Treasury Middle Office - Compliance & Risk Management AVP

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 Compliance and Risk management Officer is responsible for implementing and administrating all aspects the Bank’s compliance program pertaining to the Bank Secrecy Act (“BSA”), USA Patriot Act, Anti-Money Laundering (“AML”) Act, Counter-Terrorism Financing (“CTF”), and Office of Foreign Assets Control (“OFAC”) and other sanctions compliance. This role ensures that the MKD/MOD compliance efforts are maintained in accordance with laws and regulations, industry standard, regulatory guidance, and internal policies/procedures on a daily basis. The incumbent plays a vital role in managing the MKD/MOD’s risks related to BSA/AML/OFAC/CTF and other illicit financial activities, while aligning with the Bank’s BSA/AML Compliance Program, Sanctions Compliance Policy and Program, Risk Governance Framework and underlying regulatory requirements. Additionally, the incumbent will assist the Deputy Chief BSA Officer and Head of FLU Compliance Oversight, and Head of MKD/MOD to ensure the effective operation of the compliance program (including consumer and regulatory compliance). In addition, the incumbent is responsible for performing QCU related tasks.

Responsibilities

Include but are not limited to:

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

• Manage the MKD/MOD day-to-day adherence to the BSA/AML/OFAC/Sanctions/CTF and their implementing regulations, as well as internal policies and procedures.
• Provide subject matter expertise to guide the MKD/MOD in establishing of risk-mitigating controls commensurate with the MKD/MOD BSA/AML/OFAC/Sanctions/CTF and other illicit financial activity risk profiles, while maintaining independence.
• Maintain, update and communicate MKD/MOD compliance operational procedures or compliance operational guidance as necessary to ensure the processes and practices conform to the Bank and MKD/MOD unique money laundering, terrorist financing and other illicit financial activity risk profile.
• Maintain open communications with MKD/MOD 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.
• Collaborate with business units to develop appropriate corrective actions addressing internal/external findings and compliance related issues/observations/exceptions/recommendations, ensuring timely resolution by target due dates.
• Regularly update LCD Management and senior management on ongoing compliance with BSA/AML/CTF, and OFAC and other sanctions regulations.
• Promptly escalate compliance issues as necessary to relevant LCD Teams, Deputy Chief BSA Officer, Chief BSA Officer, and other LCD Management.
• Proactively support the regulatory change management processes impacting the departments, conduct impact analysis while taking into consideration of the Bank and MKD/MOD risk profile (e.g., products, services, customers, and geographic locations, etc.). Enhance process and controls based on the new regulatory updates and address emerging risk indictors or red flags.
• Proactively support the compliance efforts and initiatives; participate in the new product/activity risk assessment processes aligning with the Bank and MKD/MOD’s risk profile. Proactively participate in change management process relating to compliance technology/system implementations, and other initiatives.
• Partner with MKD and MOD staff in charge of vendor relationship management to ensure adequate third-party risk management from a compliance risk perspective throughout the third-party relationship lifecycle.

Compliance Specific Tasks

• Work with MKD and FID for new FI non-customers/counterparty onboarding and/or existing counterparty refresh. Periodically or annually reconcile counterparty name list with FID.
• Transaction monitoring for MKD uninitiated transactions.
• Perform a product risk rating scorecard for any MKD new product or annual refresh of existing MKD products in LCD Risk Assessment Engine (RAE).
• Perform a monthly validation on MKD transactions for all products in LCD Risk Assessment Engine (RAE).
• Overseeing and executing r