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Key Responsibilities and Required Skills for KYC Analyst

💰 $45,000 - $70,000

FinanceComplianceBankingRisk Management

🎯 Role Definition

A KYC Analyst is responsible for conducting Know Your Customer (KYC) checks, anti-money laundering (AML) assessments, and ongoing monitoring of client accounts to ensure regulatory compliance and mitigate financial and reputational risk. This role involves analyzing client documentation, conducting investigations, and collaborating with compliance teams to support onboarding and transaction monitoring processes.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Compliance Assistant
  • Banking Operations Analyst
  • Risk and Audit Assistant

Advancement To:

  • Senior KYC Analyst
  • Compliance Officer
  • AML/KYC Manager

Lateral Moves:

  • Financial Crime Analyst
  • Risk Management Specialist

Core Responsibilities

Primary Functions

  • Perform thorough KYC reviews on new and existing clients to ensure compliance with regulatory requirements.
  • Analyze and verify client documentation, including identification, corporate structures, and source of funds.
  • Conduct enhanced due diligence (EDD) on high-risk clients or jurisdictions.
  • Assess and classify client risk levels according to internal policies and regulatory guidance.
  • Investigate suspicious activities, unusual transactions, and inconsistencies in customer data.
  • Maintain accurate records of all KYC documentation, approvals, and risk assessments.
  • Monitor ongoing client activity to identify potential money laundering or fraud risks.
  • Liaise with relationship managers, compliance officers, and legal teams to resolve KYC queries.
  • Ensure onboarding procedures comply with internal policies, industry regulations, and local law.
  • Review and update client profiles in internal databases and KYC systems.
  • Prepare reports for management, auditors, and regulators on KYC findings and risk trends.
  • Stay updated on changes to AML, counter-terrorism financing, and financial regulations.
  • Conduct periodic KYC refreshes for existing clients and escalate any concerns promptly.
  • Identify gaps in client information and recommend remediation measures.
  • Collaborate with cross-functional teams to improve KYC processes and reduce operational risk.
  • Assist in internal and external audits by providing KYC files and compliance documentation.
  • Participate in compliance training and professional development programs.
  • Support regulatory reporting and compliance metrics tracking.
  • Implement and enforce internal KYC policies, procedures, and best practices.
  • Recommend process improvements for efficiency, accuracy, and regulatory adherence.

Secondary Functions

  • Support ad-hoc data requests and analytical reviews for compliance reporting.
  • Contribute to risk assessment frameworks and client segmentation strategies.
  • Assist with the development and rollout of compliance tools and KYC systems.
  • Provide guidance to junior analysts or interns on KYC processes and standards.

Required Skills & Competencies

Hard Skills (Technical)

  • Strong knowledge of KYC, AML, and financial crime regulations.
  • Proficiency in reviewing client documentation and performing due diligence.
  • Ability to assess risk levels and escalate appropriately.
  • Familiarity with KYC and AML software platforms (e.g., Actimize, Fenergo).
  • Competence in investigative research, data validation, and transaction monitoring.
  • Knowledge of regulatory frameworks such as FATF, OFAC, and local AML laws.
  • Ability to maintain detailed compliance records and audit-ready documentation.
  • Understanding of corporate structures, beneficial ownership, and complex client relationships.
  • Analytical skills for reviewing large volumes of client and transaction data.
  • Experience preparing reports for internal management and regulatory authorities.

Soft Skills

  • Strong attention to detail and accuracy.
  • Excellent communication and interpersonal skills.
  • Critical thinking and problem-solving in complex compliance scenarios.
  • Organizational and time-management skills for managing multiple tasks.
  • Ability to work collaboratively with cross-functional teams.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s degree in Finance, Accounting, Business Administration, or related field.

Preferred Education:

  • Professional certifications such as ACAMS, ICA, or CAMS.

Relevant Fields of Study:

  • Finance and Banking
  • Risk Management
  • Compliance and Regulatory Studies

Experience Requirements

Typical Experience Range:

  • 1–5 years in KYC, AML, or financial compliance roles.

Preferred:

  • Prior experience in banking, financial institutions, or financial crime investigation.
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