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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Want more jobs like this?
Get jobs in Chennai, India delivered to your inbox every week.
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Process Overview
Sanctions Review team performs Sanctions Screening in FircoSoft system for all payments entities, settlements and trade transactions for Asia, EMEA & US at Enterprise level.
SSCoE serves BAML's eight lines of business, delivering global, regional and local capabilities through secure, fast and reliable technology, and people with the knowledge and experience to deliver timely and accurate review of all sanction's alerts across all products of Bank of America. Team also has the responsibility to provide support to client facing teams and clients where needed to educate on compliance program, drive better quality of data defining the customer and their day-to-day banking transactions.
Job Description
- Perform accurate in-depth research to resolve potential matches utilizing approved internal and external systems/tool where applicable.
- Apply explanation for the decision to approve, state the source in which the research is conducted, and the appropriate reason code if the potential match is concluded that the is a false-positive.
- Incase additional information is required, procure additional information from clients / external banks to ensure right decision is taken.
- Interprets and applies sanctions regulations based on the scenario.
- Engages MLRO's and Subject Matter Experts (SME'S) as appropriate.
- Actively get involved in the Projects / Business Priorities of the year and deliver the same as per roles and responsibilities assigned with full ownership and accountability.
- Bring in Process improvements to simplify and standardize process flow, reduce NVA steps, demand reduction ideas, improving CTQ performance etc. which should give significant benefit for the process in terms of efficiency and time saves.
- Escalate issues to the Leadership team as they arise - any potential losses and escalations.
- Must be fully conversant with Windows based IT systems, e.g., Word, Excel, PowerPoint, Outlook and Access
Responsibilities
- Review and monitor all alerts stopping for compliance review in Sanctions screening tool.
- Escalate the close hits / potential hits to the next level - Advanced Escalations.
- Understand the different products, alerts are arising from to make a well-informed decision on prioritizing the work.
- Comply with the KPIs and KRIs.
- Work as per the queue allocation.
- Raise any gaps identified in the system or procedures.
- Be ready to take and deliver on adhoc responsibilities that may arise in the business.
Requirements
- Experience & Knowledge of economic sanctions program requirements and disposition of sanctions alerts.
- Currently working as a Level 2 resource in Sanctions/Compliance based process.
- Demonstrates good understanding of economic compliance requirements.
- End to End (Technology and process) knowledge on Sanctions Review
- Ability to multitask, prioritizing urgent items & deliver on time.
- Ready to stretch when required.
- Willingness and able to own tasks to completion.
- Flexible and adaptable to changing demands and shift timings.
- Understanding of Payments flows
- Good on Microsoft Office applications.
- Good Communication skills (Written/Oral)
Education B.com or MBA
Certifications If Any in Payments / Compliance /AML/ Sanctions related certifications
Experience Range - Minimum 7 years overall experience and minimum of (3-5 years relevant experience)
Foundational skills
Domain knowledge on Sanctions/ Screening /AML/KYC/CDD/Transactional Monitoring /Payments.
Experience in Sanction Screening at L2 Level
Work Timings Rotational
Job Location Chennai