Bank of America Corporation

GFC Manager - Correspondent Banking

Bank of America Corporation$110K — $130K *
Finance & Insurance
5 - 7 years of experience
Job Overview by Ladders

Qualifications

  • Minimum of seven years in financial crime compliance fields
  • Expertise in anti-money laundering (AML) legislation and practices
  • In-depth knowledge of correspondent banking products like nostro/vostro accounts
  • Familiarity with financial crime risks inherent in correspondent banking relationships
  • Practical skills in Correspondent Banking Due Diligence (CBDD) practices
  • Experience with transaction monitoring systems and their alert mechanisms
  • Understanding of global regulatory frameworks and industry standards

Responsibilities

  • Advise on the development and maintenance of financial crime-related policies
  • Produce risk management reports for senior leaders in compliance and operations
  • Monitor regulatory changes and direct appropriate policy updates
  • Participate in industry forums to identify and mitigate emerging risks
  • Escalate compliance and operational risks to management committees
  • Conduct thematic analysis on financial crime issues and report findings
  • Review operational loss events and oversee remediation plans

Benefits

  • Opportunities for continued professional development
  • Access to industry events and forums
  • Comprehensive health and wellness programs
  • Work-life balance initiatives
  • Potential for cross-functional collaboration and exposure to various business areas
Full Job Description
Job Description:

This job is responsible for executing substantive money laundering, economic sanctions and fraud compliance and operational risk practices. Key responsibilities include working directly or through compliance officers for the Front Line Units (FLUs) and Control Functions (CFs) to complete compliance, policy, operational/fraud risk management requirements. The role provides oversight and challenge of financial crimes risks in correspondent banking, helping ensure effective controls, regulatory compliance, and risk management across the organization.

Responsibilities:
  • Advises and directs the development and maintenance of financial crimes owned policies and standards, and reviews relevant Front Line Units/Control Functions-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed
  • Produces and/or oversees independent financial crimes risk management reporting to Global Compliance & Operational Risk (GC&OR) Senior Leaders and FLU/CF Senior Leaders
  • Monitors the changes in regulations applicable to Global Financial Crimes, including advising business leaders, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenging the implementation plan as needed
  • Participates in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers to identify and mitigate emerging risks
  • Escalates financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees
  • Identifies, aggregates, reports, escalates, inspects, and challenges the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes
  • Reviews and challenges internal and external operational loss events, including the development of remediation plans to strengthen controls and providing oversight to ensure they are addressed appropriately


Required Qualifications:
  • Minimum of seven years of relevant experience
  • Knowledge of anti-money laundering (AML) and related AML legislation
  • Strong understanding of correspondent banking products and services, including nostro/vostro accounts, payable -through arrangements, and cross-border payment flows.
  • Demonstrated awareness of financial crime risks inherent in correspondent banking, such as money laundering, terrorist financing, sanctions evasion, and nested relationships.
  • Ability to identify and assess jurisdictional and counterparty risks, including exposure to high-risk geographies, PEPs, and shell banks.
  • Practical knowledge of Correspondent Banking Due Diligence (CBDD), including KYC/KYCC principles, enhanced due diligence triggers, and periodic review processes.
  • Familiarity with transaction monitoring and screening controls applicable to correspondent banking, and understanding of how alerts and typologies manifest in this space.
  • Working knowledge of global regulatory frameworks and industry standards, including FATF Recommendations, Wolfsberg Group CBDDQ, and Basel Committee guidance.
  • Conceptual understanding of how financial crime detection models operate-ability to interpret outputs, understand model limitations, and connect model behavior to business risk.
  • Proven ability to work independently and collaboratively across business, compliance, and operations teams to assess and mitigate correspondent banking risks.
  • Strong communication and analytical skills, with the capacity to explain complex financial crime concepts clearly to non-technical stakeholders.
  • Conceptual understanding of transaction monitoring and screening


Desired Qualifications:
  • Bachelor's Degree in related field
  • Experience in financial services and/or a related government entity
  • Certified Anti-Money Laundering Specialist (CAMS)


Skills:
  • Critical Thinking
  • Monitoring, Surveillance, and Testing
  • Regulatory Compliance
  • Risk Management
  • Coaching
  • Issue Management
  • Policies, Procedures, and Guidelines Management
  • Strategy Planning and Development
  • Written Communications
  • External Resource Management
  • Reporting


Shift:
1st shift (United States of America)

Hours Per Week:
40

About Bank of America Corporation

Bank of America Merrill Lynch is the corporate and investment banking division of Bank of America. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management. It was formed through the combination of the corporate and investment banking activities of Bank of America and Merrill Lynch following the acquisition of the latter by the former in January 2009. Bank of America completed the acquisition of Merrill Lynch & Co on 1 January 2009. Bank of America began rebranding all of its corporate and investment banking activities under the Bank of America Merrill Lynch name in September 2009. In April 2010, Bank of America Merrill Lynch appointed Christian Meissner as head of investment banking for Europe, Middle East and Africa. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. In October 2013, Bank of America Merrill Lynch was recognised as the Most Innovative Investment Bank of the Year in The Banker's Investment Banking Awards.

Bank of America Corporation Careers

Join the dynamic team at Bank of America Corporation, a premier global financial institution where innovation, leadership, and growth go hand in hand. As one of the largest banks in the world, we offer unparalleled job opportunities and a culture that values diversity, inclusion, and professional growth. Work You’ll Do At Bank of America Corporation, you’ll be part of a team that’s dedicated to making a real difference. Whether you’re helping families buy their first home, advising businesses on expansion, or developing cutting-edge financial technologies, your work will have an impact. Our commitment to leadership in the financial industry has never been stronger, and we need passionate, skilled professionals to lead our journey. Explore a World of Opportunities From entry-level positions to leadership roles, Bank of America Corporation offers a variety of career paths in areas such as investment banking, technology, marketing, and risk management. Our job opportunities span the globe, providing the chance to work alongside the best in the industry and develop skills that will propel your career forward. Internship Programs Kickstart your career with Bank of America Corporation’s internship programs. These opportunities provide hands-on experience and a chance to engage in meaningful work that complements your academic studies. Interns gain invaluable networking opportunities, receive mentorship from seasoned professionals, and learn about the culture and operations of a global financial leader. Benefits and Growth Bank of America Corporation is committed to the well-being and continuous professional development of our team members. We offer a competitive benefits package that supports the health, financial stability, and work-life balance of our employees. Our training programs and development initiatives ensure that every team member has the opportunity to grow and advance within the company. Inclusive Culture We believe our strength lies in our diversity. Bank of America Corporation fosters an inclusive environment where all employees can thrive. Through diversity training and a commitment to equal opportunities, we cultivate leadership and innovation that reflect the wide-ranging communities we serve. Join Our Team Are you ready to advance your career at a company that’s at the forefront of the financial industry? Explore the positions available at Bank of America Corporation and find where your skills and interests align with our needs. We are continuously hiring and looking for individuals who are curious, creative, and eager to drive change. Stay Connected Keep up to date with the latest from Bank of America Corporation Careers by subscribing to our job alert emails. Tailor your subscription to receive updates that match your career interests and get insider tips that can help you during your application and interview process. Bank of America Corporation is not just a company—it’s a place where you can shape your future and the future of finance. Join us and be part of a team that’s redefining what a bank can be.
Learn more about Bank of America Corporation
Size
208,000 employees
Market Cap
$260.3 billion
Industry
Net Income
$17.8 billion
Founded
1998
5 Year Trend
-1.4%
NASDAQ

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