Financial Institutions Department-BSA Officer AVP

Bank Of China Compliance Program Manager

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

This position is responsible for the implementation and administration of all aspects of the Bank's compliance program pertaining to the Bank Secrecy Act (BSA), USA Patriot Act, Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and OFAC and other sanctions compliance to ensure that the department's compliance efforts are maintained pursuant to industry standard, regulatory guidance, and internal policies on a daily basis. The incumbent plays an integral role for managing the department's BSA / AML / CTF OFAC / sanctions and other illicit financial activity risks while aligning with the Bank's BSA / AML Compliance Program, Sanctions Compliance Policy and Program, Risk Governance Framework and regulatory requirements. The incumbent will assist the Chief BSA Officer and Lead of FLU BSA and Compliance Oversight, and Senior Vice President / Head of Department to ensure the effective operation of the compliance program (including consumer and regulatory compliance).

Responsibilities

Implement BSA / AML / OFAC Compliance Program in Front Line Unit (FLU)

• Manage the department's day-to-day adherence to the BSA / AML / CTF / OFAC Sanctions and their implementing regulations and internal policies and procedures.
• Provide subject matter expertise to guide the department in the establishment of risk mitigating controls commensurate with the department's BSA / AML / CTF / OFAC Sanctions and other illicit financial activity risk profiles while maintaining independence.
• Maintain, update and communicate compliance procedures as necessary to ensure the processes and practices in conformance with the bank and the department's unique money laundering, terrorist financing and other illicit financial activity risk profile.
• Maintain open communications with staff by keeping them informed of regulatory updates, changes in internal policies and procedures and others emerging compliance risks. Deliver compliance related training to staff tailored to the business units' BSA / AML / CTF / OFAC Sanctions, and staff members' specific functions / positions.
• Collaborate with the businesses to develop appropriate corrective actions to address internal / external findings and compliance related issues / observations / recommendations and ensure the timely resolution by projected target dates.
• Regularly update LCD Management and senior management on the status of ongoing compliance with the BSA / AML / CTF, and OFAC and other sanctions regulations.
• Promptly refer / escalate compliance issues as necessary to relevant teams, Chief BSA Officer, and / or other Compliance Management.
• Proactively support the compliance efforts and initiatives, including without limitations, regulatory change management processes when there is an impact to the department, risk assessment processes that aligns with the bank and the department's risk profile (products, services, customers, geographic locations, delivery channels etc.), new product / activity risk assessment, and compliance technology / system implementations, other initiatives, etc.

FLU Specific Tasks

Other

Qualifications

Pay Range

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

USD $65,000.00 - USD $150,000.00 / Yr.