VP - Global Financial Crimes Compliance (Deputy MLRO)
- Sydney, New South Wales, Australia
- Permanent, Full time
- Bank Of America / Merrill Lynch
- 27 Sep 16
VP - Global Financial Crimes Compliance (Deputy MLRO)
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.
The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
This role will support the Global AML Compliance Risk APAC team as a risk manager whilst being the designated Deputy MLRO for Australia. Key responsibilities as Australia Deputy MLRO and APAC Risk Manager are outlined below.
Deputy Money Laundering Reporting Officer (Deputy MLRO) for Australia, their responsibilities include:
- Provide guidance to global and regional GFCC management on AML and CDD issues in Australia
- Provide advice to LOB on AML and CDD issues in Australia.
- Prepare financial crime risk assessments as required by the Enterprise Programme;
- Undertake monitoring and testing to assess the effectiveness of the financial crime systems and controls as they relate to Australia.
- Maintain and update local GFCC policies as they relate to Australia in line with global standards and local standards.
- Investigate and review AIRs and other unusual activity specific to Australia and file suspicious activity reports with the applicable authorities as and when necessary.
- Develops and maintains a positive and trusting relationship with business leaders supported by the executive as well as audit and regulatory officials that oversee the financial crimes compliance function.
- Develops and maintains relationships with colleagues from other firms, trade associations and other organizations.
- Key point of contact to Australian regulators, being engaged in audit and regulatory exams with financial crimes impact.
- With some degree of independence, executes substantive money laundering, fraud or economic sanctions compliance practices relevant to the manager's specific area of responsibility.
APAC Risk Manager, their responsibilities:
- Regional Line of Business coverage responsibility for Global Transaction Services (GTS)
- Conducts data-driven Risk Assessments, Monitors compliance through proactive engagement, reviews Testing results and develops Testing scripts, provides Advice and Counsel to regional and country LOBs
- Works closely with GTS FLU and CFs to oversee the design, implementation and maintenance of the GFCC Program in region
- Point of contact for regional GTS for GFCC matters
- Regional responsibility for High Risk Client/ Product Due Diligence Program
- Create, maintain and oversee the APAC High Risk Client/ Product DD Program
- Work with the MLRO to engage on a country, regional and global basis for high risk customer/ product on-boarding and ongoing due diligence.
- In conjunction with key stakeholders, determine on a country and regional basis the clients and products representing high AML/CTF risk for the bank
- Identify key high AML/CTF risk areas and prepare mitigation strategies at the country, regional and global level, as appropriate, for approval by key stakeholders
- Ongoing liaison, monitoring and analysis of the high risk cohort
- In conjunction with the FIU, undertake development of risk models to further identify and systematize identification of high risk activity
- Minimum 4 - 6 years of substantive money laundering or economic sanctions risk management experience in a financial institution or government position.
- A bachelor's degree from an accredited university.
- Highly analytical, organized and possess decision making skills related to the filing of a Suspicious Activity Report and appropriate escalation to management, law enforcement, regulators or recommending the closing of a client relationship.
- Proven people management capability - particularly in managing and developing relationships with key stakeholders in the business and compliance.
- Excellent interpersonal and critical thinking skills, solution driven, confident and highly motivated.
- Understanding of various Bank of America/Merrill Lynch businesses.
- Certification in a professional association such as the Association of Certified Anti-Money Laundering Specialists (CAMS) is preferred.
Posting Date: 17/08/2016
Location: Sydney - Australia
Full / Part-time: Full time