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Merrill Wealth Management Anti-Money Laundering Executive

Charlotte, North Carolina;

Job Description:

Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Lynch wealth management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance.

Merrill Lynch’s financial advisors help clients pursue the life they envision through a one-on-one relationship with an advisor committed to their needs.  We believe trust comes from transparency.  Our trusted financial advisors are equipped with access to the investment insights of Merrill Lynch coupled with the banking convenience of Bank of America.

The Anti-Money Laundering (AML) Executive for Wealth Management (WM) will set the direction and have responsibility for the execution and oversight of the Merrill Lynch, Private Bank and Investment Solutions Group (ISG) AML program.  This role will work closely with business leaders, client facing teams, operations owners, control partners, and technology executives to identify, define, and manage the connect points in the program to deliver the agreed upon strategies and objectives that meet the requirements of a solid AML program.  As a subject matter expert on AML, the role requires an acute understanding of the regulatory requirements that can be translated into execution delivery, process transformation and redesign.  Leading a team, the Executive will be responsible for leadership direction, aligning stakeholders, managing the messaging and adoption, and maintaining an oversight framework to provide visibility to Senior leadership on the status and delivery across the program. The WM AML Executive will report directly to the Merrill Lynch Chief Supervisory Officer.

Key Responsibilities:

  • Manages the end-to-end AML strategy and execution for WM, with rigorous attention to ensure adherence to AML standards, delivering an integrated solution roadmap to meet business goals, and service clients effectively and efficiently

  • Works closely with the Senior Leaders to effectively measure and manage AML risks in WM, ensuring adherence to applicable AML laws and regulations with the development and implementation of a business-specific AML Program.

  • Collaborates closely with Enterprise partners, ( Enterprise AML Team, Technology and Operations, etc) on the implementation and management of effective policies and processes for the performance of KYC and AML monitoring, training and communications,  as well as the production of relevant AML metrics.

  • Participates meaningfully in global/regional AML initiatives to enhance and/or improve AML controls

  • Provides advice and guidance to WM associates on possible risks, and on the prevention, detection and reporting of suspicious activity as required by BofA AML polices and applicable local law

  • Demonstrates ownership and accountability for audit issues – through coordination and bias to action to mitigate risk and resolve issues timely. 

  • Production of reporting and monitoring that demonstrates compliance with standards and operating effectiveness of AML program.

  • Keeps abreast of new trends and developments in the field of AML, as well as of legal/regulatory changes.

  • Monitors and tests the effectiveness of the front line unit and control function compliance risk controls for Financial Crimes.

  • Evaluates whether internal controls are working effectively and identifying weaknesses or gaps in controls.

  • Supports the analysis, reporting, escalation and resolution of risks, issues and control enhancements.

  • Establishes and executes governance and management routines.


Requirements:

  • Proven ability leading a team in a multi-layer, matrix organization; setting the strategic tone, leading the team to success, and demonstrating sound judgment balancing risk vs reward distributed across functional areas and physical locations

  • Strong executive presence and communication skills (verbal and written) are needed to partner with, establish credibility with, and influence senior executives (internal and external) and stakeholders in a heavily matrixed environment.

  • Strong project management skills. Be able to manage multiple resources to completion of quality deliverables in a pressured, time-sensitive environment with multiple competing priorities without having direct authority.

  • Possess mature business judgment and be proactive, well organized and results-oriented. 

  • Experience in identifying strategy and translating to execution, identify connection points, dependencies and risks in a large, wide-scale firm

  • Strong analytical skills, with ability to accurately interpret reports, models, and metrics; able to draft, lead, execute and track results

 

Experience:

  • Minimum three (3) years in Compliance and/or AML Compliance and/or legal, audit, risk management role

  • Minimum 10 Years Business & Functional Experience

  • Minimum five (5) years in the financial services industry

  • Bachelor’s Degree from a recognized university in Accountancy, Banking, Business, Economics or Law. Post graduate degree strongly preferred

Job Code Summary:

Lead a function dedicated to and design a strategy to drive internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Ensure capabilities are in place to drive the day to day execution of the Operational Risk Management Framework, including the implementation of LOB/ECF specific processes and tools to drive adherence to enterprise-wide Standards. Effectively monitor and report on the LOB/ECF Operational Risk Profile. Provides leadership and oversight in establishing effective controls within processes (Quality Assurance), perform reviews, and test the effectiveness of controls (monitoring and Quality Control). Engage with senior stakeholders to identify issues and/or control improvements for remediation. Acts as an ambassador of the risk culture. Incumbents typically have over 10+ years of risk management and LOB/ECF experience. Develop and direct staff.

Job Band:

H3

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Lynch wealth management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance.

Merrill Lynch’s financial advisors help clients pursue the life they envision through a one-on-one relationship with an advisor committed to their needs.  We believe trust comes from transparency.  Our trusted financial advisors are equipped with access to the investment insights of Merrill Lynch coupled with the banking convenience of Bank of America.

The Anti-Money Laundering (AML) Executive for Wealth Management (WM) will set the direction and have responsibility for the execution and oversight of the Merrill Lynch, Private Bank and Investment Solutions Group (ISG) AML program.  This role will work closely with business leaders, client facing teams, operations owners, control partners, and technology executives to identify, define, and manage the connect points in the program to deliver the agreed upon strategies and objectives that meet the requirements of a solid AML program.  As a subject matter expert on AML, the role requires an acute understanding of the regulatory requirements that can be translated into execution delivery, process transformation and redesign.  Leading a team, the Executive will be responsible for leadership direction, aligning stakeholders, managing the messaging and adoption, and maintaining an oversight framework to provide visibility to Senior leadership on the status and delivery across the program. The WM AML Executive will report directly to the Merrill Lynch Chief Supervisory Officer.

Key Responsibilities:

  • Manages the end-to-end AML strategy and execution for WM, with rigorous attention to ensure adherence to AML standards, delivering an integrated solution roadmap to meet business goals, and service clients effectively and efficiently

  • Works closely with the Senior Leaders to effectively measure and manage AML risks in WM, ensuring adherence to applicable AML laws and regulations with the development and implementation of a business-specific AML Program.

  • Collaborates closely with Enterprise partners, ( Enterprise AML Team, Technology and Operations, etc) on the implementation and management of effective policies and processes for the performance of KYC and AML monitoring, training and communications,  as well as the production of relevant AML metrics.

  • Participates meaningfully in global/regional AML initiatives to enhance and/or improve AML controls

  • Provides advice and guidance to WM associates on possible risks, and on the prevention, detection and reporting of suspicious activity as required by BofA AML polices and applicable local law

  • Demonstrates ownership and accountability for audit issues – through coordination and bias to action to mitigate risk and resolve issues timely. 

  • Production of reporting and monitoring that demonstrates compliance with standards and operating effectiveness of AML program.

  • Keeps abreast of new trends and developments in the field of AML, as well as of legal/regulatory changes.

  • Monitors and tests the effectiveness of the front line unit and control function compliance risk controls for Financial Crimes.

  • Evaluates whether internal controls are working effectively and identifying weaknesses or gaps in controls.

  • Supports the analysis, reporting, escalation and resolution of risks, issues and control enhancements.

  • Establishes and executes governance and management routines.


Requirements:

  • Proven ability leading a team in a multi-layer, matrix organization; setting the strategic tone, leading the team to success, and demonstrating sound judgment balancing risk vs reward distributed across functional areas and physical locations

  • Strong executive presence and communication skills (verbal and written) are needed to partner with, establish credibility with, and influence senior executives (internal and external) and stakeholders in a heavily matrixed environment.

  • Strong project management skills. Be able to manage multiple resources to completion of quality deliverables in a pressured, time-sensitive environment with multiple competing priorities without having direct authority.

  • Possess mature business judgment and be proactive, well organized and results-oriented. 

  • Experience in identifying strategy and translating to execution, identify connection points, dependencies and risks in a large, wide-scale firm

  • Strong analytical skills, with ability to accurately interpret reports, models, and metrics; able to draft, lead, execute and track results

 

Experience:

  • Minimum three (3) years in Compliance and/or AML Compliance and/or legal, audit, risk management role

  • Minimum 10 Years Business & Functional Experience

  • Minimum five (5) years in the financial services industry

  • Bachelor’s Degree from a recognized university in Accountancy, Banking, Business, Economics or Law. Post graduate degree strongly preferred

Job Code Summary:

Lead a function dedicated to and design a strategy to drive internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Ensure capabilities are in place to drive the day to day execution of the Operational Risk Management Framework, including the implementation of LOB/ECF specific processes and tools to drive adherence to enterprise-wide Standards. Effectively monitor and report on the LOB/ECF Operational Risk Profile. Provides leadership and oversight in establishing effective controls within processes (Quality Assurance), perform reviews, and test the effectiveness of controls (monitoring and Quality Control). Engage with senior stakeholders to identify issues and/or control improvements for remediation. Acts as an ambassador of the risk culture. Incumbents typically have over 10+ years of risk management and LOB/ECF experience. Develop and direct staff.

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-22048285

Band: H3

Manages People: Yes

Travel: Yes, 25% of the time

Manager:

Talent Acquisition Contact:

Cindy Slater

Referral Bonus:

0