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Manager

Gurugram, India

Job Description:

Overview:

Bank of America is one of the world’s leading 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. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.

We are a part of the Global Business Services which delivers technology and operations capabilities to Bank of America lines of business (LOB) and enterprise functions.

Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.

* BA Continuum is a non-bank subsidiary of Bank of America, part of Global Business Services in the bank.


Process Overview:

The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act. Starting July 1, 2014 foreign financial institutions (FFI) will be required by the US government, under FATCA, to report information regarding accounts of all US citizens (living in the US and abroad), US "persons," green card holders and individuals holding certain US investments to the IRS. This law requires foreign financial institutions such as local banks, stock brokers, hedge funds, insurance companies, trusts, etc. - to report directly to the IRS all their clients who are "US persons.” FFIs that do not become compliant will be subject to a 30% withholding on their US investments when they are cashed in, which will directly impact FFI clients with US holdings. The legislative intent of FATCA is to ensure there is no gap in the ability of the U.S. government to determine the ownership of U.S. assets in foreign accounts.

The GBAM Tax Services team responsible for validation of tax forms & other tax related documents for Bank of America clients spread over all business lines across regions.  The team will be responsible for the oversight and compliance with IRS tax rules and intergovernmental agreements including FATCA. As a member of the team, the individual will specialize in the engagement with clients to solicit, collect and review regulatory and tax documentation and information in order to meet the requirements of the Foreign Account Tax Compliance Act (FATCA).

Job Description:
GBAM Tax Services team is responsible for providing comprehensive analysis to the bank and the business units on the tax withholding, tax information reporting, and related client documentation requirements associated with the provision of banking, asset servicing and fund administration services in multiple jurisdictions.
The associates joining the team are expected to build and maintain a comprehensive knowledge of all internal systems related to Tax Onboarding, Client Onboarding, and Reviews. Associates are expected to assist in change requirements for policies and procedures relating to FATCA & also run & monitor BAU queues to reduce potential tax risk/withholding.

Responsibilities:

  • Manage relationship with Business/Onshore partners
  • Manage global projects
  • Excellent people management skills including talent management, effective operational controls, having difficult conversations, performance management
  • Participate and drive GBS wide initiatives/projects
  • Collate and provide business requirements from operations to technology and change management teams
  • Review and analyze business requirements from time to time using data, experience, voice of the team and business feedback
  • Understand the end to end impact of global projects to operations
  • Must be able to drive initiatives and help embed the change
  • Must have end-to-end knowledge of workflow
  • Identify and propose solution to any disparities / conflicts between business requirements and solutions provided by stakeholders/clients/team
  • Perform governance routines
  • Take ownership for managing risk well and be proactive in identifying and controlling risks, issues and concern. Track and highlight issues, gaps, concerns and process failures for remediation
  • Flexibility to switch roles as per business requirements

Requirements:

  • Education: Bachelor's / Master’s degree in Business Studies/  Management, Economics, Banking, Commerce or equivalent (Financial Services/Ops experience preferred with knowledge on Investment Banking domain, Capital markets & financial products)
  • Experience: –10-12 years

Mandatory Skills:

  • Knowledge of the U.S. Foreign Account Tax Compliance Act (FATCA) regulation
  • Familiarity with IRS Forms W-8 and W-9 requirements
  • Excellent knowledge of MS Office application like word, Excel and PowerPoint
  • Ability to work in a dynamic environment such as lack of well-defined procedures and changing work mix
  • Ability to independently communicate with senior leaders in the business
  • Excellent organizational skills are required with the ability to prioritize daily workload, work accurately and efficiently under pressure
  • Stake holder management (internal & external) across regions / functions / lines of business
  • Minimum 5 years of direct team management with span of ~20
  • Must have experience of working with global teams. Experience of working directly with U.S. will be an additional advantage

Desired Skills:

  • Demonstrates a positive attitude while focusing on completing tasks or goals
  • Excellent oral/written communication skills
  • Excellent time management skills
  • Organized and able to multi-task in a fast-paced environment
  • Strong influencing and interpersonal skills
  • Should be a team player with strong execution focus
  • Good project management skills
  • Adapts to changes and has a proven track record of working as part of a global team
  • Global Markets Product Knowledge would be an added advantage

Shift Timings : Should be flexible to work in EMEA/US shifts
Travel should be flexible to travel per business needs within sister sites in India for short to mid term
Job Location: Gurugram

Learn more about this role

Full time

JR-20019264

Manages People:

Manager:

Talent Acquisition Contact:

Referral Bonus:

Street Address

Primary Location:
Infospace, Gurugram, 122016