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Assistant Vice President Regulatory Compliance Officer
HSBC
New York, NY, United States
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Description
The Senior Regulation Operations Officer performs duties that are highly technical and specialized in nature, ensuring proficient delivery of service to internal and external customers.
This position is responsible for providing technical oversight of the Abandoned Property, Unclaimed Property Compliance System “UPCS” or the Interest Reporting System “IRS”. The officer is a project participant for all technology focused initiatives associated with the escheatment process and tax reporting obligations required by the Internal Revenue Service.
This position works with other technology team members to provide relevant data analysis to Business Units and senior management. The role applies troubleshooting skills for complex processes or issues and project support for critical applications.
This position is responsible to manage the day to day workflow of a set of functions and ensure that departmental service levels are met, quality is within standards, and productivity measures are closely monitored. The officer will inform the Regulatory Operations Manager of any risk related concerns through the escalation process or periodic reporting.
The role develops and maintains a set of department instruction manuals and may facilitate the testing of controls by Group Audit, Compliance, Corporate Tax, and Business Risk and Control Management “BRCM” teams by providing sample data and control monitoring explanations.
The Officer perform duties in a manner that ensures adherence to all applicable laws and regulations governing banking operations, including but not limited to, Know Your Customer (KYC), Bank Secrecy Act (BSA), and requirements imposed by the Internal Revenue Service State and Abandoned Property agencies.
Impact on the Business
This position can be found within the following Banking Operations Teams:
Abandoned Property:
• Understand the regulatory requirements of individual states for the escheatment of unclaimed property and coordinate technical solutions to meet those requirements. This has significant impact on ensuring all regulatory requirements are met.
• Oversee analysis of data to provide relevant information to business units and management for issue resolution and risk control. This impacts how business units understand and manage the escheatment process.
• Provide technical support to business units for the timely and accurate reporting of all escheatable property.
• Interface with Compliance, Legal and Audit to ensure all relevant process standards and applicable laws and regulations are met.
• Utilize signing authority delegated by Assistant Corporate Secretaries to assist in the recovery of assets abandoned by various HSBC entities and business units.
• AML/KYC/Tax:
• Serve as subject matter expert on all Tax Certification topics and Year End reporting to the Internal Revenue Service “IRS” for deposit accounts.
• Coordinate all workflow activities as the central processing unit for a set of tax certification functions in support of various business units. These functions include the review and validation of IRS Forms W-8 and W-9.
• Facilitate the annual reporting process directly to the IRS for various business units, including the production of year-end tax Information Returns for deposit customers, e.g. IRS Forms 1099 and 1098. Strictly adhere to all regulatory deadlines to avoid material penalty risk.
• Initiate annual technology project for enhancements to the Interest Reporting System “IRS”, participate as a key representative on Tax Reporting project team, perform all User Acceptance Testing, and provide implementation approval.
• Utilize Power of Attorney delegated by Corporate Tax Counsel to contact the IRS on behalf of HSBC, when necessary.
• Meet all annual Business Continuity deliverables, maintaining an updated department contingency plan
Customers / Stakeholders
Abandoned Property:
• Provide technical support to business units for the timely and accurate reporting of all escheatable property
• Interface with Compliance, Legal and Audit to ensure all relevant process standards and applicable laws and regulations are met
AML/KYC/Tax:
• HBUS Deposit Customers
• Business Units – Primarily RBWM, CMB, and Domestic Private Banking, and Accounts Payable.
• HNAH Corporate Tax
• SWDNA Technology Team.
• NACD Project Managers, Business Solution Architects
Leadership & Teamwork
• Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices. Cultivate an environment that supports diversity and reflects the HSBC brand.
• Provide operational process, system development and technical support, implement technical strategies and correct problems of a complex, critical nature.
• Assist team members in servicing customer calls and emails, as needed.
Operational Effectiveness & Control
Abandoned Property:
• Complete quarterly reconciliations of interfacing applications (ARP / ReconNET) to ensure accuracy of reporting data.
• Oversee on-going reviews of existing processes, identify process improvement opportunities, document and implement improvements.
AML/KYC/Tax:
• Maintain control over four key data fields on customer accounts, as the central processing unit for these changes per FATCA requirements
• Ensure all IRS forms produced are complete and accurate according to IRS guidelines, and all requests received from customers for replacement forms are processed in a timely manner.
• Maintain department daily metrics for all functions and ensure KRI reporting is completed timely.
• Work closely with HNAH Corporate Tax to develop knowledge of IRS regulations and monitor for annual changes that impact the processes performed.
• Recommend process improvements related to functions performed within the Tax Certification Unit.
• To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
• Complete other responsibilities, as assigned.
Major Challenges
Abandoned Property:
• Interfacing with multiple business units receiving analysis and providing feedback on data quality, formatting and timeliness. Oversees the maintenance of regulatory requirements for all states and four territories within the Unclaimed Property Compliance System and is responsible for meeting all reporting and remittance deadlines.
AML/KYC/Tax:
• Dependency on business units to identify all customers for whom year end IRS reporting is required and provide test files and production data timely.
• Dependency on various stakeholders throughout preparation for year-end processing in order to ensure the IRS deadlines are met: eBusiness, SWDNA teams for the IRS system, and WIC/Dialogue.
• Multiple technology projects may be in progress at the same time, requiring considerable interaction with various project team members on all aspects of each project, while coordinating workflow.
Role Context
Abandoned Property:
• This role exists within Service Delivery – Banking Operations.
• This role is an individual contributor role that is a subject matter expert in the escheatment process for abandoned or unclaimed property. There is no formal supervisory component but the incumbent will act as advisor to all levels of staff.
• This role will provide formal back-up for the department manager with full delegated authority.
AML/KYC/Tax:
• This role exists within Service Delivery – Banking Operations.
• Guidance is received from HNAH Corporate Tax, and General Local Compliance Officer.
• Guidance is given to four additional members of the Tax Certification team on all matters concerning workflow.
• Expertise is shared with members of various project teams, when requirements may impact either the tax certification or year-end reporting processes.
• This role has the authority to contribute business requirements and perform User Acceptance Testing on all enhancements to the IRS system and render an opinion on sufficiency of test results.
Management of Risk
• Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
• This positions has a high risk management responsibility
• Promote an environment that supports diversity and reflects the HSBC brand.
• Assist in ensuring that employees apply compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
• Ensure compliance with IRS regulations concerning documentation requirements for non-resident alien customers, and avoid penalties which can reach a maximum of $1.5 million for failure to properly handle either customer or IRS filing requirements for a maximum penalty of $3 million.
Observation of Internal Controls
• Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
• This positions has a high risk management responsibility
• Promote an environment that supports diversity and reflects the HSBC brand.
• Assist in ensuring that employees apply compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
• Ensure compliance with IRS regulations concerning documentation requirements for non-resident alien customers, and avoid penalties which can reach a maximum of $1.5 million for failure to properly handle either customer or IRS filing requirements for a maximum penalty of $3 million.
Qualifications
Knowledge & Experience / Qualifications
Abandoned Property:
• Proven and progressive operations experience or equivalent.
• Bachelor’s degree in business, related field, or equivalent experience.
• Strong managerial, communications, planning, organizational, decision-making, negotiations and project management skills.
• Strong knowledge of assigned businesses, products, operations, systems and full understanding of all applicable industry standards.
• Proficiency with personal computers and pertinent mainframe systems and software packages
AML/KYC/Tax:
• Proven and progressive branch and/or operational experience or equivalent.
• Bachelor’s degree in business, related field, or equivalent experience.
• Strong managerial, organizational, planning, communications and decision-making skills.
• Sound knowledge of regulations pertaining to documentation required for non-resident alien accounts.
• Proficiency with personal computers and pertinent mainframe systems and software packages
EEO/AA/Minorities/Women/Disability/Veterans