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 nonbank subsidiary of Bank of America, part of Global Business Services in the bank.
Process Overview* - Sanctions Review team currently performs Sanctions Screening in FircoSoft system for all payments entities, settlements and trade transactions for Asia, EMEA & US at Enterprise level.
All the payments whether manually created on GBS, FPS, or STP and Trade transactions passes through Fircosoft and RLSU filtering channels for sanctions review
Job Description* - Sanctions Review team performs reviews for all transactions in conjunction with GES and complete the review on FircoSoft application. Team, also performs Investigation for additional information requested by Global Economic Sanctions team
• Review the Global Economic Sanctions hits on Fircosoft for Asia Branches (Except India), EMEA Branches (Except Greece) and US
• Investigate the transactions coming in to the queue for additional information required by GES (Global
• Economic Sanctions)
• Monitor the group mailbox
• Investigate the transactions which are rejected for any possible OFAC Sanctions reasons
• Be a subject matter expert and train the new joiners in the team
• Review the Global Economic Sanctions hits on Fircosoft for printed checks (DPS files)
• Escalate the close hits / potential hits to GES or Local Compliance
• Process the transactions from the OFAC queues within the currency cut offs
• Review and Monitor Sanctions Queues across profiles
• Review and Monitor all currency cut offs across branches
• Report any escalations immediately and ensure timely resolution
• Prepare/Review EOD reports across branches and ensure appropriate monitoring of the same
• Prepare monthly process dashboards as per schedule
• Report, monitor and escalate any cut off miss / OTD error and ensure timely resolution & control
• In case of any error on releasing the transaction, take all measures to inform GES proactively
• In case of any error on releasing the transaction, seek help from the branch / Operation teams to recall the funds such that the funds do not reach the beneficiary / beneficiary bank
• Identify and address knowledge gaps in the process across profiles
• Assist and adhere to any audit schedules applicable
• Comply with the CTQ (Critical to Quality)
• Must be fully conversant with Windows based IT systems, eg, Word, Excel, PowerPoint, Outlook and Access
Good Communication Skills
Job Location – Gurugram
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