Compliance Analyst (Banking) monitors customer accounts and researches transactions to identify suspicious activity violating current anti-money laundering (AML) regulations defined in the US Bank Secrecy Act (BSA) or other governmental anti-terrorist financing programs. Uses customer data mining and software tools to identify suspicious activity patterns. Being a Compliance Analyst (Banking) reviews daily Currency Transaction Reports (CTR) and Questionable Activity Reports (QAR), and submits Suspicious Activity Reports (SAR) as appropriate. Ensures adherence to Know your Customer (KYC) protocols. Additionally, Compliance Analyst (Banking) may lead or participate in investigations of suspicious activity to pursue corrective actions and ensure completion of required filings. Keeps abreast with regulatory changes, risk management best practices, and trending methods used by fraud perpetrators. Delivers compliance training with up-to-date regulatory information and procedures to develop and guide a well-informed staff. Typically requires a bachelor's degree. May have the Certified Anti Money Laundering Specialist (CAMS) certification. Typically reports to a manager. The Compliance Analyst (Banking) work is closely managed. Works on projects/matters of limited complexity in a support role. To be a Compliance Analyst (Banking) typically requires 0-2 years of related experience. (Copyright 2024 Salary.com)
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The Compliance Analyst is a member of the Compliance Department and is responsible for assisting with the effective planning, coordination, implementation and monitoring of the Compliance Management Policy and Program across the Bank and its affiliates. The Compliance Analyst’s main responsibility includes assisting the VP Director of Compliance in the execution of the Bank’s compliance management system. The Compliance Analyst is also a key resource to all Bank management and personnel for regulatory and compliance matters, and as such must be able to effectively interact with all levels of management and provide well-researched and sound decisions and advice as it relates to Bank policies and applicable laws and regulations. The Compliance Analyst reports directly to the VP Director of Compliance and assists in carrying out the collective responsibilities of the Compliance Department.
SUPERVISORY SCOPE:
None
INDEPENDENT ACTION:
Performs work independently within scope of established guidelines and practices. Consults with manager where clarification or exception to Bank policy may be required. Is able to take initiative and manage projects and program elements.
QUALIFICATIONS:
This position will interact directly with line, credit, and operations units within the Bank to ensure that each respective area is adhering to pre-set practices, procedures, policies, and guidelines. The Compliance Analyst also assists others in the Department, as needed.
BANKNEWPORT CORE VALUES:
Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
BankNewport is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, creed, national origin or ancestry, sex, age, physical or mental disability, veteran or military status, genetic information, sexual orientation, gender identity or expression, pregnancy, childbirth or related medical conditions, military service, marital status, or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances.
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