Clearing Department Investigation Associate

  • Commensurate with Experience
  • New York, NY, USA
  • Permanent, Full time
  • Bank of China USA
  • 12 Feb 18 2018-02-12

Fulfill all investigation tasks assigned timely, efficiently and accurately. Participate in the development and improvement of Investigation system. Undertake positively the practice of new products, new services and new procedures relating to investigation work, also the supervisory function when necessary and other assigned work.

Job Purpose:

Fulfill all investigation tasks assigned timely, efficiently and accurately. Participate in the development and improvement of Investigation system. Undertake positively the practice of new products, new services and new procedures relating to investigation work, also the supervisory function when necessary and other assigned work.

 

Job Responsibilities:

Business Management:

  • When necessary, Associate may undertake the supervisory function with the approval of Section Head.
  • Raise proposal’s for section work’s improvement.

Operations:

  • Sets up investigation cases to resolve payment problem.
  • Investigates, reconciles and communicates by SWIFT messages/E-mail/Fax with sending bank/beneficiary bank upon discovery of discrepancies.
  • Answers and resolves phone inquiries from correspondents or customers.
  • Reviews cases regularly and ensures all investigation cases are closely followed up and settled.
  • Handles compensation of late payment, back value, amendment, forward value, and used funds, including calculates/clarifies the amount of compensation claim as well.
  • Submits all OFAC suspicious / Legal issues to Compliance Department or Legal Department for further instruction, acts strictly according to related instruction including informs Sending/Beneficiary Banks about status of payments, inquiries for detailed information, faxes related court order documents when necessary.
  • Releases payment to operation section upon the completion of investigation.
  • Verifies payment instructions when necessary.
  • Handles previous day return payments and return charges.
  • Inputs T24 system when necessary.
  • Prepares SWIFT messages for notification, authentication to related banks on behalf of other departments / institutions.
  • Files and records outstanding, closed, and waived compensation cases on the special forms.
  • Files, records and balances suspense account on daily basis, reports the daily balance to Section Head and FMD.
  • Prepares a complete accurate report to Head of Clearing Department on every 10 days; generates monthly balance report to Auditing Department and Compliance Department.
  • Applies, records and updates block cases accordingly, submits the summary report of block accounts when necessary.
  • Undertakes Investigation Night Shift job in a rotation basis and works as back-up of department night shift staff when necessary.
  • Participate in the development and improvement of Investigation system.
  • Undertake positively the practice of new products, new services and new procedures relating to investigation work.
  • Other temporary works assigned by Senior Officer / Section Head / Head of Department.

Risk Control:

  • Monitor and escalate overdue items on suspense accounts to management.
  • Maintain and monitor fraudulent payments report.
  • Gather, process and analyze data of OFAC cases on a routine basis.
  • Conduct Anti-Money Laundering investigation for major correspondent banks by e-mail; monitor and escalate overdue items on suspense accounts to management.

Compliance:

  • Understand, comply with and monitor the activities, if necessary, of all applicable laws and regulations regarding Anti-Money Laundering, Bank Secrecy Act, currency transaction reporting, and suspicious activity reporting.

 

Job Requirements:

  • Bachelor’s Degree required; Finance/Accounting Majors preferred.
  • General knowledge: SWIFT message of money transfer investigation, Compliance, Accounting