Global Financial Crimes Executive I - Strategic Initiatives, Liaison, and Emerging Risks

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
 
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
 
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
 
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:
The Global Financial Crime (“GFC”) Executive I contributes to the direction and drives the development of enterprise-wide money laundering, economic sanctions, and fraud compliance and operational risk practices consistent with applicable laws, rules, regulations and regulatory guidance. The GFC Executive I serves as a trusted advisor to the Chief Compliance and Operational Risk (“C&OR”) Officers of the Front Line Units (“FLU”) and Control Functions (“CF”) for the company and to the leaders of the FLUs and CFs directly.
 

The Global Financial Crimes (GFC) Executive I ensures significant issues and financial crimes trends are effectively communicated and acted upon. Additionally, this role requires a strong network of law enforcement contacts for coordinating public-private partnership, and prior experience with financial crimes detection and proactive methods to identify risk. 

Responsibilities:

• Identify emerging risks and develop recommendations to manage and mitigate key Global Financial Crimes and Economic Sanctions risks.

• Serve as an escalation point and facilitator for internal and external inquiries related to non-routine law enforcement matters.

• Proactively engage with law enforcement to understand the latest trends and typologies in financial crime, escalating significant suspicious activity identified by the Bank, and obtaining law enforcement feedback on the Bank’s work.

• Ensure work that is a product of law enforcement engagement is fed into emerging risk reports and/or priority threat assessments.

• Work closely with the financial crimes investigations teams to identify matters corresponding to the National AML Priorities, as well as emerging financial crimes risk trends.

• Analyze internal referrals and Suspicious Activity Reports (SARs) for potential risks for relevant groups across the Bank, as well for as public sector counterparts and industry groups, as appropriate.

• Engage with industry associations or other networking groups related to combatting financial crime and terrorist financing, and participate in public-private sector partnerships.

• Produce and/or oversee independent financial crimes risk management reporting to Global Compliance & Operational Risk (“GC&OR”) Senior Leaders and FLU/CF Senior Leaders via established governance and management routines.

• Participate in industry forums and monitor regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and the media) to identify and mitigate emerging financial crimes risks.

• Identify regulatory training needs and provide subject matter expertise to support the development of training curriculum.

• Advise and direct the development and maintenance of financial crimes owned policies and standards, and the review of relevant FLU/CF-owned policies and standards, to ensure that regulatory requirements and operational risks are appropriately addressed.

• Monitor the changes in regulations applicable to Global Financial Crimes, including advising business leaders on those changes, directing the appropriate groups within the bank to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenge the implementation plan as needed; ensure a comprehensive regulatory inventory.

• Identify, aggregate, report, escalate, inspect and challenge the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes.

• Escalate financial crimes-related compliance and operational risks and issues to appropriate governance routines, management/board level committees.

• Participate in the development and maintenance of the global financial crimes coverage plan, which defines the scope and risk-based focus of the bank’s risk management activities and/or oversees execution of monitoring, testing, and risk assessments.

• Review and challenge FLU/CF process, risk management, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA).

• Review and challenge internal and external operational loss events, including development of remediation plans to strengthen controls, and approve where appropriate.

Required Qualifications

• 10+ Years professional experience in Global Financial Crimes, as well as relevant background in Risk Management and Regulatory Compliance

• 5 or more years experience in managing and leading People and the ability to lead teams

• Bachelor's degree or equivalent experience

• Demonstrated experience with detection and proactive methods to identify risk

• A current network of law enforcement contacts for coordinating public-private partnership

• Able to interact effectively with government officials, law enforcement counterparts, business leaders, non-governmental organizations, and stakeholders’ groups

• Deep subject-matter expertise related to financial crimes typologies and trends, including AML, Fraud, and economic sanctions

• Skilled in use of Microsoft Office programs/Excel

• Able to analyze data and effectively communicate findings

• Intellectually curious

• Team-oriented

Skills:

• Regulatory Compliance

• External Resource Management

• Strategy Planning and Development

• Change Management

• Decision Making

• Issue Management

• Policies, Procedures, and Guidelines Management

• Talent Development

• Risk Management

• Written Communications

• Fraud Management

• Investigation Management

• Coaching

• Inclusive Leadership

Shift:

Hours Per Week: