Global Financial Crimes Specialist – Economic Sanctions

Bank of America•Tampa, FL

10d•Onsite

About The Position

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve. Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us! This job is responsible for supporting the execution of substantive money laundering, economic sanctions and fraud compliance and operational risk practices. Key responsibilities include assisting Global Financial Crimes executives and managers with activities that support the identification, escalation and timely mitigation of compliance and operational risks in alignment with the Compliance and Operational Risk Management (CORM) Program, the Financial Crimes and Global Compliance - Enterprise Policies and the Enterprise Fraud Risk Management Standards. Global Economic Sanctions (“GES”) is responsible for dedicated compliance and operational risk management of processes unique to economic sanctions. The Sanctions Risk Specialist is a function within GES that is responsible for the identification, aggregation, reporting, and escalation of sanction related risks. The Sanctions Risk Specialist is responsible for the execution of risk management responsibilities in areas such as sanctions advisory, issues management, and monitoring and testing from a sanctions compliance and risk perspective. This role is an individual contributor within the Sanctions Intelligence Team. The role will provide research and identification of sanctions risks and management of sanctions lists. As GFC monitoring covers all FLUs within the bank, this role will have the opportunity to gain exposure to multiple Bank products and systems. The Sanctions Risk Specialist may engage in the following processes to evaluate and assess FLU/CF controls, sanctions-specific second line functions and controls, and residual risks related to economic sanctions:

Requirements

Minimum of 5 years of relevant experience
Experience in financial services industry, risk management, financial crimes, testing, or related field
Bachelor’s degree or equivalent experience
Critical Thinking
Monitoring, Surveillance, and Testing
Regulatory Compliance
Risk Management
Issue Management
Policies, Procedures, and Guidelines Management
Written Communications
Coaching
Reporting
Talent Development

Nice To Haves

Experience in managing sanctions program issues and metrics
Ability to handle multiple compliance projects in a dynamic environment with competing priorities across a global team setting
Excellent business stakeholder management and communication skills
Financial Services and/or related government entity

Responsibilities

Provide oversight of sanctions compliance tools used in transactions and customer screening, including tool performance monitoring
Support governance around onboarding of new screening lists and screening list rules
Collaborate on research and analysis of sanctions risks to the bank
Monitor list management metrics
Coordinate with compliance, technology, and operations teams to support regulatory and audit requests
Supports the development and maintenance of financial crimes owned policies and standards, and reviews relevant Front Line Units/Control Functions-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed
Assists in the production of independent financial crimes risk management reporting to Global Compliance & Operational Risk (GC&OR) Senior Leaders and FLU/CF Senior Leaders
Assists in the monitoring of changes in regulations applicable to Global Financial Crimes, including advising business leaders, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenging the implementation plan as needed
Contributes to risk coverage plans, executes independent risk monitoring, testing, and risk assessments
Supports with escalating financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees
Assists in the identification, aggregation, reporting, and escalation of the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes
Assists in the review of internal and external operational loss events, including the development of remediation plans to strengthen controls and providing oversight to ensure they are addressed appropriately