| Job Description: |
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for its international businesses and is a long-established participant in Asia Pacific with a presence since 1947. With 23 offices in 12 geographies, covering nine currencies, more than a dozen languages and five time zones, the company offers an integrated and comprehensive set of products and services across Global Corporate & Investment Banking, Global Markets and Wealth Management, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise.
Bank of America Merrill Lynch is committed to attracting, recruiting and retaining top diverse talent from across the globe. Our diversity and inclusion mission is to actively promote an inclusive work environment where all employees have the opportunity to achieve personal success and contribute to the growth of our business. Each of our global Employee Networks bring together employees, create dialogue and awareness in support of our Diversity and Inclusion mission.
The Global Financial Crimes Compliance ("GFCC") Manager executes substantive money laundering or economic sanctions compliance practices relevant to the manager's specific area of responsibility. The Global Financial Crimes Compliance ("GFCC") Manager is accountable for the requirements of the Global Compliance and Financial Crimes Enterprise Policies, and works directly or through compliance officers for the Front Line Units ("FLUs") and Control Functions ("CFs") to complete those requirements, engaging in the following activities:
- Create and maintain a regulatory inventory, communicate regulatory changes to and engage the FLU/CF through the compliance officers in assessing impacts of regulatory changes for Financial Crimes.
- Develop and maintain relevant policies to ensure they reflect regulatory requirements for Financial Crimes.
- Conduct compliance risk assessments for the laws, rules and regulations related to Financial Crimes.
- Apply judgment and experience to determine monitoring and testing coverage plans and related metrics for Financial Crimes.
- Monitor and test the effectiveness of the front line unit and control function compliance risk controls for Financial Crimes.
- Identify aggregate, report and escalate compliance risks, issues and control enhancements for Financial Crimes and ensure the compliance officers for the FLU/CF are aware of issues.
- Executes governance and management routines.
- Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation for Financial Crimes.
- Advise compliance peers and business leaders in preparations for and participate in regulatory exams and audits for Financial Crimes.
- Inspect that gap closure plans and commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions related to Financial Crimes are completed.
- Escalate regulatory relations concerns to Regulatory Relations.
- Ensure Compliance "owned" issues (i.e., Internal Audit, Regulator and Self Identified issues) are addressed appropriately and timely.
- Supports the GFCC executive in serving as the Global Compliance point of contact for the Company with regulatory supervisors, law enforcement and other government agencies on matters relating to Financial Crimes.
- Partners in the filing of all regulatory reports for the Company related to Financial Crimes, as requested by the GFCC executive.
The GFCC manager is responsible for providing leadership direction and, if applicable, attracting, assessing, developing, motivating and retaining a successful team. This role is also responsible for ensuring consistent quality of activities, processes and outputs by establishing effective review practices across teams. This role may have Money Laundering Reporting Officer responsibilities.
- Bachelor's degree
- 7 years of business and functional experience
- Detailed knowledge of U.S. ES/OFAC laws and regulations/U.S. anti-boycott regulations/APAC country financial sanctions measures. Working knowledge of other international sanctions regimes. Three years or more of substantive economic sanctions/OFAC experience either in a financial institution or government position.
- Strong organizational skills Excellent research/writing skills (writing sample required)
- Ability to work independently in fast-paced environment with minimum supervision by U.S.-based management
- Highly analytical thinking, with min 3 years' experience in legal and/or regulatory analysis
- Strong communication skills
- Ability to interact with key business leaders at all levels
Posting Date: 01/02/2017
Full / Part-time: Full time
Hours Per Week: 40