BSA Risk Analyst - Toms River, NJ

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.

Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!

ABOUT YOUR ROLE

The BSA Risk Analyst is responsible for fulfilling the Bank Secrecy Act (BSA)/ Anti-Money Laundering (AML) requirements through KYC (Know Your Customer) Onboarding and enhanced evaluation of customer relationships on behalf OceanFirst Bank for both new and existing customers. Will be responsible for ensuring that all KYC records/files (AOQs, Client Identification and Customer Due Diligence) for new and existing customers are completed and compliant with specific standards; to include maintenance of customer data in support of Front Office business lines and according to the banks policy and procedures. Will stay current on trends and patterns related to money laundering, information and techniques related to money laundering, and will escalate complex or significant issues to the BSA Risk Manager. May also participate in special AML Compliance reviews, projects and training efforts, as required. This analyst must have a solid understanding of all related laws and regulatory requirements as it relates to BSA/AML and OFAC. The BSA Risk Analyst will assist the BSA Risk Manager in the administration of the high-risk customer EDD program, a part of Oceanfirst's BSA/AML/OFAC program. Performs analysis of moderately complex financial transactions and additional due diligence as required for high-risk customers, and as otherwise directed by the BSA Risk Manager.

WHAT YOU WILL DO

1. Perform daily reviews of client records by confirming KYC data requirements, collect relevant KYC information, undertaking research via internal and external sources, gathering, and analyzing KYC documentation in accordance with regulatory and the Bank policy requirements.
2. Review KYC Onboarding documentation (AOQs, CIP, etc.), risk assessment, liaising with the Business and Compliance/AML teams and advising on KYC requirements.
3. Complete KYC due diligence reviews in a timely manner to high quality standards, as per the Banks policy.
4. Ensures all KYC information is complete and accurate.
5. Coordinate directly with the BSA Risk Manager and retail branch personnel to obtain relevant KYC requirements.
6. Analyze risk associated with the client and identify red flags situations and refer to the BSA Risk Manager should potential risk and operational issues arise.
7. Review results from the output of the new customer risk scoring tool to identify new high-risk customers that need to be scheduled for a 90-day Enhanced Due Diligence review.
8. Review the output from the new high-risk customer risk scoring tool to identify restricted or prohibited entity/customer types that require further action.
9. Conduct 90-Day new high-risk customer EDD reviews to determine if activity is reasonable based on the nature of the business and is consistent with the CDD/expected activity information collected at account opening. Based upon analysis of activity, make recommendation if ongoing high-risk activity monitoring is required.
10. Performs daily review and disposition of CDD/EDD alerts relating to High-Risk customers.
11. Performs moderately complex transactional and customer analysis to support the Enhanced Due Diligence (EDD) reviews of the Bank's high-risk customers.
12. Analyze and review moderately complex account relationships, including a holistic review of customer relationship, transactions and customer provided information to support recommendations and appropriate risk-based business actions to be taken concerning client relationship onboarding or ongoing monitoring, escalating suspicious activity as necessary.
13. Communicates with branch, business units and management for clarification when researching and conducting reviews, as necessary.
14. Completes written report of findings which includes comprehensive details, negative news searches, detailed narrative of business activities and risk-based recommendations.
15. Requires continuous exercise of judgment following broad guidelines.
16. Maintains an understanding of money laundering and financial crime and terrorist financing typologies and predicate offenses for money laundering and is able to apply that understanding in analyzing customer transaction and behaviors to identify activity consistent with the typologies.
17. Maintains an understanding of the BSA/AML KYC, CDD, EDD requirements and OFAC Sanctions compliance requirements. The BSA Risk Analyst maintains sufficient knowledge and understands when an EDD review should be escalated to the Investigations team for a AML case investigation or should be brought to the attention of the BSA Risk Manager or the BSA FCC Manager.
18. Assist with daily department mailbox duties.
19. Participates in ongoing training to maintain knowledge of BSA/AML and OFAC regulatory requirements and new and emerging money laundering and financial crimes typologies.
20. Keeps abreast of Bank policy, procedure, systems, products and services. Monitors industry trends relative to money laundering or fraud schemes including detection and reporting of suspicious activity.
21. Engages in additional assignments as directed by Management and may be required to conduct financial investigations to mitigate regulatory, reputation and compliance risk for OceanFirst.