Manager, Regulatory and Legal Operations

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Banking Operations Manager –Regulatory and Legal Operations

Summary

The Legal and Regulatory Manager is responsible for overseeing complex regulatory, tax, and reporting obligations across Banking Operations. This role ensures compliance with federal and state regulatory requirements related to tax withholding and reporting, customer documentation (W8/W9), escheatment (unclaimed property), and Currency Transaction Reporting. The manager serves as a key control owner, partnering with Compliance, Control, Risk and Operations partners to mitigate risk, ensure accurate processing, and support internal and external reviews.

Working Model: Hybrid

We have a balanced hybrid working model to ensure you get the flexibility you need, and the successful candidate will spend their time between working in the office and working from home.

Key Responsibilities

• Oversee W‑8 and W‑9 certification and recertification processes, ensuring proper documentation, validation, and curing of missing or incorrect forms
• Manage withholding tax compliance for U.S. and non‑U.S. account holders, including backup withholding and NRA/FATCA withholding, and ensure correct tax rate application
• Lead preparation, review, and filing of IRS Forms 945 and 945‑A, including reconciliation of withholding liabilities, deposits, and IRS transcripts
• Oversee preparation and filing of IRS Form 1042 and Forms 1042‑S, including data validation, reconciliation of withholding and income reporting, and coordination of extensions when necessary
• Ensure accurate IRA tax maintenance, including withholding, reporting, and coordination with Forms 1099‑R and related retirement account reporting processes
• Review and approve tax reconciliations, working papers, and supporting documentation; ensure compliance with internal document retention and audit standards
• Monitor IRS correspondence, notices, and transcript discrepancies; lead investigation and resolution efforts in partnership with Operations and Legal
• Ensure Escheatment (unclaimed property) reporting is done accurately and timely according to various state requirements
• Ensure Currency Transaction Reporting (CTRs) are filed timely and accurately
• Support internal and external audits, regulatory exams, and risk assessments related to withholding and information reporting
• Provide subject‑matter expertise and guidance to operations teams on tax documentation, withholding rules, and change‑in‑circumstance events
• Oversee general ledger activity and reconciliation
• Identify process improvement opportunities and implement controls to enhance accuracy, efficiency, and regulatory compliance

Required Experience

• Bachelor’s degree in Accounting, Finance, Tax, or Business related field
• 7+ years of experience in tax compliance, withholding regulatory reporting, or information reporting, preferably within banking or financial services operations
• Hands‑on experience with W‑8 and W‑9 documentation, backup withholding, NRA withholding, and FATCA concepts
• Experience preparing or reviewing Forms 945, 945‑A, 1042, and 1042‑S
• Strong knowledge of IRA‑related tax reporting and withholding (e.g., distributions, reporting coordination)
• Ability to manage IRS inquiries and transcript reconciliations
• Familiarity with Bank Secrecy Act requriements
• Advanced analytical and reconciliation skills with strong attention to detail
• Excellent written and verbal communication skills
• Ability to explain complex tax concepts to non‑tax partners and create partnerships with key NT stakeholders

Preferred Experience

• Familiarity with IRS Publications 515 and 1187 and electronic filing requirements
• Experience leading or mentoring tax analysts or SMEs
• 1LOD Control Functions
• Strong Excel skills and