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Silvergate has served entrepreneurs in unique and niche industries for over 20 years. We leverage our technology platform and expertise to develop solutions for fintech and digital currency companies and investors around the world. Recognizing digital currency’s potential during the sector’s infancy, we have embraced pioneers and built flourishing relationships with those who were underserved by traditional banks. Silvergate is a California chartered, Federal Reserve member bank, the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, and a lender to growth-oriented businesses, entrepreneurs, and investors. Embracing change and recognizing opportunity are part of the Silvergate DNA.
The BSA/AML Analyst assists in the implementation and administration of all aspects of the Bank Secrecy Act compliance program and assists with various assignments supporting the Compliance Program of the company, under the guidance of the Senior Compliance/BSA Manager. This position performs various enhanced due diligence reviews, daily monitoring and investigations pertaining to the Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering Program, OFAC, and Customer Identification Program compliance using industry standard and regulatory guidance to ensure the company’s compliance efforts are maintained on a daily basis. Advises the Senior BSA/Compliance Manager of emerging compliance issues and assists the company in the establishment of controls to mitigate risks. The position of BSA/AML Analyst is required to be fully knowledgeable and skilled in all areas of the BSA/AML Compliance Department.
ESSENTIAL DUTIES AND RESPONSIBILITIES
- Perform daily review, monitoring, and analysis of various reports, logs, and transaction data to identify trends, unusual activity, and monitor large day to day customer’s account activity; determine if transactions are suspicious in nature, such as kiting, significant changes in balances, structuring patterns, unusual loans payments, and certificate of deposit purchases, foreign and domestic wire activity or ACH transfers, monetary instrument sales, new account openings, etc.
- Perform routine monitoring to determine the extent of compliance with regulations, laws, policies and procedures. Communicate the results of monitoring to department managers and senior management, follows-up to ensure issues are addressed, escalates issues
- Maintain proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, and OFAC
- Train in various programs to further educate oneself in BSA related compliance requirements and procedures. Also take part in monitoring processes for compliance with the Bank Secrecy Act, OFAC and relation regulations
- Compliance with 314(a) and 314(b) (PATRIOT Act) responsibilities
- Provide input of monthly reports to keep management informed of department activities, such as: Stratification and Velocity analyst, Case and SAR volume tracking, as well as other reports as assigned
- Assist in the monitoring of account activity for suspicious patterns and activity, conducts suspicious activity report investigations, high risk customer/account reviews, and recommends when to file Suspicious Activity Reports (SARs). May assist in the filing of the SARs when necessary
- Conduct case investigations, periodic reviews, cases (alerts) etc.
- Assists with New Account Business Risk Profiles
- Assists in the preparation and submission of all Currency Transaction Reports (CTRs) within required timeframes
- Performs customer and transaction analytics to identify trends and possible suspicious activity
- Assists in the administration of the automated BSA/AML/Fraud system, researches and resolved alerts and conducts investigations within the system.
- Complete reviews of various reports, applications, and platforms utilized by the BSA Department
- Ensure timely completion of all BSA work is done in a timely and accurate manner.
- Perform customer and transaction analytics to identify trends and possible suspicious activity
- Ensuring the BSA Department is functioning to its full potential
- Provide assistance to the Compliance Department when needed
- Assist in the research of regulatory issues to compliance questions from Bank personnel, using legal and regulatory reference materials, regulatory agencies, as appropriate
- Assist in special projects and tasks for the department as directed
- Assist in the development, revision or reviews of company policies, procedures, disclosures, notices, and forms to comply with legislative and regulatory changes or new requirements
- Assist with self-assessments as needed. May assist in the preparation and coordination of independent audits and regulatory examinations
- Maintain current knowledge of all federal and state laws and regulations, along with the company’s policies and procedures
- Must adhere to the company’s core values of Challenge Convention, Do What’s Right, Take Ownership, Empower People, Exceed Expectations, and Cultivate Awesome all while keeping our “Why?” front of mind. Our Why? Silvergate is the banking platform for innovators, and we believe in the power of entrepreneurs to create prosperity for our communities.
- Not to harm consumers with any act that could be misleading, unfair, deceptive, or abusive in act or practice
- Requires continuous exercise of judgment following broad guidelines
- Identifies and selects complex choices of action where standard practices may not exist
- Must be able to accommodate detailed work, problem solving, reasoning, math, presentations, verbal communication, written communication, analytical reasoning, training others, multiple concurrent tasks and constant interruptions
- Ability to deal with routine problems involving multiple facets, variables, and situations where only limited standardization exists
KNOWLEDGE, SKILLS AND ABILITIES
- Five years BSA/AML experience in account analytics, investigations, alert dispositioning, and account review processes
- Five years general banking or regulatory agency experience, with an emphasis in compliance and/or operations
- Knowledge of Bank administration, lending and operations products and services; related state and federal laws and regulations and other Bank operational policies and procedures
- College degree, or equivalent banking experience
- Comprehensive understanding of general banking compliance regulations and laws
- Comprehensive understanding of general banking operations activities, products, and services
- Ability to proactively identify and assess potential concerns and risks
- Understanding of legislative and regulatory processes
- Familiarity with all functional areas of banking
- Excellent oral and written communication skills
- Ability to resolve issues, work independently, and meet deadlines
- Persuasive and team-oriented
- Ability to communicate effectively with staff at all levels
- Effective verbal, written, and interpersonal communication skills with the ability to instruct others, train personnel, write reports, correspondence and procedures, and speak clearly to customers and employees
- Good business writing skills and proficient in Microsoft Word and Excel
- Good organizational and time management skills
BANK SECRECY ACT REQUIREMENTS
Responsible for adhering to the reporting and recordkeeping requirements of the Bank Secrecy Act and Anti-Money Laundering rules and regulations, observing economic sanctions by prohibiting transactions as specified by the Office of Foreign Asset Control (OFAC), following the Company’s customer identification program (CIP) rules, observing all Company policies and procedures relating to BSA, OFAC, CIP, and related acts, and participation in ongoing related training.
Standard office environment with a moderate noise level.
While performing the duties of this job, the employee is:
- Regularly required to talk or hear
- Required to communicate with customer and coworkers verbally and in writing
- Occasionally required to stand; walk
- Required to sit for long periods and reach with hands and arms
- Occasionally required to lift up to 25 pounds
- Able to read documents, computer screens, reports, other communications and have the ability to adjust focus and close vision
Management reserves the right to add to, change and revise this description at any time. This description does not include any marginal functions that are incidental to the essential functions. Also, it does not imply that these are the only tasks to be performed by the incumbent. Employees are required to follow any other job-related instructions and to perform any other job-related tasks requested by their supervisor. Any requirement may be modified to reasonably accommodate individuals with disabilities.
Silvergate is an EEO/AA/Disability/Vet
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