Operation Service Department-Back Office FX MM Associate

Bank of China Limited, New York Branch; Town of New Windsor (NY); On-site; USD 42,000 - 90,000; Full time

Job summary

Bank of China Limited, New York Branch, is offering a position responsible for daily settlement and operations of FX & MM products. This role involves performing reconciliation, verification, and ensuring compliance with regulatory standards.

The candidate should have a Bachelor's degree in Accounting or Finance, with advanced Excel skills and knowledge of back-office processes. Salary ranges from $42,000 to $90,000 per year based on experience.

Qualifications

• Bachelor’s degree required, ideally in Accounting or Finance.
• Advanced skill in Microsoft Excel is required.
• Knowledge or experience in back-office settlement preferred.

Responsibilities

• Complete daily settlements for FX, MM, IRS, CCS, CP, and RMB clearing.
• Perform reconciliation and monitor trade settlements.
• Prepare risk assessment reports and internal audit responses.

Skills

Advanced Excel Skill

Microsoft Office

R

Python

SQL

Back-office settlement knowledge

Treasury financial products knowledge

Education

Bachelor’s degree in Accounting or Finance

Job description

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 elevate 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.