Description:
Job Purpose
The BSA Analyst is responsible for supporting the bank’s Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) compliance programs under the direction of the BSA Officer. This role helps ensure compliance with applicable regulatory requirements, as well as Bank Iowa policies and procedures, by partnering with team members across the organization to promote a strong culture of compliance.
The BSA Analyst conducts ongoing account and transaction monitoring, investigates unusual or suspicious activity, identifies potential fraud risks, and assists with the timely reporting and escalation of BSA compliance-related concerns. Through proactive monitoring, research, and collaboration, this position plays a key role in protecting the Bank and its clients while supporting regulatory compliance efforts.
Core Responsibilities
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Serve as an active member of the bank’s SAR Committee. This Committee reviews unusual activity and decides whether to file reports with FinCEN. Assist in preparing the agenda and reporting on incidents.
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Research and answer fraud, BSA, and OFAC compliance-related questions from Bank Iowa team members. Collaborate with BSA Officer on escalated situations, when warranted.
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Independently review and investigate daily alerts generated by the bank’s BSA monitoring software to identify unusual or potentially illicit patterns. Collaborate with bank team members to efficiently and effectively process the alert.
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Review Internal SAR Incident Reports and create investigation files. Draft detailed investigation summaries for use in determining if a Suspicious Activity Report (SAR) is required to be filed. Create on-going cases and create SAR reports, when required.
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Review system reports and alerts and create Currency Transaction Reports, when required.
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Ensure customer identification and beneficial ownership processes are being followed and details entered within BSA systems for appropriate on-going monitoring of client activity.
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Process cash transaction workflows to help mitigate fraud, clear daily alerts, process CTRs, and monitor for suspicious activity. Collaborate with bank team members if questionable activity.
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Review system reports and log Monetary Instrument Reports to meet recordkeeping requirements.
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Process watch list alerts including processing OFAC and/or 314(a) requests.
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Perform on-going reviews of client accounts including more detailed reviews of moderate and high-risk customers to determine acceptable BSA compliance risk.
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Maintain accurate and organized files of monitoring activities, investigations, SAR & CTR filings, and follow-up reviews to meet recordkeeping requirements.
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Maintain working knowledge and locations of reference materials for appropriate fraud and BSA & OFAC regulations and interpretations.
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Assist in the preparation of monthly fraud reports used to educate team members on fraud scenarios.
General Responsibilities
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Communicate fraud and BSA program issues or concerns to the BSA Officer.
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Help with special projects assigned by the BSA Officer.
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Perform other bank related compliance duties as assigned.
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Understand and comply with banking regulations by following bank policies and procedures. Stay abreast of relevant regulations, current industry matters, and any changes implemented internally to ensure compliance.
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Has access to confidential information. Protects the privacy and confidentiality of clients, other team members, and work.
Requirements:
Required Education & Experience
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Bachelor's Degree or equivalent educational/work experience
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At least 5 years banking experience
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Lending, Operations, or Compliance experience in a financial institution
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Knowledge of BSA & OFAC regulations
Additional Qualifications Include
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Ability to exhibit our values; Think Big, Be People-Centered, Enable Great Things, and Bring your Best
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Must be detail-oriented
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Ability to learn through independent research and study
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Ability to organize and prioritize work to meet deadlines
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Experience with financial institution software systems
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Proficient with Microsoft Office applications
Hours of Work & Travel
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Full Time, Regular Employment
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Monday thru Friday, regular business hours
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Travel may be required to attend seminars, conferences, and schools to stay current with regulatory requirements.
About Bank Iowa
At Bank Iowa our purpose is to Empower People, Inspire Success and Foster Growth. Bank Iowa is one of the leading independent Ag banks and the second-largest family-owned bank in the state. Our bank family consists of team members, farmers, families and businesses throughout Iowa who we serve in our 26 locations. With an ongoing commitment to community banking Bank Iowa aspires to be the bank of choice for our clients, the career of choice for our team members, a center of influence in our communities, and a point of pride for our family owners.
While our purpose is our “why” behind all that we do, our values allow us to fulfill our purpose. At Bank Iowa we strive to Be People-Centered in everything we do. We encourage our team members to Think Big beyond the immediate answer and to be creative and innovative. Team members throughout Bank Iowa Enable Great Things by taking ownership and going above and beyond. Last, we inspire all team members to Bring Your Best each and every day.
What we Offer
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A competitive financial package we want you to bring your best so in addition to your compensation, every team member receives a bonus opportunity, a generous 401k match, and discretionary profit sharing
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Robust benefits and wellness - we are proud to offer health, dental and vision insurance as well as a wellness program designed to help drive down your premiums. Our wellness initiatives promote positive change and allow our team members to think big.
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Blending work and life – As a people-centered organization, each team member is given a generous PTO bank. All regular full and part-time team members receive PTO. Bank Iowa team members receive 11 paid observed holidays, 12 weeks of parental leave for primary caregivers and 4 weeks of parental leave for secondary caregivers, an opportunity for sabbatical leave, generous bereavement, and an employee assistance program to support team members throughout various stages in their lives.
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Continued learning opportunities – Bank Iowa enables great things and supports team member development at every stage of your career. Our development approach focuses on your innate talents and developing those into areas of strengths. Learning experiences are available in formal & informal training settings, as well, on-the-job training. Development programs are available in-person and online. Our tuition reimbursement program is available to support formal education programs.
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Community Involvement – Our team members are active members of their communities and people-centered. Bank Iowa aspires to be a center of influence in each of the 24 communities we are located in. In addition to company-sponsored volunteer opportunities, we offer volunteer time off (VTO), which allows team members to give their time to organizations they care about, without having to use PTO.
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Recognition – Bank Iowa is proud of our team members who “Live our Values”. Our peer nominated recognition program presents team members who Live our Values on an annual basis.
Bank Iowa is an equal opportunity employer with a passion for creating an inclusive environment where all people are truly welcomed, valued and respected – for all of who they are – regardless of differences. All applicants will be considered for employment without regard to age, race, color, sex, pregnancy, sexual orientation, gender identity, military service, national origin, religion, physical or mental disability, genetic information, or any other classifications protected by applicable federal, state or local laws.
