What Does A BSA Analyst Do?

The BSA Analyst

assists in the implementation and administration of all aspects of the Bank Secrecy Act compliance program

and assists with various assignments supporting the Compliance Program of the bank, under the guidance of the AVP, BSA Officer and Compliance Specialist.

How much do BSA specialists make?

How much do BSA analysts make?

The average salary for a bsa analyst is

$54,482 per year

in the United States. Was the salaries overview information useful?

What does a BSA specialist do?

The BSA Specialist will report to the VP of Risk Management and

perform risk review and monitoring

to ensure that all banking rules, regulations, and statutory requirements are met. This role is responsible for conducting BSA/AML investigations, due diligence, and tracking.

What does a BSA do at a bank?

A Bank Secrecy Officer works within a bank, credit union, or similar financial institution,

to ensure compliance with laws and regulations pertaining to the

United States’ Bank Secrecy Act.

How do you become a BSA compliance officer?

There is

no

official academic qualification necessary for the position, but you must show a proficient knowledge base of all rules and regulations relating to the Bank Secrecy Act as well as additional requirements added to the act, such as Anti-Money Laundering (AML) regulations and the Patriot Act.

What are the four pillars of BSA?

• Designation of a Compliance Officer. …
• Development of internal policies, procedures and controls. …
• Ongoing, relevant training of employees. …
• Independent Testing and Review.

What is a BSA certification?

Improve your ability to detect and prevent suspicious

and criminal

activity with this overview of the types of criminal behavior commonly used against banks, including in-depth training on the applicable U.S. laws and regulations governing money laundering.

How much does a BSA AML investigator make?

While ZipRecruiter is seeing annual salaries as high as $145,500 and as low as $30,000, the majority of BSA AML Investigator salaries currently range between

$58,500 (25th percentile) to $93,500 (75th percentile)

with top earners (90th percentile) making $131,500 annually across the United States.

What is a BSA investigator?

The BSA/AML Investigator is

responsible for performing BSA/AML and OFAC Investigations of account activity

, and recommending the filing of Suspicious Activity Reports, as appropriate.

What are BSA requirements?

• Keep records of cash purchases of negotiable instruments,
• File reports of cash transactions exceeding $10,000 (daily aggregate amount), and.

Is BSA training required annually?

While the regulation doesn’t technically require “annual” Board BSA training per se, it has become an industry expectation. The Board should be updated,

at least annually

, on BSA even if there are no changes.

What did the Bank Secrecy Act establish?

The Currency and Foreign Transactions Reporting Act of 1970

(which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering.

Who does the BSA officer report to?

#7: Reports and Reporting.

The BSA Officer should always report directly to

the Board (or a specific BSA committee of the board)

on at least a quarterly basis. Enforcement actions typically require monthly reports to the Board, which, for many institutions, is advisable in the usual course.

Who needs to comply with BSA?

The BSA requires

each bank

to establish a BSA/AML compliance program. By statute, individuals, banks, and other financial institutions are subject to the BSA recordkeeping requirements.

Who must comply with BSA?

The law requires

banks and other financial institutions

to provide documentation, such as currency transaction reports, to regulators. Such documentation can be required from banks whenever their clients deal with suspicious cash transactions involving sums of money in excess of $10,000.