VP, EMEA Escrow On-boarding
- London, England, United Kingdom London England GB
- Permanent, Full time
- Bank of America Merrill Lynch
- 22 Jun 18 2018-06-22
VP, EMEA Escrow On-boarding
Global Custody and Agency Services ("GCAS") is a business unit within Global Banking and Markets under the Equities arm. GCAS products include Custody, Escrow and Issuing and Paying Agent services.
Bank of America Merrill Lynch remains well positioned to becoming a market leading Escrow provider. The Investment Bank, Corporate Bank, and Global Transaction Services teams sit in a unique position to collaborate and leverage the strength of our universal banking model to provide a unified end-to-end advisory, funding and settlement solution to our clients. Bank of America Merrill Lynch has identified Escrow as a key strategic initiative to combine the efforts of the aforementioned teams and bolster our international banking capabilities. In addition, the Bank sees a significant opportunity to offer Escrow Services to key clients and select external intermediaries who similarly require Escrow to execute a myriad of transactions and require a global bank with a vast international footprint.
The role within the Escrow On-boarding team is to manage the overall on-boarding of new escrow clients. This includes facilitating the set up of prospective clients on core platforms including KYC, client documentation, account opening and reporting. The candidate will need to understand client requirements, legal agreements, the platform architecture and how systems connect with each other. This will involve interaction with sales, client services, legal, tax, in addition to various product specific areas including FX.
- Provide an exceptional client on-boarding experience while adhering to risk guidelines, policies and procedures.
- Assume end-to-end ownership of escrow deal on-boarding
- Oversee and implement escrow transactions on time, manage client expectations, regularly communicate on-boarding status internally and to clients
- Review the escrow agreement and work with functional partners to assess fit within approved product parameters including AML, legal and operations. Escalate exceptions as per non-standard approval framework.
- Coordinate and complete KYC, tax and account opening with internal operational groups based on governing document and established procedures
- Maintain a clear record of the deals in the on-boarding pipeline, regularly communicate progress to management
- Provide quality assessment reviews and escalate/resolve exceptions in a timely manner
- Review and approve billing set-ups, account reservation and opening requests as required
- Effectively transition account to client service advisor for ongoing daily client support
- Take an active role in ad hoc projects to improve client experience, drive efficiency, enhance controls, compile with regulatory/industry requirements
- Keep all on-boarding and implementation procedures up-to-date
- Assist and support internal and external audits and regulatory reviews
- Ensure compliance with all relevant bank policies including Information Wall Policy and GBAM Anti-Money Laundering Policy
- Bachelor's degree in finance or related field, or equivalent work experience
- Demonstrable years of escrow on-boarding or client service experience, including direct client communication
- Experience in reviewing legal agreements and assessing against risk guidelines
- Excellent communication and presentation skills, attention to detail
- Ability to work under intense time pressure in a team environment managing multiple projects/deadlines simultaneously
- Proficient computer skills knowledge of Excel, Word, PowerPoint and SharePoint in particular
- Ability to liaise with all levels of the firm and people with different experiences and backgrounds.
- Self-motivated and able to work unsupervised. Candidate will be able to manage own time and know when to escalate.
- Knowledge of GBS, CashPro and LEO platforms is desirable
- Understanding of capital market transactions (e.g. M&A, DCM, ECM, Leverage Finance, Syndicated Lending, Trade, etc) is preferred
Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.