Job Description

We are seeking a detail oriented and analytical BSA Risk Quality Assurance Specialist I to join our BSA/AML (Bank Secrecy Act/Anti-Money Laundering) risk team. The cornerstone of a strong BSA/AML compliance program is the adoption and implementation of comprehensive risk policies, procedures, and processes for all areas of the bank for BSA related risk, particularly those that present a higher risk for money laundering and terrorist financing. The objective is to be able to ensure the proper controls are in place and working effectively to mitigate these risks. The BSA Risk Quality Assurance Specialist I will mainly be responsible for performing quality assurance assessments and testing in accordance with the regulations, policies, and standard operating procedures. This position supports the overall BSA/AML compliance program for the bank.

Additionally, the BSA Risk Quality Assurance Specialist I must be able to communicate effectively and work with different business units. This role requires strong analytical skills, attention to detail, and a solid understanding of BSA/AML regulations and compliance requirements. This individual is also expected to multi-task other job-related duties as requested by reporting Manager together with the regular responsibilities.

Conduct bank-wide evaluations and testing to assess the level of risk associated with money laundering and terrorist financing within each business unit to identify potential vulnerabilities and ensuring adherence of BSA/AML compliance.
Assist with preparing written reports which summarize the objectives, scope, findings, and conclusions for each business unit within the bank.
Document findings and observations resulting from QA reviews.
QC EDD/AML alerts and cases generated from Verafin.
Perform testing to ensure the completeness and accuracy of transaction data flow from source systems to Verafin.
Maintain comprehensive and accurate documentation of testing results.
Contribute to streamlining current risk processes and identifying areas for improvement.
Assist with the review and decision bank-wide new initiatives in GRC application by evaluating new products/services for potential BSA/AML risks prior to implementation.
Maintain and contribute to monthly BSA metrics.
Assist in preparing for internal and external audits by providing requesting documentation and supporting data.
Keep abreast of current BSA industry news and regulations and prepare monthly BSA newsletter.
Provides on-going support and performs other job-related duties as assigned by reporting manager.

PROBLEM SOLVING & DECISION MAKING:

The BSA Risk Quality Assurance Specialist I plays a supportive role in ensuring the effectiveness and compliance of all risk management activities within the BSA/AML department. This position requires a high level of attention to detail and organization to identify issues and inconsistencies in bank wide BSA/AML related processes to ensure accuracy in testing and reporting. The BSA Risk Quality Assurance Specialist I will need to work independently and in collaborative environments and require strong verbal and written communication skills. This role will support decisions made by management to effectively monitor, assess, and improve the bank’s compliance with regulatory standards.

Education And Experience

Bachelor's Degree or equivalent experience preferred.
1-3 years of BSA/AML proven experience required.
Prior compliance and/or audit experience highly preferred.
Prior financial institution experience as a BSA Investigator required.

Skills/Knowledge (Include licenses, registrations, or special skills, such as typing, programming languages, etc., required to perform the job.)

Ability to manage multiple priorities and work independently.
Strong analytical and problem-solving skills.
Detail-oriented with excellent organizational skills.
Proficient in Microsoft Office (e.g. Word, Excel, PowerPoint).
Knowledge of GRC and transaction monitoring systems (e.g. Archer, Verafin).
Effective written and verbal communication.

About Us

At Eastern Bank, we pride ourselves on supporting our employees by offering tremendous opportunity for individual growth. As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us. We are proud to offer comprehensive compensation plans and a benefits program called Total Rewards that includes medical, dental, vision, life and disability insurance, retirement, vacation and tuition reimbursement.

Eastern Bank is an Equal Opportunity Employer of women, people of color, LGBTQIA+, religion, national origin, citizenship, neurodivergence, age, Veterans, individuals with disabilities, or any other characteristic protected by law.

At Eastern Bank, we are dedicated to building a diverse, equitable, inclusive and authentic workplace. If you’re excited about this role but your experience doesn’t fully align with every qualification, we still encourage you to apply! You may be just the right candidate for this position or others across the company. Our Recruitment team is waiting to chat with YOU.

Eastern Bank

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BSA Risk Quality Assurance Specialist I