Responsible for overall regulatory compliance within New York Branch of all applicable regulations from different regulatory bodies like Office of Foreign Assets Control (OFAC), Federal Reserve Bank of New York (FRBNY), New York State Department of Financial Services (NYSDFS), Bureau of Industry and Security (BIS), Bureau of Export Administration Regulations - Anti-Boycott Laws.
Graduate with 7 - 10 years banking experience. Good understanding of various local regulatory rules and regulations. Knowledge and Understanding AML Law and various Banking legislations. Computer literate and good command over spoken and written English. Good presentation skills.
Surface risks proactively and in a timely manner and keep a vigilant eye on branch activities to identify any unusual activity. Operates in a strictly multi-regulated environment and requires in-depth knowledge of various local regulations/regulatory bodies as mentioned above. Sound knowledge of banking practices & laws, bank's policies / procedures / systems & controls in Branch. Maintain and develop relations with various Business Units and Regulators.
Ensure that all transactional referrals, account documentation checking and risk rating of countries/ customers is handled in a timely manner.
Provide support to Head Office Auditors from compliance perspective and Regulatory Examiners (FRBNY/NYSDFS) while their visit the branch for inspection.
Supervise / monitor / approve daily filtering of all payments and swift messages in respect of terrorist and criminal names appearing in US Government Lists/ Watch List.
Undertake review of suspicious transaction(s) that get noticed or that has been brought to the attention of compliance; discuss unusual activity / transactions with relationship managers and report to AML Committee raise SAR to the relevant regulatory authority, if approved by AML Committee.
Provide all new staff at NY Branch with full training (within 3 months of joining) and provide staff with regular updates on the money laundering regulations and requirements.
Ensure branch compliance to local AML/CFT regulations -where applicable maintain and update the local 'AML Policy Manual' with the approval of AML Committee and Compliance; ensure that every employee at the branch and centralized operations personnel at HO, reads and understands the banks/branch AML policy. Ensure submission of staff 'AML declarations' to this affect on an annual basis.
Respond to queries that are sought by local Regulatory Authorities / Law Enforcement Agencies / Head Office & Overseas branches relating to local laws/regulations, in timely manner with complete and accurate information.
Manage Regulatory Examinations; ensure implementation/regularization of inspection
Review new regulatory legislations; promptly communicate all regulatory notices/circulars to all concerned areas, provide interpretations if necessary to Branch management and IBG-Compliance; develop/monitor action plans towards its implementation.
Ensure that all internal audit reports, those are conducted in the branch relating to Regulatory Compliance are retained, reviewed and that an action plan is properly executed
Responsible for updating/maintaining policies that ensure compliance to various other local regulations (policies such as BSA/AML, OFAC, KYC, Abandoned Property Policy, Assets Maintenance and Pledge of Assets Policy, Right to Financial Privacy and Consumer Data Protection , Physical Security and Safety Manual, Anti-Boycott Policy, Federal Election Campaign Act Compliance Policy, Bank's Bribery Act Policy, Foreign Corrupt Practices Act Compliance Policy, Record Retention Policy, Denied Persons Policy).
Responsible for maintaining branch's BSA/AML and OFAC Program Manual for Staff and for updating the same as legislation and regulations change, with the approval of AML
Position Type: Full-Time Permanent
Years of Experience Required: