Global Financial Crimes Compliance Specialist (Economic Sanctions)

Bank of America
  • Location
    New York, New York
  • Sector
    Commercial
  • Experience
    Mid Career
  • Posted
    Apr 20

Position description

The Global Financial Crimes Compliance (GFCC) Specialist under supervision, assists Global Financial Crimes Compliance executives and managers in any of the following activities in support of the identification, escalation and timely mitigation of compliance risks in alignment with the Compliance Risk Management ( CRM) Program and the Financial Crimes and Global Compliance Enterprise Policies (""GC Policy):

  • Create and maintain a regulatory inventory.
  • Update relevant policies to ensure they reflect regulatory requirements for Financial Crimes.
  • Conduct compliance risk assessments.
  • Contribute to monitoring and testing coverage plans and related metrics.
  • Monitor and test the effectiveness of the front line unit and control function compliance risk controls.
  • Execute governance and management routines.
  • Identify aggregate, report and escalate compliance risks, issues and control enhancements.
  • Identify compliance training needs and inspect Front Line Unit (FLU), Control Function (CF) and third party participation for Financial Crimes.
  • Assist with preparations for and participate in regulatory exams and audits for Financial Crimes.
  • Inspect that commitments made regarding actions in response to Matters Requiring Attention (MRAs) and other actions are completed.

Escalate regulatory relations concerns to GFCC Compliance Manager or Executive.

This role is responsible for ensuring consistent quality of activities, processes and outputs by engaging in effective review practices across the team. This role may have Money Laundering Reporting Officer responsibilities

Responsibilities include:

Analyze and resolve alerts generated through the company's various economic sanctions / OFAC filtering applications

Investigate matters escalated by other filtering areas to arrive at final determination as to whether an item may be a positive match to an economic sanctions / OFAC target

Create and manage virtual files related to investigations in the case management system and follow-up with relevant parties to ensure completion of cases within required timeframes

Conduct targeted economic sanctions / OFAC related reviews of client accounts or other activity for evidence of possible violations

Undertake detailed research of customer and other data from internal and external sources to make informed decisions regarding proper disposition of cases

Provide support and economic sanctions / OFAC guidance to other business areas referring potential OFAC matches

Required Skills:

Strong organizational skills to manage significant case load within short time-frames for completion of cases

Ability to work and make difficult decisions independently

Prior experience in economic sanctions/OFAC or AML or foreign policy-related work minimum 1-3 years

Excellent written and verbal communication

Detail-oriented to accurate execution of work

Ability to multi-task in a fast-paced environment and under high pressure

Ability to manage efficiently conflicting priorities

Highly analytical thinking

Excellent research skills

Proficiency with MS Office programs and ability to quickly learn proprietary technology applications

  • Minimum 5 years business and functional experience
  • Bachelor's degree or equivalent

Desired skills

  • Financial services and/or related government entity experience

    Knowledge of wire payment / funds transfer systems

Application instructions

*Please be sure to indicate that you saw this position on Globaljobs.org*

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