Legal & Compliance Department - FLU BSA and Compliance Oversight Associate

FLU BSA and Compliance Oversight Associate

Location: New York, US

Category: Compliance

Position Type: Full-Time

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 incumbent plays an important role in Front Line Unit (“FLU”) compliance oversight, regulatory change management, and compliance risk metrics management. The role will assist the Lead of FLU BSA and Compliance Oversight with day-to-day management of the FLU compliance oversight responsibilities and regulatory change management.

Responsibilities

FLU BSA and Compliance Oversight

• Manage monthly FLU BSA Officer meeting reporting materials and prepare quarterly FLU Subcommittee meeting reporting, including data collection from each FLU BSA Officer and summarization into presentation format.
• Draft, seek review and approval of, and distribute minutes for bi-weekly and monthly one-on-one meetings with FLU BSA Officers.
• Review monthly BSA Officer meetings and quarterly FLU AMLCC Subcommittee meetings.
• Seek approvals from Subcommittee voting members in accordance with subcommittee charter requirements.
• Provide additional support to the Commodity Business Center (“CBC”), including reviewing New/Roll Repo Requests and potential onboardings, to ensure proper identification and addressing of compliance risk by CBC.
• Maintain the Wolfsberg Questionnaire and conduct the annual update in coordination with relevant stakeholders across multiple departments.
• Assist with responding to document requests from the Internal Audit Department, LCD Compliance Monitoring and Testing Group, and others.

Regulatory Change Management

• Assist with preparing a monthly regulatory development newsletter for the Bank, outlining recent regulatory developments.
• Prepare presentation materials of regulatory updates/enforcement actions for monthly BSA Officer meetings and quarterly FLU AMLCC Subcommittee meetings.
• Prepare summary reporting, with translations, of regulatory developments for Bank-wide Staff News and submission to Head Office.
• Track regulatory changes and their impact on the Bank.
• Provide administrative support to the regulatory change management process, including regulatory tracker maintenance.
• Provide regulatory updates on climate risk for the Environmental, Social, and Governance (“ESG”) quarterly report to Head Office and the ESG Committee.

FLU Compliance Testing and Compliance Risk Metrics

• Oversee FLUs to maintain the FLU Compliance Control Inventory.
• Review FLU compliance control testing plans.
• Collect and consolidate monthly metrics from FLUs to monitor plan execution progress and exception remediation status.
• Present relevant metrics to monthly meetings with FLU Quality Control Units (“QCUs”), the FLU AMLCC Subcommittee, and the Enterprise Risk Oversight Committee.
• Hold monthly meetings with FLU QCUs on testing status.
• Assist with ad hoc tasks related to FLU Compliance Testing.

Other

• Assist with monthly and quarterly Compliance Metrics Heat Map quality control and related tasks.
• Support the Lead of FLU BSA and Compliance Oversight with other ad hoc assignments.

Qualifications

• Bachelor’s degree in Finance, Business Administration, Accounting/Actuarial Science, Economics, Law, or a related quantitative discipline required.
• 0–3 years of Legal & Compliance related experience for Associate level.
• 0–3 years of experience in BSA/AML/CFT laws and regulations and OFAC/sanctions compliance for Associate level.
• Strong quantitative and qualitative analytical skills with the ability to provide practical solutions and summarize large volumes of information into clear and concise outputs.
• Result-oriented and assertive in challenging situations.
• Solid interpersonal skills and enjoyment of working across multiple business lines and functions.
• Excellent communication skills: concise and clear written and verbal communication.
• Fast learner with attention to detail.
• Excellent in MS Excel (charts, graphs, VLOOKUP, pivot tables, etc.), PowerPoint, and Word.
• Highly flexible and detail-oriented, able to multi-task, adapt to changing priorities, and manage a diverse workload with multiple deadlines.
• Proficiency in both spoken and written Chinese is required.
• CAMS Certificate preferred but not required.

Pay Range

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

USD $42,000.00 – USD $90,000.00 /Yr.