Kyc Analyst

KYC analyst duties and responsibilities

As a KYC analyst, you play a crucial role in ensuring that your organisation complies with regulatory requirements and mitigates risks associated with financial transactions. Below are some of the key duties and responsibilities you can expect in this role.

Customer identification and verification

A primary responsibility of a KYC analyst is to accurately identify and verify the identity of clients. This involves gathering and analysing documents such as passports, driver's licenses, and utility bills. Ensuring that all information is accurate and up-to-date is essential for maintaining compliance and preventing fraudulent activities.

Risk assessment

KYC analysts assess the risk levels associated with each customer by evaluating their financial history, transaction patterns, and other relevant factors. This process helps the organisation determine the appropriate level of scrutiny and monitoring required for each client, ensuring that potential risks are identified and managed effectively.

Continuous monitoring

Monitoring customer transactions on an ongoing basis is an important part of the KYC process. Analysts must review and analyse transaction data to detect any unusual or suspicious activities that may indicate money laundering or other financial crimes. Promptly reporting any findings to the relevant authorities is a key part of this responsibility.

Regulatory compliance

Documentation and reporting

Analysts are responsible for maintaining detailed records of customer verification processes, risk assessments, and monitoring activities. This documentation is essential for internal audits and regulatory reviews and for providing insights that can help improve the overall KYC process.

What skills do KYC analysts need?

To excel in this role, KYC analysts need a combination of technical expertise and soft skills. Below are some key skills needed for success in this field.

Attention to detail

KYC analysts must have a keen eye for detail to review and verify customer information accurately. This skill is used to identify discrepancies or potential red flags in documentation or transaction data. Small oversights can lead to significant compliance issues, so precision in every task is important.

Analytical thinking

Communication skills

Strong communication skills are necessary for KYC analysts to convey complex information clearly and accurately. Whether it's explaining compliance requirements to colleagues, writing detailed reports, or interacting with clients, effective communication ensures that all parties are informed and aligned.

Regulatory knowledge

KYC analysts must stay informed about the ever-evolving regulations and compliance standards within the financial industry. A deep understanding of these rules is needed to ensure that all procedures are in line with legal requirements. Analysts knowledgeable about regulations can help their organisations avoid penalties and maintain a strong reputation for compliance.

**AML (Anti-Money Laundering)**:

- Purpose: AML refers to laws, regulations, and procedures designed to prevent money laundering, which is the process of disguising the origins of illegally obtained money.
- AML Measures:

- Suspicious Activity Reporting: Financial institutions report any suspicious transactions to relevant authorities.
- Customer Due Diligence (CDD): Institutions assess and understand the risk level posed by a customer based on their activities, location, and financial history.
- Enhanced Due Diligence (EDD): For high-risk customers or activities, deeper scrutiny is conducted.
- Key Relationships:

- KYC is a core component of AML because it helps identify customers and assess their potential risks.
- AML efforts rely on the information gathered through KYC to detect and prevent illegal financial activities.

**Job Types**: Full-time, Contract
Contract length: 12 months

Pay: RM3,000.00 - RM4,000.00 per month