Private Banking Regulatory Compliance Officer

  • Commensurate with experience
  • New York, NY, USA
  • Permanent, Full time
  • China Merchants Bank
  • 19 Sep 16

Private Banking Compliance Officer is the corporate compliance function that safeguards the Private Banking New York Center of China Merchants Bank by ensuring that all private banking center business lines abide by applicable laws, rules, regulations and regulatory guidance.

Company Overview:

China Merchants Bank (“CMB”) was founded in 1987 with its Head Office located in Shenzhen, China.  In just 29 years since its inception, China Merchants Bank has grown from a small bank with one office in Shenzhen to become China’s sixth-largest bank with more than 600 offices in 40 cities.  CMB was recognized as the most reputable and best-managed bank in China, winning numerous industry awards and honors for business performance, management capability and corporate culture.  Forbes recently ranked CMB number 24 of the top 200 “World’s Most Reputable Companies”. 

As the first Chinese bank to receive a banking license in the United States since the implementation of the Foreign Bank Supervision Enhancement Act of 1991, the CMB New York Branch secures a position as the bridge between clients in China and the United States.  The New York Branch, which commenced business operations in the Fall of 2008, establishes a global presence for China Merchants Bank. 

Job Overview:

Private Banking Compliance Officer is the corporate compliance function that safeguards the Private Banking New York Center of China Merchants Bank by ensuring that all private banking center business lines abide by applicable laws, rules, regulations and regulatory guidance. In its oversight role, this position, reporting directly to the Head of Legal & Compliance, works in conjunction with the Wealth Management Private Banking business to help ensure the proper execution of regulatory requirements for which the business is primarily responsible. This Private Banking  Compliance Officer position will be responsible for overseeing and assessing private banking business activities; regulatory compliance with the laws, rules, regulations, and regulatory guidance that have been assigned from NYSDFS and FRB, while applying guidance from FINRA and SEC, serving as subject matter expert to advise and support private banking business. 

Primary Responsibilities:

  • Performing Client onboarding ensuring compliance with requirements of Banking Regulatory Agencies such as NYSDFS and FRB and Department of Treasury and FFIEC for Private Banking Clients;
  • Familiar with Private Banking Wealth Management Regulatory Rules from agencies such as FRB, NYSDFS, FINRA and/or SEC, and any other federal, state and local regulators orsupervisors which oversee a Wealth Management Platform;
  • Develop and execute a quality assurance program of the Private Banking Wealth Management Business, which includes the Banks’ Fiduciary Powers;
  • Understanding and communicating to Head of Legal & Compliance and Senior Management all of the regulatory requirements for the CMB NY Private Banking Center;
  • Assist in the establishing of the Private Banking center Policy & Procedures pertaining to Fiduciary Powers, Discretionary and/or Advisory Activities, Recordkeeping, KYC/CIP, Investment Management Supervisory Oversight, and other Policies and Procedures;    
  • Design and develop key reports to support oversight of regulatory activities;
  • Provide training and ongoing support to team members of private banking center;
  • Accelerate private banking center business technological platform set up;
  • Reporting ongoing business monitoring and regulators review results to Head of Legal & Compliance.

Qualifications Required:

  • Bachelor’s Degree or higher, preferably in Finance, Economics, Accounting or related field;
  • 5-7 years of experience in a Private Banking/Wealth Management Compliance function.  Preferably this experience includes Discretionary or Advisory Business, Knowledge of Technology Platforms, Developing Policies and Procedures and Monitoring Compliance with Rules and Regulations;
  • Advanced Microsoft Office (Word, Excel, Outlook and PowerPoint) skills;
  • Excellent verbal, written, and interpersonal communication skills;
  • Strong analytical skills with high attention to detail and accuracy;
  • Strong organizational, multi-tasking, and prioritizing skills;

China Merchants Bank New York Branch provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex, national origin, age, disability or genetics. 

This position offers an opportunity for professional growth within the Bank. Successful applicants will be asked to show proof that they can legally work in the U.S. without requiring visa sponsorship.

Please submit your resume and cover letter to compliance@ny.cmbchina.com.