BSA Analyst

Job Description

Job Description

About Blue Foundry Bank

This is the Bank Where Things are Made. Blue Foundry is a bank where businesses are shaped, plans are formed, ideas are refined, solutions are built, and stuff gets done. Blue Foundry is revolutionary, bold, resourceful, roll-up-your-sleeves committed, smart, creative and fun. A Bank of movers, shakers, and makers…We are a Bank that Gets Things Done.

At Blue Foundry Bank we invest in the well-being of our most prized asset…our employees! We provide a robust array of programs and benefits to help employees advance their careers and enhance the quality of their lives. Our experiential learning and development program ensures employees are on track to grow their career as of day one.

In addition, our comprehensive compensation package includes; medical, dental, and vision coverage; life insurance, short- and long-term disability insurance; 401(k) / Roth with company match up to 5%; paid time off, and 11 paid holidays; employee referral bonus; and educational reimbursement.

Position Summary

The BSA Analyst plays a critical role in safeguarding the bank’s integrity by overseeing, testing, and monitoring its enterprise-wide Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) compliance programs. This position ensures that the bank adheres to all regulatory requirements, proactively identifying and mitigating financial crime risks.

The Analyst is responsible for managing complex BSA / AML / OFAC-related functions, including conducting in-depth analysis, investigations, and dispositions of alerts generated by the bank’s BSA / AML automated surveillance systems. They will assess transaction patterns, identify potential suspicious activity, and prepare comprehensive reports with detailed findings and risk assessments. Additionally, this role collaborates closely with internal teams, auditors, and regulatory bodies to maintain a robust compliance framework, continuously enhancing policies and procedures in response to evolving financial crime threats and regulatory expectations.

The BSA / AML Analyst is a key player in strengthening the bank’s financial crime compliance efforts, ensuring proactive risk management, and upholding the highest standards of regulatory adherence.

Primary Responsibilities

• Supports the BSA / AML Officer and team in the day-to-day administration of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) programs to ensure regulatory compliance.
• Assists in the development, implementation, and enhancement of BSA / AML and OFAC policies, ensuring alignment with federal and state regulations.
• Monitors and maintains the customer identification and due diligence programs, ensuring ongoing adherence to regulatory expectations.
• Reviews and recommend updates to policies and procedures to manage risk and improve compliance effectiveness.
• Assists in regulatory audits and examinations, supporting responses to federal and state regulators as needed.
• Conducts reviews and investigations of suspicious activities, currency transactions, and OFAC screenings, ensuring accurate reporting and documentation.
• Identifies and monitors transactional patterns and suspicious behaviors in accordance with the bank’s AML policies.
• Assists in the validation and enhancement of the rules and parameters governing the Bank’s AML monitoring system.
• Provides support in preparing, reviewing, and submitting Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and other required government filings to FinCEN.
• Responds to 314(a) requests and coordinates with law enforcement on related investigations.
• Prepares detailed reports, risk assessments, and presentations on the bank’s BSA / AML / OFAC compliance status for senior management and the Board of Directors.
• Monitors and analyzes legislative and regulatory changes, providing updates and recommendations to BSA Management.
• Assists in the governance and oversight of the Bank’s model risk management program as it relates to BSA / AML and OFAC compliance.
• Assists in the review, implementation, and validation of the rule sets governing the Bank’s AML surveillance model.
• Documents research and investigation findings, ensuring accuracy and compliance with internal and regulatory requirements.

Additional Responsibilities

Position Requirements

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, LGBTQ, national origin, disability or protected veteran status.

Come join the Blue Crew community and be part of our success!