Commodity Business Center - BSA AVP/VP - Bank of China Limited, New York Branch : Job Details

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.

The BSA Officer is responsible for the implementation and administration of all aspects of the Banks 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 CBCs 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 CBCs BSA/AML/OFAC/CTF and other illicit financial activity risks while aligning with the Banks BSA/AML/OFAC Compliance Program, Risk Governance Framework and regulatory requirements. The incumbent assists the Deputy Chief BSA Officer and Head of FLU BSA/AML and Compliance Oversight, and CBC to ensure the compliance program runs effectively.

Include but are not limited to:

Implement BSA/AML/OFAC Compliance Program in Front Line Unit

• Manage CBCs day-to-day adherence to the BSA/AML/OFAC/Sanctions/CTF and their implementing regulations and internal policies and procedures
• Provide subject matter expertise to establishing risk mitigating controls commensurate with BSA/AML/OFAC/Sanctions/CTF and other illicit financial activity risk profiles
• Maintain, update and communicate department compliance procedures as necessary to ensure the processes and practices in conformance with the illicit financial activity risk profiles
• Maintain open communication with CBC staff through 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/OFAC/Sanctions risks, and staff members specific functions/ positions
• Develop appropriate corrective actions to address internal/external findings and compliance related issues/recommendations and ensure the timely resolution
• Regularly update Legal & Compliance management on the status of ongoing compliance with the BSA/AML/CTF, and OFAC and other sanctions
• Promptly escalate compliance issues as necessary to relevant teams & personnel
• Proactively support the compliance efforts and initiatives, such as regulatory change management processes, risk assessment processes, new product/activity risk assessment and compliance technology/system implementations, among others

Front Office Tasks

• Perform semi-annual quality assurance on CBCs new customers, periodic reviews and triggered event, if any
• Perform quality assurance on CBCs transactional alerts generated in the Mantas system
• Perform quality assurance on Monthly Compliance Metrics Report and prepare Monthly Compliance Review Summary
• Perform quality assurance for preliminary name screening for prospect clients; and name screening for parties for short-term financing
• Maintain and update customer control questionnaire in the Risk Assessment Engine
• Conduct annual compliance training for CBC staff, and provide recommendation for prospective clients

Other

• Maintain adequate knowledge of applicable regulations, industry best practices and products, services, customer base, geographic locations, and associated compliance risks
• Provide support and compliance input in Bank-wide initiatives such as annual regulatory compliance inventory review, etc
• Maintain open and transparent relationship with regulators, and demonstrate ability to undertake the BSA compliance officers role independent from the business line

• Bachelors degree required, Masters degree preferred
• Minimum 8 years of BSA/AML/OFAC compliance and risk management experience within financial services at the VP level
• Demonstrate sound knowledge of US Banking regulations, including BSA/AML/OFAC/Sanctions/CTF, as well as ability to identify KYC/AML/Sanctions and transactional red flags
• Demonstrate knowledge of commodities and pre-export financing, structured Letters of Credit discount, borrowing base financing, syndicated and bilateral financing CAMS certification preferred

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