AML KYC Business Analyst Job Description
The AML KYC business analyst has the task of reviewing customer cases that are considered high risk and conduct a thorough assessment of the related parties on a macro level. The position entails research and documentation work pertaining to clients possessing accounts in several jurisdictions or that have a history of complex cross-border transactions.
He/she will also be required to consult with senior analysts in the organization for guidance where applicable.
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AML KYC Business Analyst Job Responsibilities
Responsibilities include but are not limited to:
- conduct independent research to gather and record data from internal systems, commercial databases, and the Internet
- assess and analyze research data
- use background knowledge and experience to conduct complex data analysis
- handle due diligence investigations to support policies and procedures
- conduct investigations based on global standards, policies, tools, and procedures to ensure compliance with internal and external regulatory requirements
- determine the best investigative and analytics approach
- follow up with external contact to obtain information to support cases
- write and prepare suspicious activity reports (SARs)
- make recommendations for relationship terminations or retentions
- follow up to make sure all documentation for new accounts meet the know your customer (KYC) requirements
- escalate high-risk accounts with missing records to the relevant internal unit
- conduct customer and market needs analyses
- assist in developing additional business opportunities
- assist in system design for user interfaces that are a part of backend processes
- attend internal committee meetings as required
- support management by attending external committee meetings as a backup
Reports to Whom
Generally, the AML KYC business analyst reports to the head of risk management in the organization.
AML KYC Business Analyst Qualifications (Desired Skills and Experience)
- four-year college degree
- graduate degree or post-graduate training is a plus
- 3+ years’ experience conducting reviews of customer transactions for suspicious activity
- experience conducting investigations relating to AML
- experience reviewing and analyzing KYC files for more sophisticated banking products
- experience performing thorough analyses of customer information
- experience preparing suspicious activity reports (SARs)
- extensive knowledge of the money laundering laws, including the Bank Secrecy Act (BSA)
- strong research skills and experience working with online research tools
- advanced Microsoft Office skills (Word, Excel, PowerPoint, Outlook, Access, and Project)
- exceptional written and oral communication skills
- organized and proactive
- strong management and leadership capabilities
- ability to multi-task and handle several different projects
- strong work ethic and attention to detail
- proficient time management skills
- experience working to meet deadlines for time-sensitive projects
- strong documentation skills
- ability to employ sound decision-making and discretion when handling investigations
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