Bank of China USA

Runs cross-border banking between the US and China

Back Office FX MM Associate

TreasuryConfirmed live in the last 24 hours

Full-timeNew York, NY, USA$42k - $90k /yrIn-person

About the Job

Requirements

A bachelor’s degree is required.
Microsoft Office and advanced Excel skills are required.
Knowledge or experience in back-office settlement is preferred.
Knowledge of treasury and financial product characteristics, as well as back-office settlement workflows, is preferred.

Responsibilities

Complete intraday and end-of-day processes for FX, MM, IRS, CCS, CP, and RMB clearing settlement.
Perform Corporate MM CBD funds and FI Time Deposit settlements.
Complete confirmation matching through post-trade matching processes using vendor applications.
Perform daily end-of-day reconciliation to ensure complete and accurate operational processes.
Monitor trade settlements and work with Front Business Lines and counterparties to resolve failing transactions in a timely manner.
Post timely and accurate general ledger accounting entries in the core Treasury banking system.
Support new product testing, including drafting user acceptance testing, and work closely with the technical team to resolve issues.
Report and escalate settlement issues to supervisors.
Assist the team with projects implementing systems or process changes to improve process-control efficiency.
Restore business document files in accordance with the retention policy.
Understand and comply with the Bank’s procedures, policies, standards, and regulatory requirements.
Prepare monthly, quarterly, and semi-annual risk assessment reports for the Second Line of Defense.
Update procedures to reflect current workflows and process-control gaps.
Prepare monthly and quarterly reports for Head Office.
Prepare documents and responses requested by internal or external parties and auditors in a timely manner.
Respond to Internal Audit Department requests in a timely manner.
Assist in remediating audit findings.

Desired Qualifications

Programming skills or knowledge of R, Python, or SQL.

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

This position will be responsible to perform daily settlement, operation and administration process of FX & MM products and RMB clearing settlement, verify tickets, confirmation matching, payments verification, data accounting entries, run system batch and reports to ensure processes performed align with Bank’s procedures, policy guidelines, standards, and regulatory requirements.

Responsibilities

Daily Settlements (60%)

Complete intraday/end of day processes for FX, MM, IRS, CCS, CP, and RMB clearing settlement.
Perform Corporate MM CBD funds and FI Time Deposit settlements.
Complete confirmation matching by perform post trade matching process via vendor applications.
Perform daily end of day reconciliation process to ensure complete and accurate operation process.
Monitor settlement of all trades to ensure timely resolution of any failing transactions by working with the Front Business Lines and counterparties timely.
Perform timely and accurate GL accounting entry postings in the core Treasury banking system.
Perform new product testing and support including draft of UAT testing and work closing with technical team for issue resolving.
Report and escalate settlement issues to Supervisors.
Assist team on projects for implementing systems and/or process changes to support increased efficiency on process controls.
Restore business document files in accordance with retention policy.

Risk Management/ Compliance/Internal Audit (40%)

Understand and comply with Bank’s procedures, policies, standards, and regulatory requirements.
Prepare monthly, quarterly and semi-annual risk assessment reporting to the Second Line of Defense.
Update procedures to reflect current workflow processes and gaps on control processes.
Prepare monthly and quarterly reports to Head Office.
Prepare documents and responses requested by internal and or external parties and auditors timely.
Respond to Internal Audit Department’s request timely.
Assist to remediate any audit issue findings.

Qualifications

Bachelor’s degree required, Accounting or Finance preferred.
Microsoft Office, Advanced Excel Skill required. Programming Skills R, Python, SQL knowledge is a plus.
Knowledge or experience in back-office settlement preferred.
Knowledge of treasury and financial products characteristics as well as back-office settlement workflow preferred.

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.

USD $42,000.00 - USD $90,000.00 /Yr.

Compensation: 42000 to 90000 (USD)

About the Company

Bank of China USA

Runs cross-border banking between the US and China

Bank of China USA, the US branch network of Bank of China, handles banking between the United States and China for companies, financial institutions, and wealthy individuals. It was the first Chinese bank in the United States and uses its parent's global network to connect clients with overseas banking services. Chinese companies operating in the US and Fortune 500 firms use it for corporate loans, trade finance, currency trading and cross-border cash management, paying interest and service fees, while individuals use its personal banking. The US network dates to 1981, when Bank of China, founded in 1912, reopened its operations with a branch in New York, where the US business is based.

Company size: 501-1,000
Company stage: Not listed
Total funding: Not listed
Headquarters: New York City, New York
Founded: 1981

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