with the Office of Foreign Assets Control (OFAC). Duties include performing OFAC checks on incoming and outgoing wire transfers utilizing third-party software (WITS) and performing OFAC checks on IAT transactions utilizing another third-party software (OFAC WatchDOG Elite).
8. Pulls and reviews identified high risk accounts in Verafin to ensure proper enhanced due diligence and ongoing periodic monitoring is completed. Also performs behavior reviews for identified customers based on volume or business type, ensures reviews are conducted according to guidance and in a timely manner.
9. Acts as a back-up to the BSA Merchant Analyst. Monitors BSA/AML Compliance Related Due Diligence Requirements of the Bank's Merchant Processing Program to ensure regulatory expectations are being met.

• Reviews new approved merchant and instant funding applications for potential BSA/AML risks.
• Update and maintain spreadsheets for tracking approved merchants by industry category. In addition, maintain tracking for instant funding merchants.
• Review negative media searches on merchants and the principals listed on the application for potential risk of money laundering.
• Review CIP and beneficial ownership information obtained for the merchant and applicants.
• Review OFAC query results on businesses and signers.
• Documents findings on internal merchant screening checklist.
• Ensure instant funding merchants are establishing in COCC. Review new account documentation for BSA compliance. Create EDD case in Verafin for ongoing periodic monitoring.
• Perform website/google searches to ensure activity is appropriate given the product/service, geographic location and business type.
• Maintain spreadsheets with analysis, monitoring results and data compilation of merchant activity.
• Performs event-orientated and on-going merchant reviews as warranted.
• Keeps BSA/AML Officer and/or Chief Risk Officer advised on any potential suspicious activity concerns.
• Works closely with the staff of the Merchant Program to resolve any discrepancies and if applicable collect missing documents or information in a timely manner.
• Recommends enhancements to procedures relating to the Merchant Program as applicable.
• Utilizes G2 Web Services Solution suite which supports the Merchant Program's BSA/AML initiatives (imports new merchants, reviews monitoring reports, transaction laundering alerts, litigation alerts and KYC Compass Score)

1. Keeps abreast of developments (i.e. regulatory, technological, etc.) within the banking industry pertaining to the Bank Secrecy Act and anti-money laundering activities.
2. Assumes additional responsibilities as requested.
3. Maintains highly confidential information and may be required to perform confidential investigations into suspected internal and external fraudulent activity.
4. Embraces the Bank's commitment to Solutions by seeking and recognizing opportunities to refer new business to different areas of the Bank, BayCoast Financial Services, Partners Insurance Group, LLC, Plimoth Investment Advisors, BayCoast Mortgage Company, LLC and Priority Funding.
5. Embraces the Bank's credo.

KNOWLEDGE, SKILLS & ABILITIES:

• Must be proficient in the Microsoft Office Suite.
• An in-depth knowledge of the Bank Secrecy Act rules and regulations is required.
• Must possess a strong understanding of money laundering and high-risk customers.
• Good verbal and written communication skills
• Basic accounting skills
• Ability to resolve problems and research them.
• Very detailed oriented.

MINIMUM EDUCTATION, TRAINING & WORK EXPERIENCE:

• Bachelor's Degree in Business, Accounting, Criminal Justice or other related field preferred.
• Two to three years of BSA/AML experience required.
• Compliance and/or legal training a plus.
• Working knowledge of BSA/AML automated software.
• Experience with Verafin is preferred but not required.

EQUIPMENT USED:

General office equipment.

PHYSICAL/WORK CONDITION REQUIREMENTS:

In the performance of respective task and duties, the employee is expected to successfully perform the essential functions of the position. Reasonable employee accommodation for physical or mental disabilities will be considered on a case-by case basis. While performing duties the employee is required to sit, talk, hear, lift up to 20 lbs., and may be required to work evenings and/or weekends, attend remote meeting and/or travel.