Global Financial Crimes Economic Sanctions Specialist

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.

• Apply knowledge of economic sanctions regulations and laws (OFAC, UN, EU, UK etc.) and internal sanctions screening processes for risk analysis, monitoring and testing, and sanctions list management
• Provide oversight of Front Line Units with matters involving economic sanctions concerns
• Have discussions and communicate with senior band 3 executives, respond to auditors and regulators, prepare presentations to regional and global rep risk committees, prepare and conduct sanctions-related training for Front Line Units, and conduct risk analysis and research on economic sanctions matters
• Identify, draft, own, and resolve to completion audit issues
• Serve as the Risk Officer aligned to FLU-owned issues with economic sanctions impact. This includes ensuring timely and effective resolution of action steps, as well as Global Economic Sanctions review and challenge of action step remediation and evidence.
• Regularly execute and oversee business control functions, including as associated with metrics and governance routines, for effective sanctions program functioning.
• Maintenance and oversight of a comprehensive inventory of all FLU-owned issues with economic sanctions impact.
• Serve as the main point of contact between the FLUs and the Global Financial Crimes Program Team from a Global Economic Sanctions perspective, with particular responsibility to ensure alignment and data sharing related to program execution (e.g. on metrics, QA, SPI, SOPs, Standards, Risk Tolerance & KRI/KPI reporting).
• Ensure necessary oversight, coordination and proactive management of issues within Global Economic Sanctions, across Global Financial Crimes, and with FLUs and other partners.
• Supports 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
• Assists in the production of independent financial crimes risk management reporting to Global Compliance & Operational Risk (GC&OR) Senior Leaders and FLU/CF Senior Leaders
• Assists in the monitoring of 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
• Contributes to risk coverage plans, executes independent risk monitoring, testing, and risk assessments
• Supports with escalating financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees
• Assists in the identification, aggregation, reporting, and escalation of the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes
• Assists in the review of internal and external operational loss events, including the development of remediation plans to strengthen controls and providing oversight to ensure they are addressed appropriately

• Minimum of 5 years of relevant experience
• Minimum 5 years of related experience in financial services industry, risk management, financial crimes, testing, or experience in a related field
• Minimum 1 year experience in economic sanctions
• Bachelor's degree or equivalent experience

• Preferred candidates with experience in managing sanctions program issues and metrics
• Preferred candidates with understanding of business, markets, and products
• Ability to handle multiple compliance projects in a dynamic environment with competing priorities across a global team setting
• Excellent business stakeholder management and communication skills
• Financial Services and/or related government entity

• Degree required: Bachelor's degree in Finance, Business, Law, International Relations, or a related field (Master's or JD preferred) or equivalent experience
• 3+ years of experience in financial crimes compliance, sanctions compliance, or a related risk management role within the financial services industry.
• Strong knowledge of U.S. and international sanctions laws, including OFAC regulations, EU and UK sanctions, and other relevant global frameworks.
• Experience advising on sanctions risk in a complex financial institution.
• Familiarity with sanctions screening tools, investigative techniques, and risk assessment methodologies.
• Strong analytical and problem-solving skills, with the ability to assess complex issues and provide clear recommendations.
• Excellent written and verbal communication skills, with the ability to interact effectively with stakeholders at all levels.

• Regulatory Compliance
• Monitoring, Surveillance, and Testing
• Critical Thinking
• Risk Management
• Issue Management
• Policies, Procedures, and Guidelines Management
• Written Communications
• Talent Development
• Coaching
• Reporting