Sr. Analyst High Risk EDD (NE)

Cathay Bank; Monterey Park (CA); On-site; USD 44,000 - 48,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

Life insurance

Long-term disability

FSAs

HSA

401(k)

Job summary

Cathay Bank in California is seeking a Senior High Risk Enhanced Due Diligence Analyst to review AML and CDD alerts and conduct annual High Risk EDD reviews for high-risk clients. The role requires strong analytical skills, judgment, and confidentiality, with ownership of the learning process and collaboration with branches and business lines.

You will prepare detailed EDD reports, assess sources of wealth, negative news, and regulatory changes, and stay current on AML trends while ensuring

Qualifications

• Bachelor’s degree in business or finance, preferred.
• CAMS designation preferred.
• Minimum 3 years’ experience in BSA/AML Compliance including SARs writing.
• Proven ability to balance quality and quantity of reports.
• Strong writing, analytical and communication skills.
• Knowledge of BSA/AML laws, OFAC, and related regulations.

Responsibilities

• Conduct comprehensive investigations of clients using CIP information, occupation, line of business, income methods, and activity identified by AML solution.
• Coordinate with branches and business lines for profile clarification.
• Perform transaction analysis across various businesses and purposes of accounts.
• Prepare detailed High Risk EDD Reports for complex relationships and high-risk clients.
• Analyze system generated and manual alerts for high-risk reviews and SARs.
• Stay informed on AML trends and regulatory developments.

Skills

Analytical skills

Writing skills

Communication skills

Multitasking

Education

Bachelor’s Degree in business/finance

CAMS designation

Tools

Microsoft Word

Excel

Access

PowerPoint

Outlook

Job description

People Drive Our Success

Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team! At Cathay Bank — we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members’ drive and optimism. Together we can make a difference in the financial future of our communities.

What our team members are saying:
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Learn more about us at cathaybank.com

GENERAL SUMMARY

The Senior High Risk Enhanced Due Diligence (EDD) Analyst is responsible for reviewing systematic Anti-Money-Laundering (AML) alerts and Client Due Diligence (CDD) alerts and conducting annual High Risk Enhanced Due Diligence (EDD) reviews on high-risk consumer and commercial clients.

The Senior High Risk EDD Analyst has an understanding of key topics within the high risk client lifecycle management process, including: Source of Wealth corroboration, negative news and adverse media screening, collection of required Ultimate Beneficial Owner (UBO) documentation, nature and purpose of account, monitoring/mitigating of potential suspicious transactions, changes in regulatory rules, recent trends and enforcement actions, peer group leading practices, client risk rating, other AML related red flags.

This position requires strong ownership of the learning process, prioritization and substantial analytic skills, case management skills and an ability to drive positive change. This position requires sound judgment, attention to detail, and the highest degree of confidentiality and accuracy in the handling of information and in discharging responsibilities.

Effectively and voluntarily takes on additional roles and responsibilities including participating in special projects; and working closely with branches and business lines.

DIRECT REPORTS

None

ESSENTIAL FUNCTIONS

• Conduct comprehensive investigations of clients by utilizing CIP information, occupation, line of business, income methods, and transaction activity as identified by the AML Solution based on predefined risks.
• Contact branches and business lines for clarification of client profile and/or account activity, as needed
• Performs transaction analysis of several types of businesses and captures a strong understanding of account purposes
• Prepares detailed High Risk EDD Reports for complex relationships and higher risk clients, including Politically Exposed Persons, Non-Bank Financial Institutions, Privately Owned ATM, Marijuana Related Businesses, etc, which include transactional analysis summaries and negative news findings utilizing using tools such as Internet search engines and other non-documentary search engines and AML solution.
• Analyze system generated and manually created alerts for high-risk client review and suspicious activities.
• Generated alerts, high-risk enhanced due diligence reports, and suspicious activity reports (SARs) must be completed according to established procedures.
• Stay well-informed on current money laundering and terrorist financing behaviors, issues, criminal typologies, industry best practices, regulations, and developing trends

QUALIFICATIONS

Education:

• Bachelor’s Degree in related fields of business or finance, preferred
• Certified Anti-Money Laundering Specialist (CAMS) designation, preferred.

Experience:

• Minimum 3 years’ experience in BSA/AML Compliance including writing and preparing Suspicious Activity Reports (SARs) in accordance with applicable regulatory requirements or applicable experience
• Proven ability to balance quality and quantity of reports

Skills/Ability:

• Certified Anti-Money Laundering Specialist (CAMS) designation, preferred.
• Strong knowledge of the laws applicable to money laundering, including Bank Secrecy Act, the USA PATRIOT Act, US Treasury AML guidelines, OFAC requirements, and Suspicious Activity Reporting requirements
• Strong understanding of banking products and services
• Strong research skills including experience with online search tools
• Strong proficiency in Microsoft Word, Excel, Access, PowerPoint and Outlook
• Strong writing, analytical and communication skills
• Able to multitask and complete projects on time, often on a tight deadline
• Strong relationship building skills both internally and externally
• Develops relationships within appropriate levels of management for issue identification and resolution.
• Flexibility to adapt to changing priorities to meet business needs.

OTHER DETAILS

Payr Range: $32.00 — $35.00 / hour

Pay determined based on job-related knowledge, skills, experience, and location.

This position may be eligible for incentive compensation.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes:

• coverage for medical insurance
• dental insurance
• vision insurance
• life insurance
• long-term disability insurance
• flexible spending accounts (FSAs)
• health saving account (HSA) with company contributions
• voluntary coverages
• 401(k)

Cathay Bank may collect personal information from potential job candidates and applicants. For more information on how we handle personal information and your applicable rights, please review our California Job Applicant Privacy Policy.

Cathay Bank is an Equal Opportunity and Aff… We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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Cathay Bank endeavors to make www.CathayBank.comaccessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact, Mickey Hsu, FVP, Employee Relations Manager, at [phone] or mickey