BSA/AML & Compliance Analyst

BankNewport celebrates being a community bank since 1819. Yes, that’s 200 years, and still growing. Offering new and exciting career opportunities, BankNewport is committed to providing our employees the resource and guidance to develop careers that are challenging and rewarding.

So, if you’re looking for a great professional opportunity, know that BankNewport will empower and invest in you.

   OVERVIEW:

The BSA/AML Compliance Analyst plays a crucial role in ensuring BankNewport’s adherence to BSA, AML, OFAC, and USA PATRIOT Act regulations by conducting thorough investigations into potentially suspicious activity and maintaining compliance with federal laws. This position is responsible for identifying and mitigating risks related to financial crimes, reviewing transactions for irregularities, and filing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) as needed. The analyst will collaborate with internal stakeholders, law enforcement, and external agencies to strengthen the Bank’s compliance framework.

In addition to ensuring compliance with BSA, AML, OFAC, and USA PATRIOT Act regulations, the BSA/AML Compliance Analyst may be asked to investigate fraudulent transactions and trends, including check and mobile fraud as well as Reg E claims.

The BSA/AML Compliance Analyst will create and conduct training on relevant regulations as well as fraud and fraud prevention.

This role is a hybrid role with 3 days on site and 2 says remote.

PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:

Regulatory Compliance:

• Conduct forensic financial investigations involving complex transactions flagged through internal systems, referrals, or external intelligence sources.
• Independently assess customer activity and determine whether additional investigative action is required.
• Identify and escalate accounts or transactions posing significant regulatory, financial crime, or reputational risks.
• Prepare and file SARs and CTRs, ensuring reports meet regulatory requirements and submission deadlines.
• Manage and respond to FinCEN 314(a) and 314(b) requests, ensuring accurate recordkeeping and timely reporting.
• Monitor domestic and international transactions for potential sanctions violations, ensuring compliance with OFAC screening requirements.
• Perform due diligence and enhanced due diligence (CDD/EDD) reviews on high-risk customers, including politically exposed persons (PEPs) and entities operating in high-risk industries.
• Maintain comprehensive case documentation supporting decision-making processes for audits and regulatory reviews.
• Respond to inquiries from business units regarding AML/BSA compliance and provide guidance on regulatory expectations.
• Collaborate with law enforcement agencies such as FBI, IRS-CI, Homeland Security, and Secret Service, providing investigative support when necessary.
• Assist in updating and maintaining BSA/AML policies, procedures, and training materials to reflect changes in regulatory expectations and industry best practices.

QUALIFICATIONS:

• Bachelor’s degree in Finance, Business, Criminal Justice, or a related field.
• At least 3 years of experience in BSA/AML compliance, financial investigations, fraud, or risk management.
• Strong knowledge of BSA, AML, OFAC, USA PATRIOT Act, and related regulations.
• CAMS certification is preferred.
• Ability to conduct detailed financial analysis and recognize complex money laundering and fraud schemes.
• Proficiency in Microsoft Office, transaction monitoring software, and case management tools.
• Experience with Verafin is preferred
• Strong critical thinking, problem-solving, and investigative skills with the ability to make independent decisions.
• Excellent written and verbal communication skills, particularly in SAR narratives and interactions with law enforcement.

    Physical Requirements:

Any physical demands or work conditions described below are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable Accommodation may be made to enable individuals with disabilities to perform the essential functions.  Employees need to have the ability to:

• Travel independently to the position’s primary work location, other bank properties and work-related activities or events at locations outside the Bank.
• Effectively communicate and exchange accurate information and ideas so others will understand.
• Independently 0perate a computer and other office machinery, such as a calculator, copy machine, printer and software programs related to the position needed to complete the primary functions.
• Sit or stand at a workspace and use a computer or other equipment for prolonged periods of time.
• Meet the work schedule requirements for physically working in the branch during normal business hours to effectively meet business needs.
• Move office items weighing up to 35 pounds.
• Work in an environment with low to moderate noise levels.

SUPERVISORY SCOPE:

While the Analyst doesn't have direct managerial responsibilities, they play a pivotal role in interfacing with various departments, providing insights, and guiding them on compliance matters.

INDEPENDENT ACTION:

While largely self-directed, the Analyst exhibits judgement in seeking external guidance or collaboration when confronted with multifaceted or nuanced situations.

BANKNEWPORT CORE VALUES

• We celebrate individuality
• We empower employees to be creative problem solvers
• We invest and take the time to really get to know our customers
• We commit to serving the financial needs of Rhode Islander’s

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.