Compliance Associate - New York, United States - Bank of China

Description

The incumbent will assist in monitoring, controlling and reporting the related risks of the Branchs Global Markets and Treasury business, analyzing market information and price movements, putting forward suggestions as to the risks.

Also, s/he will be responsible for reviewing routine reports, conducting other tasks assigned by the head of department, etc.


Job Duties:

Include but are not limited to:Implement BSA/AML/OFAC/Sanctions Compliance Program in Front Line Unit (FLU)Assist to maintain, update and communicate compliance operational procedures or compliance operational guidance as necessary to ensure the processes and practices conform to the Bank and the department's unique money laundering, terrorist financing and other illicit financial activity risk profile.

Assist to maintain open communications with the department 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/OFAC/Sanctions risks, and staff members specific functions, roles or responsibilities.

Promptly escalate compliance issues as necessary to relevant Compliance Teams, Deputy Chief BSA Officer, Chief BSA Officer, and other Management.

Assist to track remediated action items of Compliance related issueCompliance Specific TasksAssist for new FI non-customers/counterparty onboarding and/or existing counterparty refresh.

Periodically or annually reconcile counterparty name list.
Assist to perform transaction monitoring for the department's uninitiated transactions.

Assist to perform a product risk rating scorecard for new products or annual refresh of existing products in the Risk Assessment Engine (RAE).Assist to perform a monthly validation on transactions for all products in the Risk Assessment Engine (RAE).Assist to perform an annual BSA/AML/OFAC Sanctions Risk Assessment and Horizontal Risk Assessment.

Prepare an annual OFAC Screening Checklist Form.
Assist to conduct the Compliance Risk Control Testing.
Risk Management ResponsibilitiesAssist to provide inputs/feedback to risk management policies and procedures.
Assist to identify and escalate KRI warning line and limit breaches according to the KRI Procedure.

Assist to produce FLU risk reporting for applicable risk areas, and report to Senior Management, and risk committees as appropriate.

Assist to remediate issue or monitor issue remediation according to action plan, validate issue closure documentation for FLU owned business identified issues.

Assist to conduct risk assessments pertaining to the respective risk areas (e.g., ERA, RCSA).Assist to maintain a control inventory, process mapping and other documentations as applicable.

Assist to develop control testing plan.
Assist to conduct control testing, report results, monitor control issue remediation as applicable and validate issue closure documentation.
Attend risk management related training.
Review the application security requirements, and conduct security control testing on processes, systems, and applications as applicable.
Assist risk management department in conducting security monitoring investigation as needed.
Assist to coordinate risk management related requests from internal/external audit, Head Office and regulators within FLU.Other Department ResponsibilitiesConduct Quality Assurance on Anti Bribery andAnti

• Corruption (ABAC).

Perform Bank wide Anti Bribery and Anti-Corruption (ABAC) Risk Assessment.
Perform monthly Strategic and Reputation Risk reportingPerform monthly Operational Risk reporting.
Perform Bank wide FFIEC Cybersecurity Risk.
Assessment Tool (FCAT)Perform Bank wide Wholesale Payment Risk Assessment (WPRA)Other ad-hoc QA assignment projects or system testing.


Job Requirements:

Bachelors degree is required, preferably in Finance, Accounting, or banking and investment related majors; Masters degree or above is highly preferred.

Minimum of 2 years of experience in the BSA/AML/OFAC and other sanctions compliance and risk management is required1-2 years of experience in the regulatory compliance experience is requiredSolid understanding of the financial services background is requiredKnowledge of U.S.

banking regulations and compliance practices with strong emphasis on all aspects of BSA/AML/OFAC/Sanctions/CTF.BSA or sanctions training and/or certificate is preferred but not requiredCAMS (Certified Anti-Money Laundering Specialist) and/or credential certificate is preferred but not requiredBilingual abilities in English and Chinese are highly preferredThe salary range for the Associate position is $42,000-$90,000.

Actual salary is commensurate with candidates relevant years of experience, skillset, education and other qualifications.#J-18808-Ljbffr