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 will assist managing all BSA/AML/OFAC activities in the Branch and directly reports to the Branch BSA Officer. The incumbent understands government regulations with particular emphasis on the Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering Act (“AMLA”), Counter-Terrorism Financing (“CTF”), OFAC and other sanctions compliance to ensure that the Branch’s compliance efforts are maintained pursuant to industry standard and regulatory guidance on a daily basis. The incumbent assists the Branch BSA Officer in implementing process necessary to comply with relevant regulations, perform regulatory research in response to Branch compliance inquiries, projects while communicating with the Branch BSA Officer, as well as performing as backup for Branch BSA Officer.
Risk Management, BSA/AML Compliance (50%)
Focus on BSA/AML/OFAC compliance.
Ensure the principles of the Bank’s risk appetite statement of money-laundering risk are followed by the Branch staffs.
Monitor all BSA/AML/OFAC activities in the Branch and directly reports to the Branch BSA Officer.
Review and assist to manage first line of defense risks related to new account openings such as identifying negative news on existing/prospective clients.
Ensure CIP procedures are followed, and KYC profiles are completed and kept up to date for client screening at the time of onboarding and also for periodic reviews & maintenance.
Daily Banking Operation Transaction Approve in KYC system for Customer Profile update (including update address, phone, etc.) as well as Off-Boarding.
Review and Update Departmental policies and procedures on a periodic basis that pertain to KYC/AML/BSA/OFAC.
Communicate with BSA Officer to provide advisory to front line business teams such as escalating matters that pertain to the initial review and decision on how to handle risky transactions or complex business deals.
Refer/escalate attention items to Compliance Dept. for consultation/feedback.
Ensure dissemination, delivery and compliance of BSA policy and procedures in their relevant sectors.
Maintain latest BSA knowledge and understanding of industry practices by attending BSA compliance training sessions.
Communicate potential BSA suspicious activities to the Branch BSA Officer.
Assist the Branch BSA Officer in proactively support the regulatory change management processes impacting the branch, conduct impact analysis while taking into consideration of the Bank and branch’s 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.
Account Review and Transaction Monitoring (45%)
Remittance travel rules and red flags review.
Foreign currency exchange activities and foreign check collection transactions review.
Monetary instrument review.
Safe Deposit Box activities red flags review.
Currency Transaction Report review.
Other types of activities review
Others (5%)
Act as a backup in absence of the Branch BSA Officer.
Assist with Legal Subpoena, Summons, Tax Levy, restraining notice on behalf of QNB and prepare relevant supporting documentation on a timely basis.
Assist to perform internal control and risk assessment.
Take ad-hoc responsibilities upon the request from the Branch BSA Officer and/or Branch Manager.
Financial career background experience required
BSA training and/or certificate required
CAMS (Certified Anti-Money Laundering Specialist) credential preferred.
Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.