Bank of America Institutional Central Supervision Principal in New York, New York

Job Description:

  • Maintain GWIM Volcker Database (GVDB) and document all Volcker Reviews

  • Process incoming Volcker Review requests from various sources including the ML One Volcker Queue, MAPS – Covered Funds Team, MSG Business Governance Team and GWIM Credit Underwriting Team

  • Facilitate identification, remediation and tracking of managed covered fund activity

  • Identify all conflicts under the Volcker Rule across the Enterprise and liaise with branch, U.S. Trust, commercial bank and others as necessary to remediate conflicts

  • Enter managed covered funds into the GWIM Volcker Database, Covered Fund Master document and Enterprise Volcker Funds Database (VFD)

  • Request CoPeRs, GCIs and IPS symbols for all managed covered funds and assign IPS symbol to all MLWM brokerage accounts in IPS to ensure monitoring via the Enterprise VFD

  • Conduct periodic check of lending activity for managed account covered funds to ensure new credit/lending relationships haven’t been established elsewhere within the enterprise

  • Process and conduct Volcker Reviews based on control reports and maintain Volcker Admin Master file

  • Process weekly cash-to-LMA, cash-to-WCMA, cash-to-BIA and cash-to-ICMA day-2 reports and daily cash-to-margin day-2 report

  • Process weekly New Accounts Report to identify new managed covered fund accounts and remediate conflicts as necessary

  • Process daily Volcker Strategic Solution 05 Report of merged Client Profiles with conflicting VSI codes

  • Conduct quarterly Quality Assurance (QA) testing to identify potential issues in the Volcker Review process

  • Monitor client trading of 144A securities to ensure clients are Qualified Institutional Buyers (QIBs) with a valid QIB Certification on file in CDOL

  • Coordinate DoL Legacy Asset Exemption for registered investment advisers (RIA) acting under a power of attorney (POA)

  • Coordinate with Managed Account Processing Services (MAPS) and confirm RIA status prior to exemption being granted

  • Monitor for solicited trade activity

  • Coordinate exit of Consumer Small Business Banking clients that have MLWM clients as owners

  • Confirm permissibility of clients under MLWM policy

  • Communicate exit information to impacted OMT & FA and respond to inquiries

  • Track status of client exits

  • Provide backup support for ICS BAU activities

  • Public Fund reviews associated with new account activity

  • FINRA 2341 reviews

  • Assist with various ad hoc projects related to supervision of MLWM institutional clients


  • Bachelor’s Degree (or equivalent work experience)

  • Series 7, 8 or 9/10, 63 and 65 or 66 – if not already licensed, must be obtained within an acceptable time frame (will be specified at time of offer)

  • Strong communication and analytical skills

  • Detail oriented and excellent organizational skills

  • Ability to work independently

  • Branch office and New Accounts experience or exposure would be helpful

  • Working knowledge of regulatory policies and specifically ML policies/procedures would be helpful

(Enterprise Role Overview)

FOR USE IN GWIM COO ONLY. This position provides regulatory supervision within a group for multiple business channels. Requires thorough knowledge of the BD and regulatory requirements including the variety of products and services offered. Works independently with minimal supervision. May be involved in customer contact.

Posting Date : 07/24/2017

Location : US-NY-New York

Travel : No

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

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