Bank Secrecy Act Analyst Job Description [Updated for 2025]

In today’s highly regulated banking industry, the role of a Bank Secrecy Act Analyst has become crucial than ever.

As banks continuously aim to combat financial crimes, the need for proficient analysts who can interpret, implement, and ensure compliance with the Bank Secrecy Act grows exponentially.

But let’s delve deeper: What’s truly expected from a Bank Secrecy Act Analyst?

Whether you are:

• A job seeker trying to comprehend the intricacies of this role,
• A hiring manager outlining the ideal candidate,
• Or simply intrigued by the compliance landscape within banking,

You’re in the right place.

Today, we present a customizable Bank Secrecy Act Analyst job description template, designed for effortless posting on job boards or career sites.

Let’s dive right in.

Bank Secrecy Act Analyst Duties and Responsibilities

Bank Secrecy Act Analysts ensure that financial institutions comply with the Bank Secrecy Act and other anti-money laundering laws.

They work closely with other departments within the financial institution to identify and mitigate risks associated with money laundering and fraudulent activities.

Their duties and responsibilities include:

• Assessing and monitoring transactions to identify suspicious activities
• Developing and implementing policies and procedures to ensure compliance with Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and other regulations
• Conducting thorough investigations of suspicious activity and preparing reports for submission to management and regulatory bodies
• Providing training and guidance to other employees on BSA and AML compliance
• Reviewing and updating the institution’s BSA/AML compliance program on a regular basis
• Working closely with internal audit and risk management teams to assess and mitigate compliance risks
• Responding to requests for information from regulatory bodies and law enforcement agencies
• Keeping up to date with changes in regulations and best practices in BSA and AML compliance

 

Bank Secrecy Act Analyst Job Description Template

Job Brief

We are looking for a meticulous Bank Secrecy Act (BSA) Analyst to ensure our company adheres to legal standards and in-house policies.

You will be responsible for enforcing regulations in all aspects and levels of business as well as provide guidance on BSA matters.

Our ideal candidate will be a strategic thinker with an analytical mind, capable of creating and enforcing plans to address BSA related matters.

The goal is to preserve the company’s integrity by making sure it stays on a lawful and ethical course.

 

Responsibilities

• Implement and manage an effective BSA compliance program
• Address employee concerns or questions on BSA compliance
• Revise procedures, reports etc. periodically to identify hidden risks or non-conformity issues
• Draft, modify and implement BSA compliance policies
• Collaborate with corporate counsels and HR departments to monitor enforcement of standards and regulations
• Assess the business’s future ventures to identify possible BSA risks
• Review the work of colleagues when necessary to identify compliance issues and provide advice or training
• Keep abreast of regulatory developments within or outside of the company as well as evolving best practices in BSA compliance control
• Prepare reports for senior management and external regulatory bodies as appropriate

 

Qualifications

• Proven experience as a BSA Analyst or Compliance Officer
• Experience in risk management
• Knowledge of legal requirements and procedures
• Fluency in English
• Excellent communication skills
• Integrity and professional ethics
• Teamwork skills
• Attention to detail
• Professional certification (e.g. Certified Compliance & Ethics Professional (CCEP)) is a plus
• BSc/BA in law, finance, business administration or related field

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Bank Secrecy Act Analyst
• Work Environment: Office setting with standard banking hours. Some travel may be required for corporate meetings or training.
• Reporting Structure: Reports to the BSA Compliance Officer or Risk Management Director.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $68,000 minimum to $115,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Bank Secrecy Act Analyst Do?

A Bank Secrecy Act (BSA) Analyst plays a crucial role in the finance sector, working predominantly within banking institutions.

Their primary responsibility is to ensure compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations, established to deter and detect potential cases of money laundering and fraud.

They review and analyze transactions, client records, and reports for any signs of suspicious activity.

This involves conducting investigations, documenting findings, and reporting suspicious activity to relevant authorities.

BSA Analysts also assist in the development and implementation of BSA/AML compliance programs.

They ensure these programs are effective by performing regular audits and risk assessments.

They work closely with other banking professionals to provide training and advice on BSA/AML regulations and procedures.

Their role is crucial in maintaining the integrity of the banking system and protecting it from illegal financial activities.

 

Bank Secrecy Act Analyst Qualifications and Skills

A Bank Secrecy Act (BSA) Analyst should possess an array of technical, regulatory, and soft skills to effectively monitor and report suspicious activities, including:

• Thorough understanding of the Bank Secrecy Act and Anti-Money Laundering (AML) regulations to ensure the financial institution’s compliance with all relevant laws and standards.
• Strong analytical skills to review and interpret complex financial transactions and activities, recognizing patterns and identifying suspicious activities.
• Excellent attention to detail to ensure accurate and thorough completion of Suspicious Activity Reports (SARs) and other required documentation.
• Proficiency in financial software systems and databases to efficiently track and document transactions and activities.
• Excellent communication skills to effectively liaise with various departments within the financial institution, regulatory bodies, and law enforcement, as required.
• Ability to manage multiple tasks and responsibilities, prioritizing and organizing effectively to meet deadlines in a fast-paced, high-pressure environment.
• Strong problem-solving skills to identify and resolve issues that may affect the institution’s compliance with BSA/AML regulations.
• Continual learning and development skills to keep up-to-date with changing regulations and industry best practices.

 

Bank Secrecy Act Analyst Experience Requirements

Entry-level candidates for the role of a Bank Secrecy Act Analyst typically need a minimum of 1 to 2 years of experience in the banking industry, often gained through internships or part-time roles in compliance, risk management, or audit departments.

Candidates who have been involved in bank compliance initiatives, or have been exposed to anti-money laundering (AML) or other financial crime prevention programs would be particularly attractive to employers.

For those seeking a more senior or managerial role, 3 to 5 years of experience as a Bank Secrecy Act Analyst or in a similar role is usually required.

Candidates with this level of experience may have had direct involvement in investigating potential AML issues, implementing compliance programs, preparing and delivering training sessions, and liaising with law enforcement agencies.

Candidates with more than 5 years of experience will likely have extensive knowledge of the Bank Secrecy Act and other relevant regulations, strong analytical and problem-solving skills, and a proven ability to manage a team.

Such individuals may be prepared for leadership roles where they will oversee the bank’s compliance program and ensure that all activities are in line with legal and regulatory requirements.

 

Bank Secrecy Act Analyst Education and Training Requirements

Bank Secrecy Act Analysts typically hold a bachelor’s degree in finance, business administration, economics or a related field.

They should have a solid understanding of banking procedures and regulations, particularly in relation to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.

In addition to the academic qualifications, a few years of experience in a banking environment, especially in compliance, risk management, or auditing, can be highly beneficial for this role.

Various professional certifications can enhance a candidate’s prospects.

Certifications such as Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE), or Certified Regulatory Compliance Manager (CRCM) are highly regarded in this field.

Moreover, these professionals should have strong analytical skills, a keen eye for detail, and the ability to interpret and implement complex regulatory requirements.

Continual training and staying updated with the changes in financial laws and regulations is also an integral part of the role of a Bank Secrecy Act Analyst.

 

Bank Secrecy Act Analyst Salary Expectations

The average salary for a Bank Secrecy Act Analyst is around $62,561 (USD) per year.

Actual earnings can differ based on experience, level of education, geographical location, and the specific financial institution.

 

Bank Secrecy Act Analyst Job Description FAQs

What skills does a Bank Secrecy Act Analyst need?

Bank Secrecy Act Analysts should possess excellent analytical skills, as they are often required to review and analyze complex financial data.

They should also have good communication skills to report their findings effectively to management.

Attention to detail is crucial in this role, as is a solid understanding of banking regulations and laws.

 

Do Bank Secrecy Act Analysts need a degree?

Yes, a degree is typically required for a Bank Secrecy Act Analyst position.

Most employers prefer a degree in finance, economics, accounting, or a related field.

In addition to a degree, professional certifications such as Certified Anti-Money Laundering Specialist (CAMS) can be beneficial.

 

What should you look for in a Bank Secrecy Act Analyst resume?

Look for a solid educational background in a relevant field along with any certifications related to banking regulations and anti-money laundering.

Experience in financial analysis, risk management, or compliance is also beneficial.

Proficiency in relevant software and tools used for data analysis can be a strong asset.

 

What qualities make a good Bank Secrecy Act Analyst?

A good Bank Secrecy Act Analyst should possess a high level of integrity and professional ethics.

They should be analytical, detail-oriented and have a strong understanding of financial laws and regulations.

The ability to work independently and make sound decisions is also important.

They should be able to keep up with changing regulations and be committed to continual learning in their field.

 

Is it difficult to hire Bank Secrecy Act Analysts?

Finding qualified Bank Secrecy Act Analysts can be challenging due to the specific knowledge and experience required for the role.

It’s crucial to offer competitive salaries and benefits to attract top candidates.

Additionally, providing opportunities for professional development and advancement can make your organization more attractive to potential hires.

 

Conclusion

And there you have it.

Today, we’ve delved into the intriguing world of a Bank Secrecy Act (BSA) Analyst.

Guess what?

It’s not just about monitoring transactions.

It’s about safeguarding the integrity of our banking systems, one transaction at a time.

With our comprehensive BSA Analyst job description template and real-world examples, you’re ready to take the next step.

But why limit yourself?

Go further with our job description generator. It’s your tool for crafting pixel-perfect job listings or fine-tuning your resume to stellar standards.

Remember:

Every transaction analysis is a part of the broader financial security net.

Let’s secure that future. Together.

How to Become a Bank Secrecy Act Analyst (Complete Guide)

Unautomatable: The Jobs Safe from AI’s Takeover

The Career Vogue: The Most Fashionable Trending Jobs

Robotic Roles: The Jobs AI is Set to Steal

The Economic Armor: Careers That Shield You From Recessions