Compliance And Risk Management Associate

This position will be responsible for implementing and administrating all aspects of compliance program at the Bank, pertaining 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. The incumbent plays a vital role in managing the department’s risks related to BSA/AML/OFAC/CTF and other illicit financial activities, ensures the effective operation of the compliance program (including consumer and regulatory compliance), and performs QCU related tasks.

Job Responsibilities

Include but are not limited to:

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

• Maintain, update and communicate compliance operational procedures or compliance operational guidance to ensure alignment with the Bank and the department’s unique money laundering, terrorist financing and other illicit financial activity risk profile
• Communicate with relevant teams/parties of regulatory updates, changes in internal policies and procedures and others emerging compliance risks. Deliver tailored compliance training to relevant staffs
• Promptly escalate compliance issues to relevant teams, Deputy Chief BSA Officer, Chief BSA Officer, and other Compliance department Management
• Assist in tracking remediated action items of Compliance related issue

Compliance Specific Tasks

• Work with front line departments for new financial institution noncustomers/counterparty onboarding and/or existing counterparty refresh. Periodically or annually reconcile counterparty name list
• Perform transaction monitoring for uninitiated transactions
• Perform product risk rating scorecard for new product or annual refresh of existing products in the Risk Assessment Engine (RAE)
• Perform a monthly validation on transactions for all products in the Risk Assessment Engine (RAE)
• Conduct annual BSA/AML/OFAC Sanctions Risk Assessment and Horizontal Risk Assessment
• Prepare annual OFAC Screening Checklist Form
• Assist in conducting the Compliance Risk Control Testing

Risk Management Responsibilities

• Assist in creating and maintaining front line unit (FLU) procedures pertaining to FLU Risk Managers’ responsibilities
• Provide inputs/feedback to Risk Management policies and procedures
• Identify and escalate KRI warning line and limit breaches according to the KRI Procedure
• Assist to produce FLU risk reporting for applicable risk areas, and report to Senior Management, IRM and Risk committees as appropriate
• Remediate issue or monitor issue remediation according to action plan, validate issue closure documentation for FLU owned business identified issues
• Conduct risk assessments pertaining to the respective risk areas (e.g., ERA, RCSA)
• Maintain a control inventory, process mapping and other documentations as applicable
• Develop control testing plan
• Assist in conducting control testing, report results, monitor control issue remediation as applicable and validate issue closure documentation
• Attend Risk Management related training
• Review the application security requirements, and conduct security control testing on processes, systems, and applications as applicable
• Assist in conducting security monitoring investigation as needed
• Coordinate Risk Management related requests from internal/external audit, Head Office and regulators within FLU.

Other Department Responsibilities

• Conduct Quality Assurance on Anti Bribery and Anti-Corruption (ABAC)
• Perform Bank wide Anti Bribery and Anti-Corruption (ABAC) Risk Assessment
• Perform monthly Enterprise Risk Management Strategic and Reputation Risk reporting for relevant departments
• Perform monthly Operational Risk reporting and Bank-wide FFIEC Cybersecurity Risk
• Assist in developing assessment Tool (FCAT) for relevant FLU departments
• Perform Bank wide Wholesale Payment Risk Assessment (WPRA)
• Other ad-hoc QA assignment of relevant FLU projects or system testing.

Job Requirements

• Bachelor’s degree is required for this position
• A minimum of 2 years of BSA/AML/OFAC and other sanctions Compliance and Risk Management related experience; at least 1 year of Regulatory Compliance experience
• Knowledge of U.S. banking regulations and compliance practices with strong emphasis on all aspects of BSA/AML/OFAC/Sanctions/CTF required
• In-depth knowledge of business line process flow and financial products is required
• Bilingual abilities in both English and Chinese are preferred
• BSA or sanctions training and/or certificate preferred
• CAMS (Certified Anti-Money Laundering Specialist) credential preferred

The salary range for the Associate position is $42,000-$90,000. Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.

Job Type: Full-time

Pay: $42,000.00 - $90,000.00 per year

Benefits:

• 401(k)
• Dental insurance
• Health insurance
• Paid time off
• Vision insurance

Physical setting:

• Office

Schedule:

• Monday to Friday

Ability to commute/relocate:

• New York, NY 10018: Reliably commute or planning to relocate before starting work (Preferred)

Application Question(s):

• Will you now or in the future require any visa sponsorship to continue working in the US?

Work Location: Hybrid remote in New York, NY 10018