Business Control Manager

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Company Overview
Merrill Lynch Bank & Trust Company (Cayman) Limited (“MLBTC”) is a third tier, wholly owned subsidiary of Bank of America Corporation (“BAC”). Functionally, MLBTC’s activities are primarily aligned with BAC’s Merrill Lynch division. Merrill Lynch is managed and operated as a global business from the U.S. and serves its clients through all aspects of their financial lives and primarily targets affluent, high net worth and ultra-high net worth clients.

MLBTC conducts four principal Merrill Lynch business activities, namely Deposit and Cash Management Solutions; Credit and Lending Solutions; Investment Solutions: Spot Foreign Exchange, Collateralized Foreign Exchange and Dual Currency Products and Deposit Sweeps.
MLBTC has a Category B bank license and does not conduct domestic banking business in the Cayman Islands nor does it provide services for Caymanian residents.

The Team
At MLBTC we have a skilled and integrated team with largely business, operational and regulatory responsibilities given MLBTC’s size, its products and relationship with Merrill Lynch.

Role and Responsibilities

• Oversee, monitor, and govern all newly onboarded clients, including individuals, partnerships, companies, and trust structures.

• Conduct internal inspections of processes, controls, and systems to ensure alignment with legal, regulatory, and internal policy standards.

• Develop checklists, protocols, and internal audit programs to identify and mitigate procedural or control gaps.

• Prepare documentation of audit tests, results, findings, and required corrective actions.

• Track and ensure timely remediation of issues identified during audits, collaborating with relevant partners to implement improved processes.

• Manage the end‑to‑end operation of MLBTC’s regulatory, financial, and non‑financial reporting obligations to the Cayman Islands Monetary Authority (CIMA), Financial Reporting Authority, Department of International Tax Cooperation, and other relevant Cayman Islands Government departments.

• Draft, update, and maintain policies and procedures to ensure ongoing compliance and operational integrity.

• Support the governance of MLBTC’s Board of Directors and Risk Oversight Committee meetings.

Requirements

• Bachelor’s Degree or equivalent required (business, finance, law, accounting or related discipline preferred) or experience in a similar senior role within the financial services/banking industry

• Relevant professional designation within Compliance, Securities, Capital Markets/Investments, or Corporate Finance Law

• Proficiency with relevant Cayman laws such as the Banking and Trust Companies Act, Proceeds of Crime Act, Securities and Investment Business Act, Monetary Authority Act, Anti-Money Laundering Regulations, CIMA Guidance Notes and Rules, Sanction Orders and others extended to the Cayman Islands by the United Kingdom, Financial Action Task Force recommendations and Basel Accords I, II and III

• Demonstrated experience working with Cayman regulators, including targeted reviews, inquiries, and exams.

• Certified Anti-Money Laundering Specialist (CAMS) certification would be advantageous

• Knowledge of transaction monitoring

• Legal experience advantageous

The candidate should also possess strong relationships within the Financial Services Industry and have substantive private banking experience, with particular strengths in:

• Banking and data system management / technological capability, which is critical given the size and complexity of the business Merrill Lynch and its relationship with Bank of America.

• Anti‑Money Laundering (AML), Compliance, and Risk Management, including familiarity with applicable laws and regulatory frameworks.

• Private banking operations, products, and services, including treasury deposits, FX, security‑based lending, and letters of credit, along with an understanding of the associated risks.

Key Competencies

• Self-motivated

• Proficient with relevant technology such as audit management software, data analytical tools and core systems that extract and analyze information

• Strong time management, with attention to details while handling changing demands and multiple tasks simultaneously

• Strong analytic and critical thinking problem solving abilities

• Leadership and Interpersonal skills

• Proven ability/track record with lending institution

• Highly organized and ability to prioritize business and evolving client needs

• Adept at performing under pressure for tight deadlines

• Strong work ethics

• Strong written and spoken communication skills

• Ability to set and execute goals

• Continuous learning

Bank of America

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organization understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunity employer, and ensure that no applicant is subject to less favorable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependents, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.