An AML Compliance Analyst is a professional who plays a vital role in ensuring that businesses adhere to Anti-Money Laundering (AML) regulations and mitigate the risks associated with financial crimes. In this blog post, we will delve into the primary responsibilities and the most in-demand hard and soft skills for AML Compliance Analysts.

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Main Responsibilities of an AML Compliance Analyst

The following list describes the typical responsibilities of an AML Compliance Analyst:

Analyze

Analyze data and generate reports to assess the effectiveness of AML controls.

Assist in

• Assist in presenting key findings and recommendations to Compliance management.

• Assist in responding to requests for information, as appropriate.

• Assist in the development and enhancement of AML compliance programs and systems.

• Assist in the development and implementation of AML training programs for employees.

• Assist in the implementation of technological solutions to enhance AML monitoring and detection capabilities.

• Assist management in designated compliance projects and assignments on an as-needed basis.

• Assist the business with the resolution of issues.

• Assist with escalations of Adverse Media, PEPs and Sanctions screening alerts.

• Assist with metric and ad-hoc transaction reviews as needed.

Check

Check out every single member of Wave's team here.

Collaborate with

• Collaborate with BSA Officer and / or departments and Partners as needed.

• Collaborate with cross-functional teams to investigate and resolve AML-related issues.

• Collaborate with internal stakeholders to provide guidance and training on AML policies and procedures.

• Collaborate with law enforcement agencies and assist in investigations related to financial crimes.

Communicate

Communicate directly with U.S. and foreign clients as part of compliance related reviews.

Conduct

• Conduct customer and transactional due diligence for high-risk accounts.

• Conduct due diligence on new customers and assess the risk associated with onboarding them.

• Conduct periodic internal audits to assess the effectiveness of AML controls and procedures.

• Conduct periodic reviews of existing customer accounts to identify any potential risks.

• Conduct thorough investigations to identify potential instances of money laundering or financial fraud.

• Conduct training sessions for employees to raise awareness about AML policies and procedures.

• Conduct transaction monitoring for fiat and cryptocurrency transactions.

Confer

Confer with Global Financial Crimes Legal and Litigation attorneys, as necessary.

Contribute to

• Contribute to projects to improve and optimize the Bank's BSA / AML program.

• Contribute to streamlining current processes and identifying areas for improvement.

• Contribute to the development and improvement of AML compliance policies, procedures, and guidelines.

Coordinate

Coordinate, prioritize, and actively manage tasks as needed to meet deadlines.

Develop

• Develop and implement risk mitigation strategies to prevent money laundering and terrorist financing.

• Develop and provide reference tools and processes for the region.

• Develop, maintain, and broaden effective working relationships across Vanguard.

Draft

Draft Regulatory Filings, such as Suspicious Activity Reports ("SARs”).

Elevate

Elevate issues and identify priorities.

Evaluate

• Evaluate and onboard third-party vendors to ensure they meet AML compliance standards.

• Evaluate suppliers for compliance with internal standards and external regulations.

Help

Help Order Compliance Team in quality check of standard processes.

Identify

• Identify and report any potential gaps or weaknesses in the AML compliance framework.

• Identify emerging trends and typologies related to money laundering and financial crimes.

Investigate

• Investigate and respond to inquiries from regulatory agencies regarding AML compliance.

• Investigate fraud referrals and perform necessary research to minimize risk and resolve the inquiry.

• Investigate potential unusual activity, money laundering, fraud, or terrorist financing incidents.

• Investigate transactions where questionable / suspicious activity exists.

Maintain

• Maintain accurate records and documentation related to AML compliance activities.

• Maintain confidentiality and handle sensitive information in accordance with legal and regulatory requirements.

• Maintain fraud analysis models to improve efficiency and effectiveness of company systems.

Manage

Manage a team of 2 Junior AML Analysts.

Monitor

• Monitor and analyze transaction patterns and trends to detect any irregularities or anomalies.

• Monitor changes in the financial industry and assess their impact on AML practices.

• Monitor credit and expense requests.

Obtain

Obtain input from management in analysis of complex or highly unique situations.

Participate in

• Participate in activities and efforts as required with other Compliance teams and business partners.

• Participate in AML risk assessments and contribute to the development of risk mitigation strategies.

• Participate in industry forums and stay abreast of best practices in AML compliance.

• Participate in special projects and perform other duties as assigned.

Perform

• Perform alert and case adjudication.

• Perform fraud investigations and communicate resolutions to management.

• Perform other duties as assigned.

• Perform risk assessments to evaluate the effectiveness of existing AML policies and procedures.

Prepare

• Prepare and submit regulatory reports, such as Suspicious Activity Reports (SARs), as required.

• Prepare Requests for Information to the business units across State Street.

Provide

• Provide advice and guidance in connection with people, process, technology and regulatory changes.

• Provide assistance to Compliance Manager with ongoing projects and any ad hoc requests.

• Provide assistance to the Head of Financial Crime with ongoing projects and any ad hoc requests.

• Provide rationale and insight on suspicious concerns with Compliance management.

• Provide support during regulatory audits and examinations.

Research

Research and compile investigation materials and draft Suspicious Activity Reports.

Review

• Review and contribute to compliance training materials for staff, as needed.

• Review and draft Suspicious Activity Reports ("SARs”).

• Review customer accounts and transactions for suspicious activities and report findings to the appropriate authorities.

• Review daily and monthly transaction alerts.

Stay abreast of

• Stay abreast of current market, regulatory and industry relevant news.

• Stay updated on the latest AML regulations and ensure compliance with regulatory requirements.

Support

• Support special projects (long-term and short-term) arising from subpoena reviews and escalations.

• Support the Compliance Manager in responding to regulatory and external requests.

Take

Take on additional ad hoc projects as necessary.

Track

Track follow-up items to ensure they are appropriately resolved.

Understand

Understand and stays current on Red Flags and industry trends related to AML.

Undertake

• Undertake AML investigations and file SARs to NCA.

• Undertake investigations for B2C line of business for both fiat and crypto products.

• Undertake ongoing AML monitoring and EDD case review, SoF / SoW documentation.

Work with

Work with programmers to improve systems and address compliance needs.

Most In-demand Hard Skills

The following list describes the most required technical skills of an AML Compliance Analyst:

1. Knowledge of AML laws, regulations, and industry best practices.

2. Understanding of financial products, services, and transactional processes.

3. Proficiency in using AML software and tools for monitoring and detection.

4. Data analysis and data mining skills to identify patterns and trends.

5. Familiarity with risk assessment methodologies and frameworks.

6. Ability to conduct comprehensive investigations and due diligence.

7. Understanding of Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements.

8. Proficiency in using compliance and risk management software systems.

9. Strong analytical and problem-solving skills.

10. Knowledge of regulatory reporting requirements and procedures.

11. Understanding of sanctions and politically exposed persons (PEP) screening processes.

12. Familiarity with transaction monitoring and suspicious activity detection techniques.

13. Proficiency in using Microsoft Excel to analyze and manipulate data.

14. Understanding of financial crime typologies and red flags.

15. Knowledge of fraud detection and prevention techniques.

16. Familiarity with forensic accounting principles.

17. Proficiency in conducting internet and open-source research.

18. Understanding of blockchain technology and its implications for AML.

19. Knowledge of digital identity verification methods.

20. Familiarity with data privacy and protection regulations.

Most In-demand Soft Skills

The following list describes the most required soft skills of an AML Compliance Analyst:

1. Strong attention to detail to identify subtle patterns and anomalies.

2. Excellent problem-solving and critical thinking abilities.

3. Effective communication skills to interact with internal stakeholders and regulatory authorities.

4. Ability to work independently and make sound judgments.

5. Strong organizational and time management skills to prioritize tasks.

6. Collaborative mindset to work effectively with cross-functional teams.

7. Ethical and professional conduct to maintain confidentiality and integrity.

8. Adaptability to stay updated on changing AML regulations and practices.

9. Strong interpersonal skills to build relationships and influence others.

10. Continuous learning mindset to enhance knowledge and skills.

Conclusion

The role of an AML Compliance Analyst is crucial in safeguarding financial institutions and businesses from the risks of money laundering and financial crimes. The responsibilities range from conducting investigations and risk assessments to ensuring compliance with AML regulations. The most in-demand hard skills include knowledge of AML laws, data analysis, and familiarity with compliance software, while soft skills such as attention to detail, critical thinking, and effective communication are equally important. By possessing the necessary skills and expertise, AML Compliance Analysts play a pivotal role in maintaining the integrity of the financial system and protecting against illicit activities.