High Risk EDD Analyst

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.

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

The 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)/partner 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.

ESSENTIAL FUNCTIONS

• Conduct comprehensive investigations of customers by utilizing CIP information, occupation, line of business, income methods, and transaction activity as identified by the AML Solution based on predefined triggers.
• Contact branches and business lines for clarification of customer and/or account activity, as needed.
• Perform transaction analysis of several types of businesses and capture a strong understanding of account purposes.
• Prepare detailed High Risk EDD reports, which include transactional analysis summaries and negative news findings utilizing tools such as Internet search engines and other non-documentary search engines.
• Analyze system generated and manually created alerts for potential suspicious activity.
• 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.

Experience:

• Minimum 5 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:

• 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.

OTHER DETAILS

$26.44 - $31.73 / hour

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

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, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. 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.