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What is a KYC analyst | Why are AML/KYC analysts required | What do companies look for when hiring - YouTube
Channel: KYC Lookup
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hello and welcome to another kyc lookup
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video
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where we bring you aml related content
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to help you
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enhance your knowledge in the fight
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against money laundering
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today we are going to explain what
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companies look for
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at the time of hiring new aml kyc
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analysts but before diving into today's
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video
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be sure to subscribe so you don't miss
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out on any future videos
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oh and don't forget to leave us a
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comment with any suggested topics you
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would like us to cover in the future
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we also have a special announcement to
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make so be sure to watch until the end
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to find out what it is
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so on to today's video
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what is an anti-money laundering or know
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your customer analyst
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better known as an aml kyc analyst is an
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individual who works for a company in a
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regulated sector
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who collects and reviews customer
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information in order to assess the money
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laundering
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tax fraud and terrorist financing risk
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whether this is a potential or existing
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customer to a company
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aml kyc analyst roles vary from junior
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positions
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which don't require any work experience
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and are perfect for graduates
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who want to enter a regulated industry
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such as banking or financial services
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to senior analysts who are required to
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have
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years of aml experience and have the
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ability to review and assess customers
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which are predominantly high risk
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why are aml kyc analysts required
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companies in a regulated sector look for
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aml kyc
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analysts as a regulatory requirement to
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comply with anti-money laundering and
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counter-financing terrorism rules and
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regulations in the countries they
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operate
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non-compliance with the aml cft
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regulations
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may result in financial penalties or
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imprisonment depending on the nature and
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severity of the offence
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local regulators have the authority to
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wind up
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or restrict the operations of firms that
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are found guilty of wrongdoing
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and may also recover funds and assets
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that are involved in money laundering
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offences
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via court or civil proceedings
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aml compliance breaches may also result
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in significant reputational damage
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for the firms involved therefore having
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the right level of trained kyc analysts
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is a vital part of any aml framework
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to work effectively what does a day of
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an aml kyc analyst
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look like the beauty of the role in an
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anti-money laundering team
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is that no two days are the same aml
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kyc analysts stay vary from a number of
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tasks
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but if trying to identify the main ones
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performed
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they would be documents provided by
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clients
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and advise whether further information
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or enhanced due diligence
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is required depending on the risk of the
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customer
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onboarding tasks such as receiving and
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processing new customers
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drafting appropriate due diligence
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requests should be sent to prospective
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customers
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according to the type of customer and
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the risk they present
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liaise and communicate with the client
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facing team
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and compliance teams develop and
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maintain a good understanding of
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anti-money laundering
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and financial crime legislation and a
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comprehensive understanding of the
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company's due diligence requirements
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escalate complex issues and queries to
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the senior compliance manager
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or the money laundering reporting
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officer also known as the mlro
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maintain a working understanding of the
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company's anti-money laundering
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and financial crime policies and
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developing procedures to support these
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carry out due diligence using a wide
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range of databases
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and search facilities to identify
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politically exposed persons
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and those on the sanctions lists such as
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the united nations security council
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ofac hmt and the eu
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keep the client facing or management
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updated of the onboarding
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of the new customer and managing
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expectations
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and highlighting any additional
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information required
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assist in monitoring compliance
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notifications regarding the ongoing
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monitoring of existing customers by
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managing
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adverse media politically exposed person
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or sanction hits and point of contact
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for client-facing team
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who may have queries on potential new
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customers
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what do companies look for at the time
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of hiring an aml kyc analyst
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companies at the time of hiring a new
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aml kyc analyst
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look for a number of qualities and
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abilities depending on the role
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available
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a self-starter attitude able to
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demonstrate good levels of initiative
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and motivation but also work closely
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with other team members
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and displaying trust and loyalty a good
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understanding of and experience in
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applying the money laundering framework
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and due diligence requirements within
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the countries where the company operates
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attention to detail and good
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organizational skills
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are essential our ability to manage
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assigned tasks
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in an effective and timely manner a
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proven ability to deal with confidential
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matters with discretion
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capacity to multitask and keep calm
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under pressure
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a good working knowledge of microsoft
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office for example
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excel powerpoint word and outlook
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and flexibility to work outside normal
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hours
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may be required from time to time one of
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the main factors considered by hiring
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managers at the time of looking for an
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aml kyc analyst
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is looking for someone who will fit the
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team comply with the company's ethos
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and most importantly has the relevant
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experience required
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well there you have it a basic
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introduction to what is an aml
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kyc analyst the work they do and what
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companies look for at the time of hiring
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one
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please tell us in the comments section
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what is your interpretation of an aml
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kyc analyst
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and what other factors should be
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considered at the time of hiring one
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now for the special announcement
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mentioned at the start of the video
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we are now launching our very own
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courses for you to take a more
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in-depth look at a variety of subjects
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such as introduction to aml beneficial
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ownership
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and customer risk rating for example so
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make sure you visit our website for
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further details
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and let us help you connect the dots in
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kyc
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thank you for watching the video and if
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you made it this far
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don't forget to like and subscribe to
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