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.

This position is responsible for the implementation and administration of all aspects of the Bank’s 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 department’s 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 department’s BSA/AML/ CTF OFAC/sanctions and other illicit financial activity risks while aligning with the Bank’s BSA/AML Compliance Program, Sanctions Compliance Policy and Program, Risk Governance Framework and regulatory requirements. The incumbent will assist the Chief BSA Officer and Lead of FLU BSA and Compliance Oversight, and Senior Vice President/Head of Department to ensure the effective operation of the compliance program (including consumer and regulatory compliance).

Implement BSA/AML/OFAC Compliance Program in Front Line Unit (FLU)

• Manage the department's day-to-day adherence to the BSA/AML/CTF/OFAC Sanctions and their implementing regulations and internal policies and procedures.
• Provide subject matter expertise to guide the department in the establishment of risk mitigating controls commensurate with the department's BSA/AML/CTF /OFAC Sanctions and other illicit financial activity risk profiles while maintaining independence.
• Maintain, update and communicate compliance procedures as necessary to ensure the processes and practices in conformance with the bank and the department's unique money laundering, terrorist financing and other illicit financial activity risk profile.
• Maintain open communications with 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/CTF /OFAC Sanctions, and staff members’ specific functions/ positions.
• Collaborates with the businesses to develop appropriate corrective actions to address internal/external findings and compliance related issues/observations/recommendations and ensure the timely resolution by projected target dates.
• Regularly update LCD Management and senior management on the status of ongoing compliance with the BSA/AML/CTF, and OFAC and other sanctions regulations.
• Promptly refer/escalate compliance issues as necessary to relevant teams, ,Chief BSA Officer, and/or other Complaince Management.
• Proactively support the compliance efforts and initiatives, including without limitations, regulatory change management processes when there is an impact to the department, risk assessment processes that aligns with the bank and the department's risk profile (products, services, customers, geographic locations, delivery channels etc.), new product/activity risk assessment, and compliance technology / system implementations, other initiatives, etc.  

FLU Specific Tasks

• Coordinate with risk management departments to communicate with customers for the purpose of effectively implementing compliance programs, including on-site visits/conference calls to foreign correspondent banks as appropriate.
• Assist with the development and dissemination of the bank’s strategic plans with regard to BSA/AML and the compliance matter. Handle all BSA/AML/CFT/OFAC sanctions compliance in conformance with the principles of the Bank’s risk appetite and governance framework  followed by the department and its staff.
•  Access adequate staffing with the skills and expertise necessary for the bank’s overall risk level (based on products, services, customers, geographic locations, delivery channels), size or complexity, and organizational structure; and systems to support the timely identification, measurement, monitoring, reporting, and management of the bank’s ML/TF and other illicit financial activity risks.
• Participate in people management activities including performance reviews, interviewing and determination of new hires, work schedule planning and other related issues.
• Provide guidance and advice concerning issues identified during the on-boarding KYC review and customer review process including RMA and non-customers to ensure the appropriate risk mitigation and completion of related activities.
• Monitor periodic reviews of customers or accounts for accuracy and compliance.
• Prepare compliance related metrics to management and respective second lines including but not limited to Monthly Compliance Review Summary, reflecting the overall status of departmental compliance control, existing issues, impact analysis on the relevant regulatory developments, and provide any necessary suggestions for improving compliance risk controls.
• Overseeing and executing risk management on Consumer and Regulatory Compliance areas to comply with bank policies and procedures, including but not limited to procedure maintenance, training, risk assessment, metrics reporting, etc. Continue to expand compliance knowledge to Consumer and Regulatory Compliance areas, and enhance the department's compliance program in these areas.   

Other

• Maintain adequate knowledge of applicable regulations, industry best practices and the department's products, services, customer base, geographic locations, and associated compliance risks.
• Maintain open and transparent relationship with regulators.
• Have appropriate authority, independence, access to suitable and adequate resources, and competence to effectively execute all duties, while supported by adequate staffing with the skills and expertise as necessary. Have the ability to undertake the BSA compliance officer’s role without undue influence from the business line.

• At least 4 years of experience in BSA/AML/OFAC compliance and risk management required.
• A minimum of 1 year of consumer and regulatory compliance required.
• Bachelor’s degree or equivalent is required and a master’s degree or other advanced education is preferred.
• Overall financial services background experience.
• BSA or sanctions training or certificate.
• CAMS (Certified Anti-Money Laundering Specialist) credential preferred.
• Comprehensive knowledge of U.S. banking regulations and compliance practices with strong emphasis on all aspects of BSA/AML/CTF /OFAC Sanctions as well as Consumer and Regulatory Compliance required.
• In-depth business line and process flow knowledge, and product knowledge of FI required.
• Ability to build effective relationships with a proven record of building trust and credibility through strong interpersonal skills, communications, and actions required.
• Ability to resolve challenging issues while maintaining a high degree of professionalism.
• Strong influencing skills, both internally within the department and externally.
• Dedication to integrity, producing high-quality results, and meeting deadlines.
• Ability to demonstrate ownership/accountability of issues through their resolution while providing sound guidance to others.
• Effective communication skills, both oral and written, with the ability to communicate clearly with constituents at all levels of the organization.
• Proficient in time management and sound decision-making under stressful situations, particularly when dealing with complex issues involving competing interests.
• Bilingual in Chinese and English preferred.