In large financial institutions, such as major banks and credit unions, there are a hierarchy of people working to combat anti-money laundering (AML) and financial crime. A BSA/AML investigator is toward the top of the list as someone who investigates and reviews activity brought to the institution’s attention from low-level analysts and other employees. Generally, when suspicious activity is spotted via pattern or profile analysis, the BSA/AML investigator is the person who manually reviews the situation and decides how to handle the situation. A BSA/AML investigator is a high-level position, and it’s one that plays a major role in the company, so a business usually gets in contact with a trusted staffing agency to find a qualified person to fill this position.
BSA/AML Investigator Definition
A BSA/AML investigator follows Bank Secrecy Act guidelines and investigates low-risk alerts and other routine suspicious activities. The investigator spends most of his or her time studying low-risk customer activity that has been flagged as suspicious according to anti-money laundering software.
The investigator also gathers data and conducts research for senior investigator cases and suspicious activity report investigations.
Finally, a small portion of the BSA/AML investigator’s time is spent checking to make sure that the company is in compliance with all banking rules, laws, regulations, policies, procedures, and practices designed to uphold ethical standards and reduce the risk of financial crime.
BSA/AML Investigator Qualifications
A staffing agency looks for all or most of the following qualifications:
- A high-school diploma or a bachelor’s degree in a field that relates to the position.
- Some previous experience working in an office.
- One year working experience or more in a bank environment.
- The ability to multitask and remain organized.
- A strong understanding of Microsoft Word, Excel, and PowerPoint.
- Fast typing speed, plus the ability to pay attention to detail.