Legal & Compliance - BSA/AML Strategy, Program and Control (SPC) Associate - Bank of China Limited, New York Branch
New York, NY 10018
About the Job
Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.
Overview:The SPC Quality Assurance Associate will primarily be responsible for conducting random sample quality assurance testing for BSA/AML Compliance teams. This includes, but is not limited to Transaction Monitoring alert reviews, case investigations, SARs and KYC cases utilizing a defined risk-based approach and structured testing framework to ensure compliance with bank policies, procedures and regulatory requirements.
Responsibilities:Include but are not limited to:
SPC Functions
- Perform reviews of BSA/AML team’s deliverables (e.g. findings, research, narratives, and dispositions) for quality and adherence to the bank’s standards and policies
- Provide guidance and feedback as deemed necessary
- Communicate quality issues/errors to respective owner ensuring a clear understanding of issues/errors made and develop prevention strategies
- Analyze QA findings for trends and report any concerns
- Review SPC processes and provide recommendations on areas of improvement
- Prepare summary reports/metrics and present analysis to management (as requested)
- Report any alerts, cases or SARs that are outstanding past their due date to supervisor
- Report any critical findings/analysis to supervisor and/or Senior Management
- As required, participate in SPC initiatives, the implementation of new processes and special projects
Compliance
- Ensure compliance with BSA/AML related laws and regulations, identify matters of noncompliance and escalate as necessary for resolution
- Provide timely responses to requests initiated by supervisor or Senior Management
- Stay informed of related regulatory matters through Federal agency updates and guidance and through industry webinars and conferences
- Participate, prepare and or respond to inquiries deriving from internal (i.e. IAD/CMTG) or external (i.e. OCC) reviews
- Participate and provide analysis for other special compliance projects and/or other duties as assigned from supervisor and/or Senior Management
- Participate in identify and interviewing new staff members
Training
- Provide feedback on the design and execution of BSA/AML training
- Provide training (as required)
- Complete training as prescribed from management
- Bachelor’s degree is required
- 2 years of work experience in AML/OFAC, Banking, Finance, Risk Management, Legal, Compliance or relevant industry
- Knowledge of U.S. Banking regulations and compliance practice emphasizing on BSA/ AML, OFAC and consumer compliance
- CAMS certification preferred
Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.