WHAT DOES AN AML ANALYST DO?

Resume Cover Letter Skills Roles

Explore core AML Analyst Responsibilities, including transaction monitoring, SAR filing, KYC due diligence, sanctions screening, and regulatory compliance across global frameworks.

Key Responsibilities of an AML Analyst

1. AML Analyst Duties

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.
Crypto Investigation: Work with sophisticated tools in the cryptocurrency realm to investigate suspicious transactions.
SAR Drafting: 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 Knowledge: Maintain a working knowledge of AML/CTF best practices, internal controls, and risk management practices.
Policy Development: Participate in writing AML/CTF-related policies and procedures.

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.
Crypto Investigation: Work with sophisticated tools in the cryptocurrency realm to investigate suspicious transactions.
SAR Drafting: 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 Knowledge: Maintain a working knowledge of AML/CTF best practices, internal controls, and risk management practices.
Policy Development: Participate in writing AML/CTF-related policies and procedures.

3. AML Analyst Responsibilities

Account KYC Advisory: Review and approve new account openings and perform day-to-day advisory on AML and KYC issues, including periodic KYC reviews and trigger event reviews escalated from businesses.
Name Screening: Perform day-to-day review on name screening alerts generated from both new accounts and existing clients.
Transaction Monitoring: Perform day-to-day review of transaction monitoring alerts.
Stakeholder Communication: Communicate with businesses on required actions arising from name screening and transaction monitoring alerts.
System Maintenance: Coordinate with respective parties in the maintenance of the name screening and transaction monitoring systems.
Trend Escalation: Escalate emerging ML/TF trends to Group AML.
AML Improvement: Identify areas of improvement in AML control processes.
AML Training: Provide necessary training to business contacts on the handling of name screening and transaction monitoring alerts.
Suspicious Transaction: Maintain and update a suspicious transaction report register and ensure proper record-keeping.

4. AML Analyst Accountabilities

Training Development: Assist in the development and administration of BSA/AML training and awareness programs for staff.
Exempt 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 Validation: Perform and document monthly data validation reports of the bank's AML/Fraud Monitoring system, reporting any identified issues to the BSA Officer promptly.
Monetary Monitoring: Record and monitor sales of monetary instruments for unusual activity, document patterns, and provide periodic reports to the AML Committee.
BSA Knowledge: Maintain comprehensive knowledge of the bank's BSA/AML Program and be prepared to answer questions from bank staff regarding these requirements.
BSA Support: Provide general support to the BSA Officer.
Process Improvement: Identify potential weaknesses in processes and make recommendations for improvement.
Regulatory Compliance: Comply with all applicable banking laws and regulations in bank policies and procedures pertinent to this position.
Industry Awareness: Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends.

5. AML Analyst Functions

Compliance Management: Ensure the company achieves and maintains compliance with current and future regulatory requirements in relation to AML/CFT.
Procedure Optimization: Assist in implementing and redefining AML-related procedures.
Regulatory Compliance: Ensure a high level of compliance across multiple regulated jurisdictions.
Alert Management: Manage AML/CFT alerts and monitor transactions.
Reporting Support: Assist the MLRO in reporting SARs/STRs to the relevant regulatory authority.
Audit Support: Support regulatory and statutory AML/CFT audits.
Risk Monitoring: Monitor high-risk customers and transactions daily to ensure compliance.
Document Verification: Handle document verification processes, including KYC.

6. AML Analyst Overview

Onboarding Compliance: Focus on both onboarding and ongoing regulatory compliance requirements of corporate and institutional banking clients.
AML Execution: Support, liaise, and work directly with relationship teams to ensure all AML requirements are executed in a timely and professional manner to create an excellent client experience.
Due Diligence: Oversee ongoing customer due diligence processes and ad-hoc AML remediation projects.
KYC Verification: Identify and verify KYC/AML and regulatory compliance documents and assign risk ratings for corporate and institutional clients.
Stakeholder Engagement: Manage stakeholder engagement across various teams and levels.
Risk Escalation: Follow process and procedure changes, identify any risks or breaches, and escalate.
Regulatory Standards: Maintain a strong understanding of regulations and ensure compliance standards are met on all AML-related matters.
Policy Compliance: Ensure business procedures are compliant with AML policies and procedures.
Document Verification: Verify AML and regulatory compliance documents, including sanctions, FATCA, CRS, and any additional regulatory compliance obligations introduced from time to time, and assign risk ratings for corporate clients.

7. AML Analyst Details and Accountabilities

Stakeholder Outreach: Contact relevant parties to gather necessary information.
KI Application: Collate information and complete the KI Application Form.
Cancellation Letter: Draft a letter regarding the cancellation of the relevant KI.
FSB Follow-up: Follow up with the FSB to confirm processing of the request and verify status on the FSB website.
Lapse Documentation: Draft necessary documentation regarding the lapse and submit to the FSB.
Officer Removal: Process the removal of the Compliance Officer.
Profile Register: Maintain the Profile Changes Register.
Profile Notifications: Send profile change notifications and instructions to the FSB and update the requestor accordingly.
Director List: Liaise with the FSB to ensure an updated list of company directors is maintained.
Secretary Liaison: Liaise with the Company Secretary on relevant matters.
Compliance Screening: Process compliance screening and forensics for all subsidiaries.

8. AML Analyst Tasks

Caseload Management: Manage a caseload of investigations generated from enterprise-wide reporting channels, perform requisite analysis and follow-up, and work cases to completion according to BSA/AML Department procedures.
Alert Decisioning: Decision assigned AML software money laundering and OFAC alerts according to BSA/AML Department procedures.
SAR Completion: Complete Suspicious Activity Reports (SARs) and corresponding narratives.
SAR Documentation: Complete SARs Not Filed and Relationship Risk Mitigation Forms.
Enhanced Due Diligence: Complete Enhanced Due Diligence Reviews.
Trend Analysis: Complete trend analysis reviews of BSA/AML data elements.
Back Office Support: Provide BSA/AML back office support for the retail line of business.
Business Partnership: Partner with various lines of business to fully understand customer relationships.
Data Confidentiality: Maintain strict confidentiality over customer information.

9. AML Analyst Roles

BSA Expertise: Maintain subject matter expertise in BSA/AML areas, including currency transaction reporting (CTRs), Phase I and II CTR exemptions, Customer Identification Program review, Enhanced Due Diligence program review, and business documents.
CIP Management: Conduct and maintain the bank's Customer Identification Program.
CIP Compliance Review: Review account opening reports for CIP compliance and accuracy.
CIP Database: Maintain a database of missing information for follow-up by branch personnel.
High Risk Tracking: Identify, monitor, and track high-risk customers and accounts through CIP program analysis.
Business Documents: Review required business documents.
EDD Management: Conduct and maintain the bank's Enhanced Due Diligence program.
EDD Compliance Review: Review account opening reports for EDD compliance and accuracy.
EDD Database: Maintain a database of missing information for follow-up by branch personnel.
EDD Monitoring: Monitor and review EDD questionnaires for high-risk customers.

10. AML Analyst Additional Details

Monetary Instrument: Conduct and maintain the bank's monetary instrument sales program.
Quality Control: Perform quality control reviews of all monetary instrument sales forms for transactions of $3,000 and above.
Branch Tracking: Track monetary instrument records for each branch location and communicate with branch personnel.
OFAC Support: Provide backup and support for the bank's OFAC and 314a program.
OFAC Investigation: Work with impacted bank areas to further investigate and determine the legitimacy of potential positive OFAC hits.
False Positive: Communicate false positive results to the branch, wire room, ACH staff, or other bank areas to allow impacted transactions to proceed.
System Updates: Update applicable systems to prevent future false positive hits.
OFAC Referral: Refer verified likely positive OFAC results to the BSA/AML Officer for further investigation, SAR consideration, and resolution.
314a Referral: Refer positive 314a hits to the BSA/AML Officer for further action and SAR consideration.
Regulatory Reporting: Complete all required notifications and reporting promptly.

11. AML Analyst Essential Functions

Design Framework: Participate in the design of the transaction monitoring and investigation framework.
Risk Identification: Identify potential financial crime risks and design systems and controls to mitigate them.
Data Analysis: Recover and analyze data around counterparties' transactions and account activities.
Procedure Leadership: Lead in the development of 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 and analyze AML/KYC due diligence information on a range of counterparties with different legal structures and in various jurisdictions.
Enhanced Due Diligence: Assess counterparty files that require enhanced due diligence or have associated politically exposed persons (PEPs), adverse information, sanctions, and any other relevant factors.
AML Reporting: Draft and communicate AML-related reports and correspondence.
Alert Review: Oversee the investigation and review of alerts generated from screening systems.
MI Production: Assist in the production of management information to relevant stakeholders promptly.
Quality Control: Conduct quality control checks and assurance across counterparty onboarding, remediation, and periodic and event-driven review processes.

12. AML Analyst Role Purpose

Onboarding Management: Assist in managing the onboarding process for new trading counterparties, including counterparty identification, KYC, and sanctions screening.
Counterparty Due Diligence: Undertake due diligence on new and existing trading counterparties.
Transaction Review: Review transaction activity to identify potentially unusual or suspicious trends and patterns.
Business Advisory: Assist in reviewing questions and observations raised by the business and trading desks regarding counterparty activity or existing policies and procedures.
Suspicious Activity Reporting: Assist in preparing and submitting required reports, including reports concerning suspicious activity.
Trend Analysis: Assist the AML Compliance Officer in analyzing transaction trends and patterns.
Process Development: Contribute to the development and management of compliance processes.
Risk Assessment: Contribute to the development of risk assessments, risk mitigation strategies, and transaction monitoring strategies.

13. AML Analyst General Responsibilities

Customer Due Diligence: Perform customer due diligence activities, including clearing screening matches and carrying out enhanced due diligence on high-risk customers in accordance with target turnaround times.
Peer Review: Perform peer quality checks and reviews on activities carried out by other analysts under the supervision of supervisors.
Documentation: Ensure proper documentation of work performed and retention of such documentation.
Business Liaison: Liaise with various business and functional units for information gathering to ensure customer due diligence activities are completed properly and accurately.
Risk Escalation: Escalate positive matches of high-risk customers and other key AML/CFT issues to supervisors.
Policy Familiarization: Familiarize with all relevant internal policies, processes, and procedures to carry out job functions properly.
System Development: Assist in the development and testing of enhanced AML/CFT systems.
Risk Accountability: Take accountability in considering business and regulatory compliance risks and take appropriate steps to mitigate them.
Industry Awareness: Maintain awareness of industry trends on regulatory compliance and emerging threats and take appropriate steps to mitigate risks.
Risk Highlighting: Highlight any potential concerns and risks and proactively share best risk management practices.

14. AML Analyst Key Accountabilities

Periodic AML Review: Perform periodic and ad hoc AML reviews on existing retail banking individual customers.
KYC Compliance: Ensure all KYC reviews performed comply with the bank's established policies, procedures, and controls.
Transaction Investigation: Perform investigative reviews on transaction accounts.
Case Recommendation: Recommend appropriate courses of action for closure, exclusion, and referral cases.
KYC Follow-up: Follow up with front liners and touchpoints on the update of KYC information for every AML review.
Compliance Reporting: Assist in preparing and generating compliance-related tracking reports.
CTR Program: Provide backup and support for the bank's currency transaction reporting program.
CTR Accuracy: Receive and review system-generated and staff-generated CTR reports for accuracy and completeness, and make corrections to finalize.
CTR Preparation: Review and prepare CTR reports where not captured by the system or branch staff.
CTR Filing: Electronically file CTRs within the required time periods with the FinCEN database.
Record Retention: Maintain records for regulatory retention periods.
Suspicious Activity: Identify suspicious activity from CTR reports and refer to the BSA/AML Officer for SAR consideration.
Process Development: Maintain and assist in developing processes and procedures for assigned areas of responsibility.
BSA Backup: Provide backup services for other BSA/AML staff members.

15. AML Analyst Roles and Details

Transaction Monitoring: Perform AML/FT transaction monitoring, process hits, handle cases, and conduct suspicious activity reporting as a primary responsibility.
Regulatory Monitoring: Perform regulatory controls and monitoring activities.
Policy Development: Draft, update, and amend AML/FT policies and procedures, conduct periodic reviews of existing ones, and prepare compliance manuals on regulatory matters.
Regulation Analysis: Analyze new AML/FT regulations and implement them properly.
AML Measures: Implement and monitor specific AML/FT measures.
Risk Analysis: Analyze and identify risks and AML concerns.
Research Review: Review recent news, court documents, and public and private sector white papers.
KYC Execution: Execute KYC due diligence investigations to meet regulatory requirements.
Case Review: Conduct AML transaction monitoring and case reviews.
Regulatory Examination: Assist with federal and state regulatory examinations to ensure accurate responses and continuation of good standing for the business.
Background Checks: Manage and complete the background check process for all employees, partners, and vendors.
Training Administration: Manage and administer annual back-office training programs.
SAR Preparation: Prepare written investigative reports and Suspicious Activity Reports (SARs).
Documentation: Maintain required organizational documentation, policies, and procedures.

16. AML Analyst Responsibilities and Key Tasks

AMLCO Coordination: Coordinate AML issues with the Country AML Compliance Officers.
Regulatory Compliance: Ensure compliance with applicable local laws, regulations, and corporate ethical standards.
Policy Implementation: Prepare and update the implementation and adoption of AML-related policies.
Information Dissemination: Disseminate information received from the regional AML team among various businesses, functions, and local staff.
AML Reporting: Ensure the timely and accurate submission of all AML-related reporting and deliverables.
Audit Liaison: Assist the AMLCOs in acting as a liaison with Internal Audit relating to AML and monitor and assess related corrective actions.
Policy Communication: Communicate AML policies, information, and requirements to employees.
Issue Tracking: Support issue and corrective action plan tracking, follow-up, and reporting.
Control Matrix: Support the AMLCOs in coordinating and overseeing the AML content of the Regulatory Control Matrix process for the cluster.
Inquiry Review: Review inquiries from AML units across relevant locations.
Escalation Support: Assist the AMLCOs in reviewing escalations and approval requests.
Client Review: Assist in the completion of periodic client reviews and Managers' Control Assessments.
KYC Procedures: Assist in managing the country's AML monitoring and KYC procedures.
Governance Reporting: Assist in collating information related to governance committees and regulatory reporting.
Suspicious Activity: Support the management of the process for reports and referrals regarding suspicious activities in accordance with applicable policies, local laws, and regulations.

17. AML Analyst Duties and Roles

Product Implementation: Work with various areas within the company to successfully implement products and services for customers.
Internal Contact: Act as the primary internal contact for implementation-related matters.
Cross-Department Coordination: Coordinate activities with various departments to ensure customer products and services are implemented in a timely, accurate, and efficient manner.
Issue Resolution: Resolve issues relating to missing or conflicting product information and documentation by communicating and coordinating with customers, sales staff, relationship managers, operations, bankers, and legal staff.
Risk Assessment: Conduct risk assessments of existing customers, gathering and analyzing due diligence data for KYC and EDD customer identification and verification.
Source Evaluation: Evaluate customer documents related to the source of wealth and the source of funds.
AML Compliance: Ensure all activities are conducted in compliance with anti-money laundering, KYC, and EDD policies and procedures.
AML Improvement: Contribute to the improvement and upkeep of organizational AML practices, processes, and programs.
Suspicious Behavior: Evaluate and classify suspicious behavior, conduct investigations, and collaborate with stakeholders to take appropriate action based on risk levels.
STR Reporting: Assist with the investigation and reporting of STRs, as well as ongoing enhanced due diligence record tracking and collection.

18. AML Analyst Details

Policy Maintenance: Maintain AML risk guidelines and policies.
Account Review: Review accounts and make risk-based determinations.
Quality Analysis: Perform quality analysis on relevant cases and processes.
Alert Response: Respond to alerts and gather information accurately.
SAR Writing: Write Suspicious Activity Reports (SARs).
Research: Perform thorough research to support investigations and case decisions.
Activity Reporting: Prevent, detect, and report unusual, suspicious, and high-risk activities.
Process Improvement: Work with the compliance team to increase the effectiveness and efficiency of current processes and technology to support global scaling.
Data Analysis: Review and analyze market and customer data.
Investigation Support: Assist with conducting investigations.
Customer Due Diligence: Conduct customer due diligence reviews.
Cross-Functional: Work cross-functionally as both a team player and an independent contributor.
Product Risk: Assess risk for products and services.

19. AML Analyst Accountabilities

Governance Maintenance: Help keep the company's AML governance structure up to date with its standards.
Framework Development: Support the compliance team in developing and maintaining its AML and financial crime compliance framework and reporting obligations.
Policy Alignment: Liaise with group AML compliance teams to ensure AML compliance policies and procedures are consistent with company policy.
Process Improvement: Help improve operational compliance processes based on local policies, liaising with MLROs and operations teams.
Transaction Analysis: Analyze client transactions to identify misconduct or atypical activities.
Investigation Support: Support applicable investigations and reports.
Screening: Carry out internal screening processes.
Management Indicators: Develop area management indicators.
Training Materials: Organize and develop training materials.
Committee Support: Provide support in the preparation of materials for committees and other governance forums.
Regulatory Monitoring: Monitor new regulations for the purpose of preventing money laundering, sanctions, bribery, and corruption.

20. AML Analyst Overview

Alert Investigation: Identify and investigate manual and automated alerts and reports in terms of the relevant sections of the Financial Intelligence Centre Act daily and within agreed SLAs.
Investigation Reports: Compile high-quality investigations and reports conforming to internal procedures and regulatory requirements, with comprehensive recommendations and client risk assessments that enable informed decision-making.
Data Profiling: Use appropriate data analysis and information gathering techniques from internal and external sources to profile customers and complete required documentation.
PEP Monitoring: Conduct onboarding, reviews, and monitoring of politically exposed persons and high-risk clients.
Customer Screening: Perform customer acceptance screening.
Client Engagement: Execute and complete end-to-end customer engagement and correspondence using various channels, including telephone, email, and SMS.
MI Reporting: Prepare daily, weekly, and monthly management information reports.
Crime List Management: Manage various financial crime monitoring lists in alignment with financial crime standards and procedures.
Statistics Maintenance: Maintain daily, weekly, and monthly statistics for reporting purposes.
Policy Adherence: Adhere to all relevant policies and procedures.

21. AML Analyst Tasks

Transaction Review: Review unusual transaction alerts, customers, and other suspicions via transaction monitoring, OCDD, and ECDD programs.
Case Escalation: Escalate complex matters, notices, and suspicious matters to the AML Manager for further investigation and review following applicable checks and ECDD completion.
Suspicious Reporting: Assist with suspicious matters reporting.
Fraud Monitoring: Monitor transactions and identify suspicious or potentially fraudulent activity.
KYC Onboarding: Assist with KYC, CDD, and EDD onboarding, PEPs, and sanctions monitoring.
Breach Investigation: Conduct initial investigations and checks of breaches under the AML/CTF Program.
Breach Referral: Refer any suspected or confirmed breaches to the AML Manager for further investigation and review.
System Optimization: Assist in AML systems, policy, and procedure optimization.
Compliance Support: Provide AML compliance support on all aspects of the AML/CTF Program.
Business Support: Support business units in their understanding, identification, and management of ML/TF risk.
Internal Liaison: Liaise with other teams internally to ensure full compliance and optimal customer experience.

22. AML Analyst Additional Details

Account Documentation: Review existing account opening documentation for corporate clients and financial institutions in accordance with local AML/KYC requirements.
Onboarding Leadership: Lead the client onboarding project for an investment firm migration, ensuring all account opening requirements are met.
Client Screening: Perform high-quality screening of all clients in accordance with defined screening methodology and workflow.
Screening Discharge: Ensure effective discharge of screening requirements based on defined screening methodology and workflow.
Procedure Localization: Review existing onboarding guidelines and procedures and localize them for the local firm.
Transaction Screening: Screen transactions on customers by documenting and corroborating information obtained.
Transaction Analysis: Analyze and investigate transactions for AML purposes.
Suspicious Reporting: Prepare reports on suspicious transactions.
Guarantee Administration: Administer and book guarantees.
Database Screening: Perform daily customer database screening.
Business Support: Support the corporate banking department with customer requests.
Account Administration: Perform administrative tasks in relation to the opening and closing of accounts.

23. AML Analyst Role Purpose

Alert Investigation: Investigate and assess alerts generated by AML systems for appropriate clearance or further escalation.
System Optimization: Contribute to the ongoing fine-tuning of thresholds and parameters within AML systems and perform testing for the rollout of AML system patches and change requests.
Account Analysis: Conduct in-depth analysis and investigation of patron accounts to detect patterns, trends, relationships, and other indicators of potential money laundering and terrorism financing risks.
Framework Review: Participate in the comprehensive review and update of the Prevention of Money Laundering and Terrorism Financing Framework, Suspicious Transaction Reporting Framework, and higher-risk patron programs for effectiveness, standardization, and robust compliance.
Regulatory Support: Directly support and participate in all compliance department responsibilities, including governmental and regulatory filings, responding to queries from regulators, and handling internal and external complaints and follow-up investigations.
Compliance Management: Manage compliance-related matters assigned by the Chief Compliance Officer or Executive Director, working with relevant departments on compliance issues and advising on appropriate courses of action and preventative or remedial measures.
Source Review: Critically review the source of funds and source of wealth background checks and documentary evidence from case files to validate suspicions of money laundering or terrorist financing.
Internal Investigation: Conduct further internal systems checks and open-source investigations.
ML/TF Reporting: Summarize information relevant to suspicions of money laundering or terrorist financing in a formal report.

24. AML Analyst Key Accountabilities

Transaction Investigation: Investigate transactions, customer records, external data, and publicly available information to identify suspicious or unusual activity.
Report Compilation: Compile reports based on data and investigative findings.
SAR Drafting: Draft Suspicious Activity Reports and report them directly to the MLRO.
Escalation Handling: Answer incoming escalations from the operations team related to AML and source of wealth.
Industry Awareness: Understand and stay current on industry trends related to AML.
SAR Submission: Submit MLRO-approved Suspicious Activity and Transaction Reports to Financial Intelligence Units.
Alert Review: Review alerts as part of the company's PEPs, sanctions, and watch list screening process.
Law Enforcement: Handle information requests from law enforcement authorities and corresponding banks.
Record Keeping: Ensure proper record-keeping of data analyzed and decisions made.
Trend Monitoring: Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices, and developing trends.

25. AML Analyst Responsibilities and Key Tasks

Account KYC Advisory: Review and approve new account openings and perform day-to-day advisory on AML and KYC issues, including periodic KYC reviews and trigger event reviews escalated from businesses.
Name Screening: Perform day-to-day review of name screening alerts generated from both new accounts and existing clients.
Transaction Monitoring: Perform day-to-day review of transaction monitoring alerts.
Initial Investigation: Conduct initial investigations on suspicious cases generated from name screening and transaction monitoring systems.
Business Communication: Communicate with businesses on required actions arising from name screening and transaction monitoring alerts.
System Maintenance: Coordinate with respective parties in the maintenance of name screening and transaction monitoring systems.
Trend Escalation: Escalate emerging ML/TF trends to Group AML.
AML Improvement: Identify areas of improvement in AML control processes.
AML Training: Provide necessary training to business contacts on the handling of name screening and transaction monitoring alerts.
STR Register: Maintain and update a proper suspicious transaction report register.

26. AML Analyst Duties

Client Assessment: Perform day-to-day assessment of new and existing clients of the firm.
Risk Profiling: Assess the risk profile of new and existing clients.
Client Due Diligence: Manage the CDD process, client care, and sanctions issues with minimal supervision.
Suitability Assessment: Assess the overall suitability of a client for the firm, having regard to regulatory, reputational, and commercial considerations.
Client Monitoring: Monitor existing clients and update relevant details.
Partner Liaison: Liaise with partners and lawyers throughout the firm.
High Risk Clients: Manage high-risk clients, PEP, and Business Acceptance Committee processes.
Client Engagement: Manage client care and engagement terms.
Sanctions Advisory: Oversee sanctions monitoring and advisory processes and assist with the firm's internal audit processes.
Compliance Auditing: Conduct compliance auditing and non-compliance reporting.
Matter Review: Review and risk assess all new matters, including advising on matters and billing structure, engagement terms, and inter-office working arrangements.
AML Advisory: Advise the firm on its AML, ABC, and professional ethical compliance obligations and standards.
Policy Updates: Review and update internal compliance policies and procedures.

27. AML Analyst Responsibilities

AML Legislation: Monitor AML legislation applicable to the conglomerate's activities across relevant regulatory bodies.
Regulatory Adequacy: Demand the adequacy of products, services, processes, and procedures to new rules and assist in updating internal regulations.
Infrastructure Evaluation: Evaluate methodologies, tools, systems, infrastructure, and governance needed to support AML compliance.
Risk Management: Support integrated management of money laundering and other illegal risks, based on size, complexity, structure, risk profile, and business models.
Periodic Review: Conduct periodic reviews of relevant AML risks and key internal controls related to the compliance program and monitor the implementation of action plans to correct any non-compliance or issues.
Control Recommendations: Make recommendations to ensure appropriate controls are in effect to respond to regulatory, procedural, and internal document standards.
Defense Certification: Certify the effectiveness of the first line of defense regarding the control and compliance environment through AML monitoring programs, controls testing, and residual risk reporting.
Training Plan: Conduct the annual training plan on AML and other illegal actions prevention.
Audit Support: Support internal and external audits on matters pertaining to the compliance department.
Regulatory Liaison: Serve regulatory bodies and trade associations in compliance procedures.

28. AML Analyst Functions

Transaction Monitoring: Perform AML/FT transaction monitoring, process hits, handle cases, and conduct suspicious activity reporting as a primary responsibility.
Regulatory Monitoring: Perform regulatory controls and monitoring activities.
Policy Development: Draft, update, and amend AML/FT policies and procedures, conduct periodic reviews of existing ones, and prepare compliance manuals on regulatory matters.
Regulation Analysis: Analyze new AML/FT regulations and implement them properly.
AML Measures: Implement and monitor specific AML/FT measures.
Alert Analysis: Conduct analysis of alerts and cases generated from AML/CFT systems.
Case Documentation: Raise critical cases and document the analysis process, evidence gathered, and conclusions of the analysis.
Enhanced Due Diligence: Conduct enhanced customer due diligence on high-risk customers based on information provided by AML/CFT systems.
Risk Classification: Determine the appropriate customer risk level.
AUSTRAC Reporting: Ensure all required reports are submitted to AUSTRAC within legislated timeframes.
AML Investigations: Undertake AML investigations under the direction and guidance of the Group Senior Manager AML.
System Alerts: Review and action alerts generated via transaction monitoring systems and customer screening and adverse media tools.
CDD Support: Assist with conducting customer due diligence investigations.
Record Keeping: Maintain accurate and timely record-keeping.

29. AML Analyst Details and Accountabilities

Transaction Monitoring: Monitor transactions for suspicious trends.
Alert Investigation: Investigate and assess alerts relating to potential money laundering risks in accordance with departmental procedures.
Investigation Practices: Ensure comprehensive investigational practices by using all available industry best practice resources.
Case Building: Collect documentary proof and build and maintain case files for transactions deemed suspicious.
Record Keeping: Ensure proper record-keeping of data collected and analyzed.
Account Closure: Articulate actions to be taken with account closure and present findings for the closing decision.
Process Improvement: Identify weaknesses in processes.
Data Review: Review and assess data and transactions for suspicious or unusual activity.
Red Flag Escalation: Escalate red flags with AML typologies.
Observation Reporting: Document and prepare observations and recommend whether further review is required.
Team Mentorship: Collaborate within the team and serve as a mentor to AML Analysts.

30. AML Analyst Roles

Account Investigation: Investigate and report on customer accounts while staying informed on fraud trends and maintaining preventative measures.
Compliance Awareness: Keep up to date with compliance-related issues and best practices and share knowledge with the team.
Enhanced Due Diligence: Perform enhanced due diligence checks and identify politically exposed persons.
Information Scrutiny: Constantly scrutinize information received to protect both customers and the business.
Source Verification: Verify the source of wealth and the source of funds to ensure non-exposure to risk.
Onboarding Management: Assist in managing the onboarding process for new trading counterparties, including counterparty identification, KYC, and sanctions screening.
Counterparty Due Diligence: Undertake due diligence on new and existing trading counterparties.
Transaction Review: Review transaction activity to identify potentially unusual or suspicious trends and patterns.
Business Advisory: Assist in reviewing questions and observations raised by the business and trading desks regarding counterparty activity or existing policies and procedures.
Suspicious Reporting: Assist in preparing and submitting required reports, including reports concerning suspicious activity.
Trend Analysis: Assist the AML Compliance Officer in analyzing transaction trends and patterns.
Process Development: Contribute to the development and management of compliance processes.
Risk Assessment: Contribute to the development of risk assessments, risk mitigation strategies, and transaction monitoring strategies.

31. AML Analyst Essential Functions

Alert Review: Review system-generated alerts to provide a comprehensive analysis of reviewed activity, including customer profiles, prior reviews, past investigations, account documentation, and online research.
Transaction Decisioning: Make sound decisions on alerted transactional activity to either clear activity or escalate for further investigation.
OFAC Screening: Perform review and document support for clearing possible OFAC and additional screening list matches.
Investigation Summaries: Perform in-depth investigations and prepare comprehensive investigative summaries.
SAR Preparation: Prepare proposed Suspicious Activity Reports for review and final determination.
CID Review: Review and approve customer identification documentation.
Enhanced Due Diligence: Perform enhanced due diligence and review affordability documentation.
Internal Controls: Create and manage internal controls and generate incident reports.
Client Onboarding: Play a key role on the first line of defense through close client contact during the onboarding process.
Fund Promoter Liaison: Work closely with the fund promoter when performing AML/KYC due diligence.
Analyst Training: Support analysts with training and coaching to develop system knowledge.
Fund Management: Manage the launch, migration, and liquidation of funds concerning AML/KYC requirements.

32. AML Analyst General Responsibilities

Risk Profiling: Assess the risk profiles of new and existing clients and third-party payers by conducting independent research and reviewing client due diligence materials.
Due Diligence: Conduct due diligence searches using various third-party and internal databases, ascertaining the nature of an entity's role in a transaction and producing corporate trees to establish beneficial ownership and subsidiary holdings.
Finance Liaison: Work closely with finance teams globally to ensure adequate AML checks are conducted in connection with funds received into the firm's client accounts, escrow accounts, and IOLTA accounts.
Intake Review: Review new client and matter intake forms submitted via the internal new business intake system to verify that information provided by the practice group, including information on third-party payers, is complete.
CDD Management: Handle low to medium client due diligence, client care, and sanctions issues with minimal supervision.
Policy Adherence: Review and adhere to internal compliance policies and procedures and ensure that amendments to applicable local laws in relevant jurisdictions are properly reflected in the firm's policy.
Cross-Team Collaboration: Work closely with departmental colleagues, lawyers, paralegals, secretaries, and other administrative staff and management.

33. AML Analyst Roles and Details

Regulatory Engagement: Work on engagements related to the USA PATRIOT Act, Bank Secrecy Act, OFAC, KYC, and all other laws, regulations, and requirements designed to detect and prevent money laundering, fraud, and terrorism.
Case Management: Manage assigned tasks related to drafting case investigations, preparing SARs, analyzing CTRs and monetary instrument logs, and referencing customer identification programs.
Alert Decisioning: Formulate and clearly articulate a supportable rationale behind the decisioning of alerts within cases as part of look-backs.
Transaction Analysis: Conduct transaction analysis in the course of look-backs.
Problem Solving: Solve basic problems and include senior team members.
Productivity Targets: Meet utilization targets and clearly defined productivity and quality assurance standards.
Client Interface: Interface with clients in a professional manner, including being prepared before client meetings to resolve questions and issues.
Deadline Management: Meet deadlines and manage evolving and shifting priorities.
Regulatory Knowledge: Maintain education and knowledge with regard to BSA, AML, KYC, OFAC, and Patriot Act regulations.
Creative Solutions: Be resourceful and offer creative solutions to problems faced by the project leader.

Editorial Process and Content Quality

This content is developed by the Lamwork Editorial Team using structured analysis of real-world job data, skill requirements, and hiring patterns.

Research framework by Lam Nguyen, Founder & Editorial Lead.

Reviewed by Thanh Huyen, Managing Editor.

Learn more about our editorial standards.