The AML Associate:
The AML Associate will be responsible for data entry to review alerts generated by the Bank’s transaction monitoring system, activate or review alerts generated from internal referrals to determine if activity warrants further review and potentially Whether or not the period for filing suspicious activity report should be extended or not.
|40 hours a week
|1001 Brickell Bay Drive, Miami, FL 33131, USA
Salary Grade Minimum – Annual
|High School Diploma & GED
They ensure that their organization is compliant with AML laws and regulations. This includes staying updated on regulatory changes and implementing necessary changes in policies and procedures. AML Associates may be involved in training employees within the organization to identify and address potential money laundering risks. Keeping accurate records of transactions and customer information is critical to AML compliance, and AML Associates are responsible for maintaining these records.
AML Associates assess the risk levels associated with various customers, transactions and business relationships to determine the appropriate level of investigation and monitoring. They often use specialized software and tools to analyze large amounts of data and identify potential red flags related to money laundering.
The role of the AML Associate is important in maintaining the integrity of financial systems and preventing illicit financial activities. AML regulations vary by country, and professionals in the field need to stay informed about changes in laws and regulations to ensure effective compliance. Additionally, they may work closely with legal and regulatory authorities to support investigations and prosecutions related to money laundering.
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Some of the unlimited responsibilities are as follows:-
Review alerts generated from activated suspicious activity monitoring systems and internal referrals using both internal and external tools to investigate anything that requires further review.
Properly document all parts of the alert review process, including the reason for escalating or closing an alert.
Work with branch personnel to obtain proper KYC information and CIP documents when required.
Assist with special projects provided by AML management.
Assist the OFAC team in rejecting potential matches with the SDN list of negative news searches.
Notify the investigation manager about general alerts to ensure that the monitoring platform consistently addresses prevalent risks.
Assist in daily compliance efforts with AML/KYC requirements.
Comply with all regulations related to the BSA, USA Patriot Act, and OFAC. Complete annual BSA training. Report suspicions of criminal activity, or any attempts by customers or employees to avoid BSA reporting requirements, to the AML/BSA Compliance Department. For supervisory positions, ensure BSA training requirements are completed by employees.
Perform other job duties as deemed necessary by the supervisor.
Skills required for the job:
Working understanding of the reporting requirements of the Bank Secrecy Act (BSA), and USA Patriot Act.
Excellent oral and written communication skills.
Ability to conduct research using a variety of sources.
Knowledge of MS Office applications including Excel and Word.
Ability to maintain attention to detail and accuracy in pressure situations.
Team oriented and able to work independently.
Experience required for the job:
High school diploma or GED and minimum 1 year of experience in banking operations with an understanding of anti-money laundering procedures or completion of the Valley Internship Program in AML.
Experience with NICE Activate systems preferred.