WHAT DOES AN AML ANALYST DO?

The Anti Money Laundering (AML) Analyst is responsible for ensuring compliance and detecting suspicious activity, the Anti Money Laundering Analyst reviews new account openings, conducts ongoing monitoring of transactions, and investigates flagged cases. They collaborate with business units to take necessary actions on alerts and continuously seek areas for process improvement while maintaining meticulous records of suspicious transactions. Additionally, they assist the Group AML Head in various ad-hoc tasks to uphold the organization's AML framework effectively.

A Review of Professional Skills and Functions for AML Analyst

1. Anti Money Laundering Analyst Duties

  • Design & Framework Development: Actively participate in the design of ICEU’s transaction monitoring and investigation framework.
  • Risk Identification & System Design: Identify potential financial crime risks and design systems and controls to mitigate them.
  • Data Analysis & Recovery: Recover and analyze data around Counterparties’ transactions and account activities.
  • Procedure Leadership: Lead in the development of ICEU transaction monitoring and investigation procedures.
  • Risk Monitoring: Monitor for any material changes that may impact the risk status of a counterparty.
  • Findings Presentation: Present key findings relating to Counterparty Due Diligence/Investigations to the AML Manager, AML Director, and MLRO.
  • Due Diligence Research & Analysis: Research and analyze AML/KYC Due Diligence information on a range of counterparties with different legal structures and in various jurisdictions.
  • Enhanced Due Diligence Assessment: Assess counterparty files that require enhanced due diligence or have associated politically exposed persons (PEPs), adverse information, sanctions, and any other factors.
  • AML Reporting & Communication: Draft and communicate AML-related reports and correspondence.

2. AML Analyst Details

  • Compliance Monitoring: Monitor, investigate, and act upon compliance-related alerts.
  • Complex Case Analysis: Analyze complex cases reported by other teams within the organization, focusing on suspicious transaction patterns and analysis.
  • Cryptocurrency Investigation Tools Usage: Work with sophisticated tools in the cryptocurrency realm that allow for the investigation of suspicious transactions.
  • SAR Drafting & Record-Keeping: Draft internal and external SARs and maintain proper record-keeping.
  • Regulatory Reporting: Prepare customer activity reports in accordance with local regulatory requirements and obligations with the Company's partners.
  • Enhanced Due Diligence: Conduct enhanced due diligence on high-risk customers.
  • Cross-Functional Support: Provide support and knowledge-sharing to cross-functional teams such as Customer Care and Risk teams.
  • AML/CTF Knowledge Maintenance: Maintain a working knowledge of AML/CTF best practices, internal control, and risk management practices.
  • Policy & Procedure Development: Participate in writing AML/CTF-related policies and procedures.

3. AML Analyst Responsibilities

  • Account Opening & KYC Advisory: Review and approve new account openings, perform day-to-day advisory of AML and KYC issues for all new account openings, periodic KYC review as well as trigger events review escalated from businesses.
  • Name Screening Review: Perform day-to-day review on name screening alerts generated from both new accounts and existing clients.
  • Transaction Monitoring Review: Perform day-to-day review of transaction monitoring alerts.
  • Stakeholder Communication: Communicate with businesses on any required actions on name screening alerts and transaction monitoring alerts.
  • System Maintenance Coordination: Coordinate with respective parties in the maintenance of the name screening and transaction monitoring system respectively.
  • Trend Escalation: Escalate to Group AML on any ML/TF emerging trends.
  • AML Improvement Identification: Identify areas of improvement in any AML control process.
  • AML Training Provision: Provide any necessary training to respective business contacts on the handling of name screening and transaction monitoring alerts.
  • Suspicious Transaction Reporting: Maintain and update a proper suspicious transaction report register and Recordkeeping.
  • Ad-hoc Support: Assist Group AML Head in any ad-hoc tasks.

4. AML Analyst Job Summary

  • Training Development and Administration: Assist in the development and administration of BSA/AML training and awareness programs for staff.
  • Exempt Customer List Review: Perform and document the review of the Bank’s Exempt Customer List in compliance with IRS rules and file required exemption renewals on a timely basis.
  • AML/Fraud Reporting Validation: Perform and document monthly data validation reports of the Bank’s AML/Fraud Monitoring system, reporting any identified issues to the BSA Officer in a timely manner.
  • Monetary Instruments Monitoring: Record and monitor sales of monetary instruments for unusual activity and document patterns. Provide periodic reports of the same to the AML Committee.
  • BSA/AML Program Knowledge: Be knowledgeable on all aspects of the Bank’s BSA/AML Program and be prepared to answer questions from Bank staff regarding these requirements.
  • BSA Officer Support: Provide general support to the BSA Officer.
  • Process Improvement Recommendation: Help in identifying potential weaknesses in processes and make recommendations for improvement.
  • Regulatory Compliance: Be compliant with all applicable banking laws and regulations as defined in bank policies and procedures pertinent to this position.
  • Industry Trends Awareness: Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends.

5. Anti Money Laundering (AML) Analyst Accountabilities

  • Compliance Management: Ensuring that the Company achieves and maintains compliance with current and future regulatory requirements in relation to AML/CFT.
  • Procedure Optimization: Assisting in implementing and redefining procedures in relation to AML.
  • Regulatory Compliance: Ensuring a high level of compliance within multiple regulated jurisdictions.
  • Alert Management: Managing AML/CFT/RG alerts and monitoring transactions.
  • Reporting Support: Assisting the MLRO in the reporting of SARs/STRs to the relevant regulatory authority.
  • Audit Support: Supporting various regulatory and statutory AML/CFT audits.
  • Risk Monitoring: Monitoring High-Risk customers and transactions daily to ensure compliance.
  • Document Verification: Handling document verification such as KYC