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Sweden Compliance Officer and MLRO

Bank of America

Bank of America

Stockholm, Sweden
Posted on Friday, April 21, 2023

Job Description:

Job Title: Sweden Compliance Officer and MLRO

Corporate Title: up to Director

Location: Stockholm, Sweden

Company Overview:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Role Description:

Our Sweden Compliance Officer and MLRO will be responsible for ensuring the identification, escalation and timely mitigation of compliance and operational risks in relation to Sweden and Bank of America Europe DAC, Stockholm branch (“Stockholm branch”).


You will engage with your Compliance and Operational Risk colleagues, including horizontal coverage owners and Enterprise Areas of Coverage, to provide comprehensive oversight of front-line and control function activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The Sweden Compliance Officer and MLRO prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business heads in preparation for FLU/CF regulatory exams/audits/inquiries.

Activities this role performs include, but are not limited to:

  • Conducts compliance and operational risk assessments in the country and contributes to the risk assessment for the region. Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan.
  • Provides country/regional regulators with output of coverage activities when requested
  • Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable.
  • Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advising business leaders on those changes.
  • Plans, develops and executes Compliance and operational risk monitoring and testing as applicable.
  • Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements.
  • Reviews and challenges the country/regional contributions to the Single Process Inventory (SPI) and FLU/CF Risk & Control Self-Assessments (RCSA).
  • Execute governance and management routines (amongst which participation in the local management team meetings of the Stockholm Branch).

As appointed MLRO of the Stockholm Branch, the candidate will be responsible for:

  • Regulatory framework/ Policy and Standards implementation – understand current regulatory requirements and take action to ensure the “what” and “why” of those requirements are clearly reflected in the Country Standards.
  • Oversee, as appropriate, implementation of enterprise wide and local requirements and coordinate monitoring and testing with the Global Financial Crimes (GFC) Coverage Execution Team.
  • Develop and conduct training on financial crimes related topics as required by local law and in consultation with the GFC Coverage Execution Team.
  • Liaison – act as a liaison with the business, operations, law enforcement, regulatory bodies and peer institutions under consultation with the GFC Regional Executive. In consultation and conjunction with the GFC Regional Executive, provide advice and counsel on local requirements during on boarding, customer selection/review and new product/transaction processes.
  • Regulatory reporting – conduct investigations, decision and report pursuant to regulatory obligations in the local jurisdiction using Enterprise approved tools and processes.
  • Manage audits and examinations in coordination with the GFC Regional Executive.
  • Ensure Monitoring and Testing is conducted as required by local regulations. Develop testing scripts in consultation with the GFC Coverage Execution Team and share reports and results with the appropriate stakeholders. Record results and work papers in the appropriate tool designated by GFC.
  • Promotes participation on Environmental, Social, & Governance (ESG) initiatives and programs

What we are looking for:

  • Deep knowledge and level of experience in the Swedish banking and financial regulatory landscape relating to Compliance and Operational Risk and Financial Crime.
  • Relevant work experience in the compliance area of banks or consultancy firms with financial services focus risk area
  • Excellent organisational skills and attention to detail
  • Ability to navigate in matrix organizations
  • Good communication skills, strong analytical skills
  • Ability to prioritize multiple tasks and work schedule in advance to meet tight deadlines
  • Team player and ability to establish and maintain excellent working relationships with central and business aligned functions across the region
  • Fluent in both Swedish and English

Bank of America

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation 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 opportunities employer, and ensure that no applicant is subject to less favourable 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 dependants, 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.

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