Sr. BSA/AML Compliance Analyst

POSITION SUMMARY

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 Sr. Analyst will collaborate with internal stakeholders, law enforcement, and external agencies to strengthen the Bank’s compliance framework.

PRIMARY RESPONSIBILITIES

Regulatory Compliance:

• Conduct in-depth 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 handle all 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.
• Manage and ensure accuracy of OFAC reporting including annual filing per regulatory compliance.
• 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 all internal bank and external 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.
• Collaborate with Compliance, Risk, Legal and Fraud & Security to assess and mitigate financial crime risks.
• Ability to manage multiple cases, prioritize tasks and meet deadlines.
• Assist in the enhancement of transaction monitoring rules 
• Assists with internal BSA/AML audits including regulatory examinations
• Serve as back up to BSA/AML Manager

REQUIRED QUALIFICATIONS

• Bachelor’s degree in Finance, Business, Criminal Justice, or a related field.
• At least 5 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 or in progress.
• 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 hybrid work schedule requirements for physically working in the office during normal business hours on Mondays and Wednesdays and another day of choice to effectively meet business needs.
• Move office items weighing up to 35 pounds.

SUPERVISORY SCOPE

• Number of employees directly managed.

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

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.