AML/KYC Analyst

2 months ago

Cape Town, South Africa Banxso Full time

JOB SUMMARY:

The AML/KYC Analyst is responsible for conducting due diligence investigations on customers, monitoring transactions for suspicious activities, and ensuring compliance with regulatory requirements related to anti-money laundering (AML) and know your customer (KYC) regulations. The role involves analysing complex financial data, identifying potential risks, and escalating any suspicious activities to the appropriate authorities.

KEY RESPONSIBILITIES:

Processing:

  • Verify and validate documentation and information supplied by customers when signing up for new accounts.
  • To aid the verification team as and when required.
  • To uphold and maintain daily and monthly targets.
  • Optimize and continuously improve SLAs regarding verification queues.

Customer Due Diligence (CDD) and enhanced due diligence (EDD):

  • Perform due diligence reviews on new and existing customers to ensure compliance with AML/KYC regulations.
  • To report any suspicious activities on customer accounts.
  • Conducting EDD for existing high-risk customers.
  • Ability to conduct initial and ongoing due diligence on high-risk customers.
  • Understanding of various typologies to circumvent risks associated with high-risk customers.
  • Conduct thorough investigations into customer backgrounds, financial activities, and sources of funds.
  • Analyse transactional data and identify patterns or anomalies that may indicate potential money laundering or other illicit activities.
  • Monitor and review alerts generated by AML monitoring systems and investigate any suspicious transactions or activities.
  • Document findings and maintain accurate records of AML/KYC reviews and investigations.

Collaboration:

  • Collaborate with internal teams, including compliance, legal, and risk management, to address AML/KYC issues and implement corrective actions.

Compliance:

  • Stay updated on regulatory developments, industry trends, and best practices in AML/KYC compliance.
  • Provide training and guidance to staff on AML/KYC policies, procedures, and regulatory requirements.
  • Assist in the development and enhancement of AML/KYC compliance programs and controls.

Reporting:

  • Prepare reports and presentations for senior management and regulatory authorities as required.
  • Keep up to date on any process and regulatory changes.
  • Assist on KYC reporting insights daily/weekly/monthly.
  • Understand, interpret, and analyse data for reporting purposes.
  • Meet with key business partners/leaders and conduct/sit in collaborations.

Requirements

QUALIFICATIONS AND SKILLS:

  • LLB, Finance or Business Administration Degree with CAMS/ICA certification.
  • 3 Years of relevant work experience in customer onboarding and customer due diligence (KYC – Corporate & Individual), AML (Anti-Money Laundering) and EDD (Enhanced Due Diligence).
  • Strong understanding of AML/KYC regulations, including FAIS and FIC guidelines.
  • Integrity and ethical conduct with a commitment to upholding compliance standards and preventing financial crime.
  • Proficiency in using AML monitoring systems, database tools, and Microsoft Office applications.
  • Excellent analytical skills with the ability to interpret complex financial and transactional data and identify potential risks.
  • Attention to detail and ability to work independently with minimal supervision.
  • Effective communication skills, both verbal and written, with the ability to articulate findings and recommendations clearly.
  • Strong organisational skills and ability to prioritise tasks in a fast-paced environment.
  • Computer proficiency.
  • Great analytical, critical thinking, and problem-solving abilities.
  • Strong attention to detail, report writing, and documenting outcomes of investigations.

Benefits

  • Medical aid with discovery (100% contribution)
  • Gym membership (100% contribution)
  • Group risk benefits (100% contribution)
  • Onsite Parking
  • Breakfast snack, lunch and refreshments.

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