Team Leader

Job Description:

About Us

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!

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 currently performs Sanctions Screening in FircoSoft system for all payments entities, settlements and trade transactions for Asia, EMEA & US at Enterprise level.
All the payments whether manually created on GBS, FPS, or STP and Trade transactions passes through Fircosoft and RLSU filtering channels for sanctions review

Job Description

Sanctions Review team performs reviews for all transactions in conjunction with GES and complete the review on FircoSoft application. Team, also performs Investigation for additional information requested by Global Economic Sanctions team

Responsibilities:

• Review the Global Economic Sanctions hits on Fircosoft for Asia Branches (Except India), EMEA Branches (Except Greece) and US
• Investigate the transactions coming in to the queue for additional information required by GES (Global
• Economic Sanctions)
• Monitor the group mailbox
• Investigate the transactions which are rejected for any possible OFAC Sanctions reasons
• Be a subject matter expert and train the new joiners in the team
• Review the Global Economic Sanctions hits on Fircosoft for printed checks (DPS files)
• Escalate the close hits / potential hits to GES or Local Compliance
• Process the transactions from the OFAC queues within the currency cut offs
• Review and Monitor Sanctions Queues across profiles
• Review and Monitor all currency cut offs across branches
• Report any escalations immediately and ensure timely resolution
• Prepare/Review EOD reports across branches and ensure appropriate monitoring of the same
• Prepare monthly process dashboards as per schedule
• Report, monitor and escalate any cut off miss / OTD error and ensure timely resolution & control
• In case of any error on releasing the transaction, take all measures to inform GES proactively
• In case of any error on releasing the transaction, seek help from the branch / Operation teams to recall the funds such that the funds do not reach the beneficiary / beneficiary bank
• Identify and address knowledge gaps in the process across profiles
• Assist and adhere to any audit schedules applicable
• Comply with the CTQ (Critical to Quality)
• Must be fully conversant with Windows based IT systems, eg, Word, Excel, PowerPoint, Outlook and Access

Requirements

Education - Graduate (BCom)

Certifications If Any: NA

Experience Range: 3-5 years of experience.

Foundational skills:

• Experience In Sanctions Review process, Strong Payments knowledge (Swift),
• Good Communication Skills