The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Analyst plays a crucial role in preventing criminal activities, such as money laundering and terrorist financing, within financial institutions. Responsible for monitoring all financial transactions and customer accounts, the BSA/AML Analyst analyzes data to identify suspicious activities and potential risks. They regularly review and evaluate account activities, conducting thorough investigations into any flagged transactions or individuals. Utilizing various software systems and tools, they assess and document risk levels, implementing appropriate controls and preventive measures to ensure compliance with applicable laws and regulations. The BSA/AML Analyst also assists in the development and enhancement of monitoring processes and procedures, utilizing industry best practices to optimize fraud identification and prevention efforts. Additionally, they stay updated on new and evolving regulations and guidelines, attending training sessions and collaborating with internal stakeholders to implement necessary changes in policies and procedures. The BSA/AML Analyst works closely with internal audit teams, providing them with necessary documentation and reports, and may be required to liaise with law enforcement agencies and other external organizations for investigations and reporting purposes. This role requires a high level of attention to detail, critical thinking, and strong analytical skills to detect possible money laundering activities or suspicious behavior, ensuring the integrity and security of financial institutions and promoting a safe and compliant environment for customers and stakeholders.

According to Google's latest data, the Bank Secrecy Act/Anti-Money Laundering Analyst role is expected to experience steady growth in the Canadian market. Over the past 10 years, demand for professionals in this field has significantly increased, and this trend is projected to continue. The job market for Bank Secrecy Act/Anti-Money Laundering Analysts is expected to offer a substantial number of employment opportunities in the coming years.

How to Learn

As a Bank Secrecy Act/Anti-Money Laundering Analyst with 0-3 years of experience in Canada, your main responsibilities include:<ul><li> Conducting due diligence and risk assessments on new and existing customers, ensuring compliance with AML/CFT regulations. Analyze customer information, transaction patterns, and account activity to detect and report suspicious or fraudulent activity.</li><li> Monitoring and investigating potentially suspicious transactions and activities to identify and mitigate money laundering and terrorist financing risks. Review alerts, reports, and system-generated data to identify potential irregularities and escalate findings for further investigation.</li><li> Assisting with the implementation and maintenance of AML/CFT policies, procedures, and controls. Participate in the development and enhancement of internal controls, risk assessment frameworks, and compliance training programs.</li><li> Keeping abreast of regulatory changes and industry best practices to ensure compliance and provide timely advice to management.</li></ul>

Roles & Responsibilities

Average take home Salary for a Bank Secrecy Act / Anti-Money Laundering Analyst in Canada is around C$57977 per year

Salary Breakup

Analysts of the Bank Secrecy Act/Anti-Money Lundering Analyst is accountable to ensure conformity in accordance with regulations under the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. They investigate and analyze financial transactions to identify possible money laundering or fraud actions in the financial institution. Their job involves the monitoring of suspicious transactions and reporting them as well as working with police agencies conducting risk assessments and implementing controls to stop illicit financial transactions. They also create and revise policies and procedures that enhance institutions' AML program.

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Bank Secrecy Act / Anti-Money Laundering Analyst

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