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Global Financial Crimes Manager -Global Markets - U.S. and Global Markets Operations-U.S.

Bank of America

Bank of America

Accounting & Finance, Operations
Posted on Thursday, May 2, 2024

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:
This job is responsible for executing substantive money laundering, economic sanctions and fraud compliance and operational risk practices. Key responsibilities include working directly or through compliance officers for the Front Line Units (FLUs) and Control Functions (CFs) to complete compliance, policy, operational/fraud risk management requirements.

This role is responsible for executing the Company's Global Financial Crimes Program and requires a strong risk management discipline and experience with operational risk processes. This role is responsible for identifying and assessing inherent financial crimes risk and controls associated with Global Markets – U.S. and Global Markets Operations – U.S. This role is responsible for advising on Bank Secrecy Act/Anti-Money Laundering laws, rules and regulations driving the front line units (FLUs) to comply with the Global Financial Crimes Policy and Standards. This individual will be responsible for identifying, escalating and mitigating financial crimes compliance and operational risk. This individual will be responsible for evaluating and communicating the effectiveness of FLU controls and be able to drive the consistent improvement and strengthening of these controls to improve upon the Company's ability to detect and prevent unusual or suspicious activity

The selected candidate will be or will have:

• A self-motivated worker who is comfortable and effective working with varying levels of guidance

• Strong personal drive, attention to detail, individual initiative, a sense of urgency and responsiveness, with a desire to grow, learn, and take on increasing levels of responsibility

• Proven process design and project management skills

• Proficient in Microsoft Office Products including advanced knowledge of Excel Ability to effectively interact with diverse teams.

• Ability to successfully communicate to influence management and lead change on both strategic and tactical initiatives.

This position additionally entails:

  • Leading discussions with FLU, Global Compliance & Operational Risk (GCOR) and Global Financial Crimes (GFC) partners to analyze business processes, internal controls, client behavior and transaction trends

  • Directing the development and maintenance of financial crimes policies and standards, and review relevant Front Line Units/Control Functions (FLU/CF)-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed

  • Contributing to the creation and implementation of GFC Coverage Plan which defines the scope of coverage for Global Markets – U.S. and Global Markets Operations – U.S.

  • Producing and/or overseeing independent financial crimes risk management reporting to GCOR and FLU Senior Leaders

  • Establishing, monitoring and reporting on GFC, FLU and Enterprise risk tolerance metrics that are reflective of key risks within the areas of coverage

  • Monitoring regulatory changes applicable to Global Financial Crimes focusing specifically on broker-dealer impacts

  • Engaging with the Financial Crimes Analytics Team to drive thematic reviews of key risk areas for the broker-dealer and develop/enhance GFC automated detection tools designed to identify potentially suspicious activity as per regulatory guidance issued by the SEC/FINRA

  • Advise FLU senior leaders on key regulatory developments in BSA/AML laws, rules and regulations

  • Design monitoring and testing routines and reporting to identify potential AML risks and/or control weaknesses

  • Conduct targeted risk assessments, threat assessments and process understandings to identify new or emerging financial crimes risks

  • Guide FLUs on potential financial crimes impacts in the client selection process

  • Perform independent review, challenge of Single Process Inventory (SPI), and ensure FLU complies with execution of challenges and/or issues raised

  • Engage directly with Audit to provide advice and guidance on FLU Audits and respond to all Audit requests and inquiries

  • Participate in Regulatory Meetings and Exams to provide Risk Manager perspective on critical issues

  • Participate in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers to identify and mitigate emerging risks

  • Escalate financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees

  • Identify, aggregate, report, escalate, inspect and challenge the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes

Responsibilities:

  • Advises and directs the development and maintenance of financial crimes owned policies and standards, and reviews relevant Front Line Units/Control Functions-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed

  • Produces and/or oversees independent financial crimes risk management reporting to Global Compliance & Operational Risk (GC&OR) Senior Leaders and FLU/CF Senior Leaders

  • Monitors the changes in regulations applicable to Global Financial Crimes, including advising business leaders, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenging the implementation plan as needed

  • Participates in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers to identify and mitigate emerging risks

  • Escalates financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees

  • Identifies, aggregates, reports, escalates, inspects, and challenges the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes

  • Reviews and challenges internal and external operational loss events, including the development of remediation plans to strengthen controls and providing oversight to ensure they are addressed appropriately.

Skills:

  • Critical Thinking

  • Monitoring, Surveillance, and Testing

  • Regulatory Compliance

  • Risk Management

  • Coaching

  • Issue Management

  • Policies, Procedures, and Guidelines Management

  • Strategy Planning and Development

  • Written Communications

  • External Resource Management

  • Reporting

  • Talent Development

Required Qualifications

  • Minimum years of business and functional experience: 10+ years of financial services industry experience, preferably with broker/dealer and/or related government entity, as well as 5+ Years working in anti-money laundering, compliance, audit, risk and/ or a process/controls focused position.

  • Degree required: Bachelor’s degree or equivalent experience


Desired Qualifications
• Certifications: ACAMS – Association of Certified Anti-Money Laundering Specialists
• FINRA Series 7 and/or Series 24 license

Shift:

1st shift (United States of America)

Hours Per Week:

40