Legal & Compliance - BSA/AML Strategy, Program and Control (SPC) Associate - Bank of China Limited, New York Branch

Introduction:

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

Qualifications:

• 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

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.

:USD $42,000.00 - USD $90,000.00 /Yr.