Anti-Money Laundering Compliance Analyst Job Description
The Anti-Money Laundering Compliance Analyst is responsible for performing CIP, KYC, and AML compliance functions.
Such functions include efficient gathering and reviewing of new client information, as well as monitoring financial transactions for existing clients to identify suspicious activities.
The AML Compliance Analyst must also analyze information received from correspondent banks and address AML economic sanctions-related (OFAC) alerts.
Reports to Whom
Depending on the size and structure of the organization, the Anti-Money Laundering Compliance Analyst generally reports to the Chief AML Officer or the Chief Compliance Officer.
See Also:
- Developing a Well-Defined Customer Identification Program (CIP)
- AML KYC Onboarding Lifecycle Process Flow
- AML Periodic Reviews for Low, Medium, and High-Risk Clients
- KYC vs. CIP vs. CDD | Know Your Customer Rules and Guidelines
Anti-Money Laundering Compliance Analyst Job Responsibilities
Responsibilities include the following:
- Investigate and assess alerts relating to potential money laundering risks in the organization
- Ensure efficient identification and monitoring of activities and transactions considered suspicious
- Ensure timely and efficient reporting of transactions considered suspicious
- Daily assessment of SWIFT and AML reports relating to potential suspicious activity
- Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends
- Help in identifying potential weaknesses in processes
- Act as a subject matter expert to employees, providing guidance on what actions to take in dealing with high risk accounts
- Assist with addressing queries from corresponding banks relating to money laundering matters
- Provide advice to management on issues relating to correspondent banking
- Conduct proper investigation of money laundering alerts or transactions considered suspicious
- Help with AML compliance training on how to identify and report suspicious transactions
- Handle development training for new employees
- Collect documentary proof and build and maintain case files for transactions deemed suspicious
- Arrange weekly, bi-weekly, monthly, quarterly, and annual reports
- Ensure proper record-keeping of data collected and analyzed
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Anti-Money Laundering Compliance Analyst Qualifications (Desired Skills and Experience)
- At least two years’ experience in financial services data analysis
- Superb analytical skills
- Ability to organize and analyze complex data sets
- Strong interpersonal and organizational skills
- Computer literacy and proficiency in Microsoft Office Suite (Word, Excel, Project, PowerPoint)
- Ability to use pivot tables and work with an advanced statistical database and statistical methods and functions
- Familiarity with AML issues and suspicious transaction monitoring systems
- Experience using data mining/analytical tools and KYC automated solutions as an asset
- Ability to easily grasp and comprehend AML risks specific to a particular business unit and develop extensive user requirements as well as recommend automated solutions to reduce those risks
- Bachelor’s degree or higher required
- Anti-Money Laundering diploma or similar qualifications an advantage
- Professional certification with an organization, such as the Association of Certified Anti-Money Laundering Specialists (ACAMS), gives a distinct advantage
- Successful candidate must be detail-oriented and highly confidential
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